America’s Credit Unions Letter to House Small Business Committee on Corporate Transparency Act Implementation Hearing
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This week: Congress returns, CDRLF grant round opens
Both chambers of Congress return to Washington, D.C., this week, and America’s Credit Unions will be engaged on several fronts to advance credit union priorities. Scheduled for this week: Stay tuned to America’s Credit Unions for the latest out of Washington.
New Compliance Blog posts address NCUA call reports, bank bribery
America’s Credit Unions keeps credit unions informed with new posts on the Compliance Blog, published every Tuesday and Thursday. Here’s a look at what’s new on the blog: Call Report Deadline Looms: This post discusses changes to the NCUA’s call report that “requires credit unions with assets of $1 billion or more to report the …
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Q1 GDP ‘fell shy of expectations,’ but had some strong components
The Bureau of Economic Analysis Thursday released 2024’s first quarter gross domestic product (GDP) report, which showed an annual rate increase of 1.6%. “GDP fell shy of expectations in the first quarter, registering the slowest pace of growth in nearly two years. However, key components like consumption and business fixed investment remained strong, while volatile …
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CFPB tackles fees from mortgage servicers
The CFPB Wednesday released its spring supervisory highlights detailing the bureau’s efforts to combat fees charged by mortgage servicers. Examinations found servicers were: The report flagged some mortgage servicers were illegally charging and obscuring fees, held homeowners accountable for fees during the pandemic – even when those fees were waived – forced homeowners to pay …
All 14 credit union candidates win in Pa. primaries
All 14 credit union-supported candidates won in Tuesday’s Pennsylvania primary elections. Candidates were supported by the America’s Credit Unions PAC and the CrossState Credit Union Association. Notable among the winners was Rep. Brian Fitzpatrick, R-Pa., a credit union champion who defeated his opponent with 61.5% of the vote. He will face Democrat challenger Ashley Ehasz …
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Fed launches new FedNow Service developer resource
The Federal Reserve has launched a new tech-centric developer resource to better support FedNow Service customers and their service providers. The FedNow DevRel resource allows live participants and those currently onboarding to access sample code and message samples to assist with service implementation, as well as documentation such as operating procedures and technical guides. The …
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Examination fairness bill would improve transparency, consistency
Bipartisan examination fairness legislation is a strong step in the right direction toward ensuring federal financial regulators conduct fair exams for those they supervise, America’s Credit Unions President/CEO Jim Nussle wrote Tuesday. The Fair Audits and Inspections for Regulators’ (FAIR) Exams Act (H.R. 8071) was introduced by Reps. French Hill, R-Ark., and David Scott, D-Ga. …
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FinCEN issues analysis on elder financial exploitation
The Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a Financial Trend Analysis focusing on patterns and trends identified in Bank Secrecy Act (BSA) data linked to Elder Financial Exploitation (EFE) – the illegal or improper use of an older adult’s funds, property, or assets. FinCEN examined BSA reports filed between June 15, 2022, and June …
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