January 09, 2023

New insights post details regulators’ rulemaking agendas

NAFCU NetworksIn a new post on NAFCU’s Compliance, Risk, & BSA Network, Vice President of Regulatory Affairs Ann Petros summarizes the Fall 2022 Rulemaking Agendas from the NCUA, CFPB, Financial Crimes Enforcement Network (FinCEN), and other regulators. Of note, NAFCU detailed the rulemaking agendas in a previous NAFCU Today story.

The post dives into important upcoming items that regulators intend to work on this year, including the:

  • NCUA’s proposed fintech rule, which would increase federal credit unions’ flexibility to use the innovation provided by fintechs;
  • CFPB’s crackdown on fees and section 1033 personal financial data rights proposed rule; and
  • Department of Housing and Urban Development’s (HUD) removal of the London Inter-Bank Offered Rate (LIBOR) as an interest rate index (the NCUA has recently published a supervisory letter for credit unions regarding the transition away from LIBOR).

Check out the post to view the full list of agenda items from regulators. NAFCU will continue to engage these agencies to seek regulatory relief and clear rules of the road for credit unions, as detailed in the association’s 2023 priorities.

NAFCU’s Compliance, Risk, & BSA Network is a complimentary, member-only online community exclusively for credit union compliance professionals. Learn more about the NAFCU Networks.