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5 things to know this week
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.
CFPB launches new tool for public petitioning
The CFPB Wednesday launched a new tool to facilitate meaningful public engagement with the bureau. The tool allows members of the public to submit petitions for rulemaking directly to the CFPB. Each petition will be posted on public dockets for review and comment, aiming to make it easier for individuals to request that the bureau pursues, amends, or repeals a rule.
Read more about the rulemaking petitions process, including how and where to submit petitions and comments on petitions.
NCUA alerts CUs of CFPB's TILA annual adjustments
The NCUA detailed the CFPB's annual adjustments for asset-size exemption thresholds under the Truth in Lending Act (TILA), as implemented by Regulation Z, in a new Regulatory Alert to credit unions. The annual adjustments – which became effective Jan. 1, 2022 – specify that creditors with assets of less than $2.336 billion (including assets of certain affiliates) on Dec. 31, 2021, are exempt from the requirement to establish escrow accounts for higher-priced mortgage loans in 2022 if other provisions of Regulation Z are also met. View the NCUA's Regulatory Alert.
SEC warns consumers about interest-bearing crypto accounts
In a new Investor Bulletin issued by the SEC, officials warn consumers of the risks that may be involved in a financial product related to crypto assets: an interest-bearing account for crypto asset holdings. The SEC notes that these accounts may sound similar to interest-bearing accounts with a credit union or bank but are not as safe.
In addition, the SEC specifies that credit unions and banks are regulated by both federal and state banking regulators and are therefore more safe. Read the full bulletin for more information.
Compliance bulletin notifies FIs of EFTA prohibition
The CFPB Tuesday issued a Compliance Bulletin to reiterate Section 913 of the Electronic Fund Transfer Act (EFTA) applies to government benefit accounts. The EFTA provides, among other things, that no person may require a consumer to establish an account for receipt of electronic fund transfers with a particular financial institution as a condition of receipt of a government benefit. Read more.
FinCEN fact sheet details Rapid Response Program
The Financial Crimes Enforcement Network (FinCEN) Monday issued a fact sheet on its Rapid Response Program (RRP), which emphasized that victims of cyber-enabled crimes or victims' financial institutions, must file a complaint with law enforcement to initiate the RRP process.
The fact sheet also details background on the program, which has recovered over $1.1 billion since its inception in 2015. In addition, the fact sheet reminds credit unions of their suspicious activity report (SAR) obligations when a "cyber-enabled" crime is attempted or successful. View the fact sheet.