NAFCU delivers up-to-the minute information on key legislative, regulatory and compliance issues facing credit unions. Browse and filter the news below to stay in the know.

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  • Velázquez, Budd join NAFCU Caucus speaker slate (Monday, August 21, 2017)
    House Small Business Committee Ranking Member Nydia Velázquez, D-N.Y., and Rep. Ted Budd, R-N.C., are scheduled to speak at NAFCU's Congressional Caucus in a few short weeks.
  • CFPB proposes $183.3M settlement against Aequitas over role in Corinthian (Monday, August 21, 2017)
    CFPB last week filed a statement and proposed settlement of $183.3 million against Aequitas Capital Management Inc. for the part it played in Corinthian Colleges' predatory student lending practices.
  • BSA/AML program-building detailed in Sept. 12 NAFCU webcast (Monday, August 21, 2017)
    Credit unions can learn how to build and manage an effective Bank Secrecy Act/anti-money laundering risk assessment process that will satisfy regulatory expectations at their institutions during a Sept. 12 NAFCU webcast.
  • Justice Department: Operation Choke Point 'no longer in effect' (Monday, August 21, 2017)
    The Justice Department has announced an end to the Operation Choke Point initiative, which was launched under President Barack Obama to fight consumer fraud by denying fraudulent businesses access to banking services.
  • House Financial Services' Waters, Perlmutter to speak at NAFCU's Caucus (Friday, August 18, 2017)
    House Financial Services Committee Ranking Member Maxine Waters, D-Calif., and subcommittee Ranking Member Ed Perlmutter, D-Colo., are recent additions to the growing list of Congressional Caucus speakers.
  • Economic Monitor: NCUA exam improvements still needed (Friday, August 18, 2017)
    Credit unions reported that the time between their last two NCUA examinations increased slightly from 11.4 months in 2016 to 12.4 months in 2017, according to NAFCU's latest Economic & CU Monitor survey report released to members Thursday. However, improvements in the NCUA's exam process are still needed.
  • New FHFA refi program opens Oct. 1; HARP extended through 2018 (Friday, August 18, 2017)
    The Federal Housing Finance Agency on Thursday announced modifications to its streamlined refinance program for borrowers with high loan-to-value ratios, making the program available for loans originated on or after Oct. 1.
  • NAFCU Compliance Blog picks apart CFPB's TRID 'fix' (Friday, August 18, 2017)
    Beginning the process of picking apart the CFPB's final TRID "fix" rule, today's post on the NAFCU Compliance Blog takes a closer look at the clarification provided regarding costs paid to affiliates for which there is no applicable tolerance.
  • $200 savings end Friday for NAFCU leadership training (Thursday, August 17, 2017)
    Credit unions have until midnight Friday to use the code MLI17SAVINGS and save $200 on NAFCU's Management and Leadership Institute - slated Oct. 2-6 in San Diego - before the early-bird savings run out.
  • NCUA seeks input on reg review recommendations (Thursday, August 17, 2017)
    The NCUA's Regulatory Reform Task Force offered up recommendations for comment on what agency regulations could be eliminated or simplified, including those addressing field of membership and risk-based capital, among others.
  • FOMC members split on interest rate path forward (Thursday, August 17, 2017)
    Minutes from the Federal Open Market Committee's July meeting show that committee members are split on the appropriate path forward for the federal funds rate. "Given the uncertainty," said NAFCU Vice President of Research and Chief Economist Curt Long, "NAFCU believes the next rate hike will likely have to wait until 2018."
  • CFPB: Student debt has doubled over last 10 years (Thursday, August 17, 2017)
    The CFPB, in a new report released Wednesday, found that nearly half of student loan borrowers owe about $20,000 after leaving school, which is double what borrowers owed a decade ago.
  • Retails sales up 0.6% in July, biggest increase since December (Wednesday, August 16, 2017)
    Total retail sales rose 0.6 percent in July - turning in the biggest increase since December. NAFCU Research Assistant Yun Cohen attributed the growth to online retailers.
  • NAFCU to CUs: Press lawmakers to urge CU exemption from MLA rule changes (Wednesday, August 16, 2017)
    Rep. Paul Cook, R-Calif., is requesting signatures from his House colleagues on a letter asking the Department of Defense to exempt credit unions from the July 2015 amendments to the Military Lending Act. Credit unions are encouraged to urge their representatives to sign the letter.
  • NIST invites input on security, privacy controls draft update (Wednesday, August 16, 2017)
    The National Institute of Standards and Technology on Tuesday released a draft update of security and privacy controls for public- and private-sector organizations that includes a set of safeguarding measures for all types of computing platforms, including mobile devices and process control systems.
  • NAFCU webcast today dives into NCUA supervisory test (Wednesday, August 16, 2017)
    Today's NAFCU webcast will take a close look at the NCUA's Net Economic Value supervisory test, by reviewing test results, asset/liability management topics that could affect profitability and scenarios that could enhance a credit union's anti-money laundering process.
  • NAFCU reiterates call for CFPB to rescind prepaid accounts rule (Tuesday, August 15, 2017)
    NAFCU, in a letter Monday, told the CFPB that its prepaid accounts rule should be rescinded entirely or, at the very least, should not apply to credit unions.
  • NAFCU, others warn Senate of 'ruinous' litigation without arbitration (Tuesday, August 15, 2017)
    NAFCU, with other community financial institution trade associations, urged senators on Monday to "quickly approve" of H.J. Res. 111, which would nullify the CFPB's recent arbitration rule. The House passed the resolution last month.
  • House Financial Services' Barr, Posey join NAFCU Caucus slate (Tuesday, August 15, 2017)
    House Financial Services Subcommittee on Monetary Policy and Trade Chairman Andy Barr, R-Ky., and full committee member Bill Posey, R-Fla., are set to speak to credit union attendees at NAFCU's upcoming Congressional Caucus, Sept. 10-13 in Washington.
  • At White House, NAFCU discusses CU issues (Tuesday, August 15, 2017)
    NAFCU's Dan Berger, Carrie Hunt and other senior staff were at the White House Monday for a meeting with Andrew Olmem, special assistant to the president for financial policy and member of the National Economic Council. They discussed issues of importance to the credit union industry, including Treasury's recent report on banks and credit unions and the need for regulatory relief for the industry.
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