America’s Credit Unions Comment Letter to NIST on Development and Use of Artificial Intelligence
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New Compliance Blog posts tackle firearms merchant code, proposed NSF fee rule
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: CFPB Proposes Rule to Prohibit NSF Fees for Instantaneous Transactions: Patricia O’Connell details the CFPB’s proposed rule to “prohibit covered financial institutions from charging nonsufficient funds (NSF) …
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NCUA releases CECL addendum to audit guide
The NCUA released an addendum to its Other Supervisory Committee Audit, Minimum Procedures Guide Thursday, replacing certain procedures for credit unions that have implemented the current expected credit loss (CECL) standard. CECL became effective for most credit unions Jan. 1, 2023. The addendum replaces procedures for CECL-implementing credit unions based on recent changes in accounting …
NCUA issues one prohibition notice in January
The NCUA issued one prohibition notice in January, permanently banning Kelly Givens, a former credit union employee in Salem, Va., from participating in the affairs of any federally insured depository institution. NCUA enforcement orders are available via a searchable database online. America’s Credit Unions will keep credit unions informed of important NCUA actions.
Nussle pens letter on fraud, scams ahead of SBC hearing
America’s Credit Unions President/CEO Jim Nussle highlighted the credit union industry’s investment in payment technologies and the role of interchange in fraud prevention in a letter to the Senate Banking Committee (SBC) Wednesday ahead of its hearing to examine scam and fraud trends. “Credit unions invest significantly in both security and compliance management systems …
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House passes bipartisan tax bill
The House Wednesday passed the Tax Relief for American Families and Workers Act on a 357-70 vote. The bipartisan tax bill makes no changes to the credit union tax status. The bill would expand the Child Tax Credit and restore several business tax breaks. It now heads to the Senate for consideration. America’s Credit Unions will …
FOMC holds on target range for rates
The Federal Open Market Committee (FOMC) agreed to maintain the current target range for the federal funds rate between 5.25 to 5.5% during its two-day meeting that ended Wednesday. The committee’s statement concluded it “does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is …
Rep. Ciscomani thanks credit unions for filling ‘unique role’
Rep. Juan Ciscomani, R-Ariz., thanked credit unions for the work they do on the House floor Wednesday, adding that a credit union account was the first account he ever opened. He thanked credit unions for “filling a unique role in the financial services marketplace,” especially for the more than two million members in Arizona. “As …
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Seeking CU data, feedback on CFPB overdraft proposal
The CFPB’s proposal to cap overdraft fees for financial institutions $10 billion in assets or larger could have a major impact on credit unions of all sizes by creating competitive market pressures to reduce or remove fees. America’s Credit Unions issued a Regulatory Comment Tuesday, including a rule summary, potential impact, and key points and …
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