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NAFCU's widely read NAFCU Today is credit union leaders' go-to source for the latest on issues impacting the credit union industry. For those short on time, here's a roundup of this week's top need-to-know updates and resources. 

Where the NDAA stands

The Senate and House Armed Services Committees look to file a completed compromise National Defense Authorization Act (NDAA) for fiscal year 2024 in the coming days following the first and likely only full conference committee meeting. If filed, the compromise bill could make it to each chamber for a floor vote as early as next week.

Earlier this year, the House and Senate passed versions of the NDAA – neither of which included NAFCU opposed provisions related to interchange or military base leases.

NAFCU will work with lawmakers throughout the process and urge Congress to pass a bill free of provisions that would have a negative impact on the credit union industry.

CFPB’s Chopra discusses bureau priorities before Congress

CFPB Director Rohit Chopra appeared before the House Financial Services Committee Wednesday and the Senate Banking Committee Thursday to deliver the bureau’s semi-annual report to Congress.

Chopra was questioned by both committee’s on the bureau’s regulatory approach, including rules to implement Sections 1071 and 1033 of the Dodd-Frank Act. Additionally, representatives questioned Chopra on the CFPB’s proposed rule related to limit credit card late fees, with many agreeing on the need for a proper definition of the term “junk fees.”

NAFCU President and CEO Dan Berger and CUNA President and CEO Jim Nussle wrote to both the House Financial Services Committee and Senate Banking Committee this week to offer support for the committee’s oversight of the bureau and outline several key areas of concern with CFPB policies that impact the credit union industry.

NAFCU actively advocates for reforms to the bureau and will continue to tout the credit union industry’s mission of meeting their 138 million members and local communities needs with safe, affordable financial products and services. 

Latest Compliance Blog posts tackle CIP requirements, bankruptcy

As credit unions work to meet the needs of more than 138 million Americans, NAFCU's award-winning regulatory compliance team continues to keep credit unions informed with new posts on the Compliance Blog every Wednesday. 

Here’s a look at the latest posts:

• Customer Identification Program Requirements and Non-U.S. Persons: NAFCU Regulatory Compliance Counsel Tara Simpson reviews Customer Identification Program (CIP) requirements, specifically how they relate to obtaining certain information for non-U.S. persons seeking to open an account. Simpson reviews regulations from both the NCUA and the Financial Crimes Enforcement Network (FinCEN), as well as the Federal Financial Institutions Examination Council’s (FFIEC) Bank Secrecy Act (BSA)/ani-money laundering (AML) manual.
• Is Bankruptcy the End of the Road for Credit Unions?: NAFCU Senior Regulatory Compliance Counsel Keith Schostag writes about the options available to credit unions when a bankruptcy case closes and a judge issues an order of discharge, discharging the debtor of all dischargeable debts.

Sign up to receive the latest Compliance Blog posts in your inbox; learn more about the CUPP and stream the latest episodes here.

NAFCU summarizes NCUA’s changes to ‘qualified charity’ definition

NAFCU Wednesday sent a Final Regulation Summary to members, breaking down the NCUA’s final rule related to charitable donation accounts (CDAs). 

The final rule enacts a NAFCU-supported change to the current definition of a “qualified charity” to include 501(c)(19) veterans’ organizations. NAFCU and the other groups advocated for the change, noting it “will increase the resources available to help veterans in need and further strengthen the credit union industry’s ties to veterans, military servicemembers, and their families.”

Submit comments on the CFPB’s Section 1033 rule to NAFCU today

Today, comments are due to NAFCU In response to the CFPB’s proposed rule to implement section 1033 of the Dodd-Frank Act related to personal financial data rights. The proposal would require financial institutions and others to share information – at a customer’s request and at no cost – with other businesses that offer competing products.

In addition, companies would be prohibited from using consumers’ accessed data for targeted advertising, and customers would have to reauthorize access every year and would be able to revoke access at any time. The bureau did make some changes to address concerns raised by NAFCU and others related to due diligence, vetting, and reasonable denials of third-party requests.

For more information, NAFCU sent members a Regulatory Alert detailing the proposal and outlining questions for consideration when submitting feedback.

NAFCU will continue to work with the bureau on its efforts to balance consumer protections while ensuring a reasonable regulatory environment for credit unions.