The CFPB Tuesday issued an interim final rule to extend compliance deadlines for its small business lending rule. Implementation of the rule had been stayed by a federal court in Texas pending the U.S. Supreme Court’s decision in CFPB v. CFSA, which required the CFPB to extend the rule’s compliance deadlines to compensate for the …
CFPB extends compliance dates for small biz lending rule Read More »
The Eastern District Court of New York Tuesday issued an order rejecting a $30 billion settlement between U.S. merchants, Visa, Mastercard, and other financial institutions, according to reports. The settlement involves a lawsuit dating back to 2005 over credit card interchange fees and would have resulted in Visa and Mastercard capping credit card interchange fees …
N.Y. court rejects settlement in interchange lawsuit Read More »
The NCUA has issued the June 2024 update of its Simplified CECL Tool, which includes the latest life-of-loan factors. For credit unions that are currently using the Simplified CECL Tool, the June 2024 release is provided to determine the credit loss expense—or provision for credit losses—for the period that ends June 30, 2024. As provided …
NCUA released its annual Cybersecurity and Credit Union System Resilience Report Monday, summarizing the current cybersecurity threat landscape, highlights the agency’s key cybersecurity initiatives, and outlines the agency’s ongoing efforts to enhance cybersecurity preparedness and resilience within the credit union industry. The Cybersecurity and Credit Union Resilience Report is required by the Consolidated Appropriations Act …
NCUA releases cybersecurity, credit union system resilience report Read More »
America’s Credit Unions Regulatory Advocacy Senior Counsel Luke Martone outlined several recommendations for the NCUA’s existing records preservation program requirements, noting that updating the regulations “to address these general issues will go a long way in clarifying regulatory expectations under Part 749.” The agency issued an advance notice of proposed rulemaking to seek stakeholder comments …
America’s Credit Unions offers recommendations for NCUA records preservation program Read More »
A recent decision from the First Appellate District of Ohio rolled back longstanding industry precedent and practice in its decision, which should be overturned, America’s Credit Unions and other organizations wrote in a brief filed Monday with the Ohio Supreme Court. In Huntington National Bank v. Schneider, the groups expressed concerns with the First District’s …
America’s Credit Unions, Ohio League file brief in Ohio guarantor lawsuit Read More »
Placing Community Reinvestment Act (CRA) requirements on credit unions could reduce access to credit for vulnerable consumers, America’s Credit Unions President/CEO Jim Nussle wrote to Rep. Emanuel Cleaver, D-Mo. Friday. Cleaver—while discussing discrimination in financial services during a recent House Financial Services Committee hearing—has mentioned his support for expanding the CRA to other non-bank entities. …
CRA requirements for credit unions would create costly burdens, no benefits Read More »
This week, the House returns to Washington, D.C. while Senate members are back home in their districts. America’s Credit Unions will monitor several hearings of note for credit unions, as well as tomorrow’s primary elections happening in Colorado, New York and Utah. America’s Credit Unions PAC is supporting three candidates in Utah, five candidates in …
