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NCUA issues Letter to CUs, Reg Alert
The NCUA Tuesday issued a Letter to Credit Unions encouraging participation in the agency’s voluntary Credit Union Diversity Self Assessment and a Regulatory Alert to break down the CFPB’s annual adjustments for three exemption thresholds under the Truth in Lending Act (TILA) and the Consumer Leasing Act (CLA).
Following the NCUA’s 2021 Diversity Equity and Inclusion (DEI) Summit in early November, the agency wrote a Letter to Credit Unions discussing the voluntary Credit Union Diversity Self-Assessment as an appropriate next step for moving ahead with progress within the credit union industry around the principles of diversity, equity, and inclusion.
The self-assessment can be filled out on the agency's website. This self-assessment is designed to help credit union executives evaluate and advance their credit union’s diversity policies and practices. Results are due to the NCUA’s Office of Minority and Women Inclusion (OMWI) by Jan. 15, 2022. NAFCU is committed to DEI and is supportive of NCUA efforts to ensure the financial inclusion of all Americans.
On TILA and CLA annual adjustments, the NCUA noted the 2022 thresholds have increased from the 2021 thresholds and will go into effect Jan. 1, 2022.
The CFPB is required to annually adjust certain threshold amounts within various rules based on the percentage change in the consumer price index. Of note, specifically for open-end consumer credit plans under TILA, the threshold that triggers requirements to disclose minimum interest charges will stay the same at $1 in 2022. Read the full Regulatory Alert for more information.
NAFCU will continue to keep credit unions informed on the latest updates from the NCUA.