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NAFCU reviews proposals open for comment, shares priorities with fed financial regulators
NAFCU’s Regulatory Committee met Tuesday and discussed several proposals that are open for comment from federal financial regulators, including the NCUA, Financial Crimes Enforcement Network (FinCEN), CFPB, and more.
Attendees discussed the NCUA’s proposed rule to amend Part 701 of the NCUA’s regulations to offer flexibility for federally-insured credit unions to engage in indirect lending arrangements with fintechs and other third parties, including credit union service organizations, and then participate loans to other institutions as the “originating lender.” The association solicited member feedback via a Regulatory Alert; comments are due to NAFCU Feb. 22.
In addition, the committee discussed
- the CFPB’s proposal requiring certain nonbank financial firms to report to the bureau if they are subject to local, state, or federal consumer financial protection agency or court orders (comments on the proposed rule are due to the CFPB 60 days after it publishes in the Federal Register);
- a FinCEN proposed rule to implement the regulations that will govern access to and safeguards of beneficial ownership information (NAFCU sent members a Regulatory Alert to break down the proposal; comments regarding this proposed rule are due to NAFCU Jan. 30);
- advocacy efforts to allow credit unions to participate in the Environmental Protection Agency’s Greenhouse Gas Reduction Fund; and
- a recently passed California law that could impact credit unions this year, the Military and Veteran Consumer Protection Act. The state also recently passed and an amendment to California’s Financial Code (for more information, a new post on the Compliance Blog details the potential impacts of both laws on the industry).
The NAFCU Regulatory Committee will next meet Feb. 14.
Of note, NAFCU President and CEO Dan Berger Tuesday sent several key federal agencies and administration officials – including the NCUA, CFPB, Federal Reserve, FinCEN, and more – an outline of NAFCU’s 2023 annual priorities detailing the issues the association and credit unions will be focused on throughout the year. Additionally, Berger outlined the association’s five priorities for congressional leadership and members of the House and Senate earlier this week.
Stay tuned to NAFCU Today as the association continues to fight for regulatory relief for the credit union industry.