NCUA Board Member Tanya Otsuka, and U.S. Assistant Attorney General for Civil Rights Kristen Clarke addressed the 2024 Governmental Affairs Conference (GAC) Tuesday, where they outlined their priorities for their respective offices. “My work at NCUA will be guided by a commitment to a safe and sound financial system of cooperative credit that ensures members …
NCUA’s Otsuka, DOJ’s Clarke share goals, approach at GAC Read More »
Regulators’ focus on eliminating so-called “junk fees” could deprive consumers of much-needed financial services, including access to affordable credit, according to a Tuesday panel discussion. The CFPB’s focus on fees is almost entirely political, panelists said. Participating in the discussion were Jim Hunsanger, chief risk officer at Michigan State University Federal Credit Union; Leah Dempsey, …
‘Junk’ fees, regulatory challenges, covered in GAC breakouts Tuesday Read More »
Credit unions support a more transparent process for changes to NCUA’s call report, America’s Credit Unions’ Ann Petros wrote to NCUA Chairman Todd Harper Wednesday. Changes to the call report—proposed by the NCUA Board in December and effective March 31—require credit unions with more than $1 billion in assets to list income related to overdraft …
Transparency needed in any future NCUA call report changes Read More »
It’s that time of the year again, the HMDA reporting deadline! As noted in this NCUA Letter to Credit Unions, the deadline to report 2023 HMDA data to the CFPB is March 1, 2024. What about for 2024 data? Well fortunately, the 2023 HMDA letter is not an anomaly and NCUA generally publishes an annual …
The NCUA and Community Development Financial Institution (CDFI) Fund will host a free webinar tomorrow to provide credit unions with information about the CDFI certification process. Registration for the event is still available. During the webinar, staff from the NCUA and CDFI Fund will discuss the requirements of the revised CDFI Certification Application, including …
Recently proposed changes to the call report require credit unions with $1 billion or more in assets to report fee income they derive from overdraft and nonsufficient funds fees. NCUA published a draft of amended call report instructions in December 2023, effective March 31. America’s Credit Unions’ latest Compliance Blog post examines the proposed changes …
Proposed call report changes contain new fee reporting requirements Read More »
The NCUA issued a Regulatory Alert to provide information on which credit unions must comply with the Home Mortgage Disclosure Act (HMDA) reporting requirements under the CFPB’s Regulation C. In the alert, the NCUA explained that credit unions must collect HMDA data associated with mortgage loan applications processed during 2024 if the credit union meets …
If you’ve been following regulatory compliance developments over the past 18 months or so, then you’ve likely noticed that the regulatory agencies have increased their scrutiny of certain fees charged by credit unions. While numerous fees have been targeted, the agencies have focused the most attention on overdraft and non-sufficient funds (NSF) fees. For the …
NCUA Call Report Update: Focus on Overdraft & NSF Fees; Penalties Resume Read More »
The NCUA Board Thursday unanimously approved its final interpretive ruling and policy statement that updates the Minority Depository Institution (MDI) Preservation Program’s features and clarifies the requirements for a credit union to receive and maintain an MDI designation, among other changes. The board also received a briefing on the performance of the Share Insurance Fund (SIF) for …
NCUA Board approves updates to MDI preservation program Read More »
America’s Credit Unions is supporting a candidate running to fill New York’s open U.S. House seat Tuesday in a special general election. Former Rep. Tom Suozzi, D-N.Y., is running to fill the 3rd Congressional District seat, which was vacated by former Rep. George Santos, R-N.Y., after his expulsion in December. Suozzi was a credit union …
