America’s Credit Unions Letter to Senate Banking Committee on Fraud Hearing
Read Letter
January 2024
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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Nussle provides credit union perspectives, concerns on AI usage
America’s Credit Unions President/CEO Jim Nussle wrote to the Senate Banking Subcommittee on Housing, Transportation, and Community Development ahead of today’s hearing on the usage of AI in the housing industry to offer the credit union perspective on the topic. “From member service interactions to AI chat-bots to mortgage origination – credit unions are seeing …
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Credit unions positioned to deploy GGRF grants in communities
Credit unions can and should play an important role in implementing the new Greenhouse Gas Reduction Fund (GGRF), America’s Credit Unions wrote a House Energy and Commerce subcommittee Tuesday. The GGRF is a $27 billion competitive grant program to support the capacity of community development financial institutions (CDFIs), minority depository institutions, credit unions, and others …
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Rep. Craig highlights credit union difference on House floor
Rep. Angie Craig, D-Minn., Tuesday spoke on the House floor about the role credit unions play in their communities. “As not-for-profit, member-owned financial institutions, credit unions work every day to improve the financial well-being of American households and communities,” Craig said. She highlighted the work of the 86 chartered credit unions in Minnesota, noting it …
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CFPB Proposes Rule to Prohibit NSF Fees for Instantaneous Transactions
On January 24 the Consumer Financial Protection Bureau (CPFB or bureau) proposed a rule with request for comment to prohibit covered financial institutions from charging nonsufficient funds (NSF) fees, when consumers initiate payment transactions that are declined “instantaneously or near-instantaneously.” The proposal would prohibit financial institutions from charging fees for instantaneously declined transactions, regardless of …
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FinCEN seeks comments on info collected from BOI access
The Financial Crimes Enforcement Network (FinCEN) seeks comments on information to be collected from certain authorized recipients – including credit unions – when requesting access to beneficial ownership information (BOI), consistent with the requirements of FinCEN’s final access and safeguards rule. The Corporate Transparency Act requires legal entities report BOI directly to FinCEN. That ownership …
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FedNow spotlights use by credit unions
FedNow, the Federal Reserve’s instant payment system, last week profiled HawaiiUSA Federal Credit Union and the impact of instant payments on credit unions and their members. In the profile, HawaiiUSA Federal Credit Union Vice President of Payment Operations Scott Young noted that, in his experience, FedNow has “leveled the playing field,” including by offering “the …