Newsroom

NAFCU's Regulatory Committee will meet today to discuss recent court decisions related to the NCUA's field of membership (FOM) and Federal Communications Commission's (FCC) autodialer lawsuits. The committee will also review recent actions at the NCUA and CFPB.

At the end of March, the U.S. District Court for the District of Columbia handed down a mixed decision on the NCUA's FOM rule, which had been challenged by the American Bankers Association (ABA). The court determined two provisions exceeded the NCUA's statutory authority, related to combined statistical areas and rural districts, but upheld all other provisions. NAFCU Regulatory Affairs staff today will explain the decision, what it means for credit unions and the agency's options moving forward.

Also in March, the U.S. Court of Appeals for the D.C. Circuit invalidated the FCC's definition of "autodialer" and also rejected the commission's interpretation of when a caller violates the Telephone Consumer Protection Act (TCPA) by calling a reassigned number. NAFCU has been active on this issue because of the negative impact on credit unions' communications with members. During today's meeting, NAFCU staff and committee members will discuss opportunities to work with the FCC on this issue.

NAFCU Regulatory Committee members today will also discuss ongoing efforts at the NCUA, including the agency's recent advance notice of proposed rulemaking on ways to improve the Federal Credit Union (FCU) Bylaws. NAFCU has previously offered ways to modernize the bylaws, which have not been revised since 2007.

The NCUA's automated cybersecurity examination tool (ACET), which the agency is using in examinations of credit unions with more than $1 billion in assets this year, is also up for discussion. NAFCU has a free webinar on the ACET available here.

From the CFPB, NAFCU staff will go over the bureau's current effort to improve its efficiency. The CFPB has 11 outstanding requests for information (RFIs) on various operations and processes; credit unions can offer feedback through NAFCU's Regulatory Alerts.

NAFCU's Regulatory Committee will meet again May 8.