April 2024

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America’s Credit Unions’ Hunt touts the credit union difference in message to the Hill 

News / / / 2 minutes of reading

America’s Credit Unions Chief Advocacy Officer Carrie Hunt reiterated key points of the credit union difference in a message sent to lawmakers Monday. The proactive message was sent ahead of the Independent Community Bankers Associations’ hill hikes scheduled for this week.   In the message, Hunt reminded members of the House and Senate of meetings with …

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Majority of small businesses oppose Big Box Bailout bill

News / / / 1 minute of reading

An overwhelming majority of small businesses oppose proposed changes to the credit card interchange system, according to Small Business Payments Alliance (SBPA) research released this week for National Small Business Week. The SBPA is a project of the Electronic Payments Coalition, of which America’s Credit Unions is a member. The survey found: In addition, nearly …

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Columns

FinCEN to host BOI webinar 

News / / / 1 minute of reading

The Financial Crimes Enforcement Network (FinCEN) today will host a webinar on beneficial ownership information (BOI) reporting requirements. The webinar will begin at 2 p.m. Eastern and is available on FinCEN’s YouTube channel.  In February, FinCEN passed a final rule on BOI access to govern who can access BOI and how it can be accessed. …

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Spring 2024 Supervisory Highlights: Consumer Reporting Companies and Furnishers

Compliance / / / 4 minutes of reading

The Consumer Financial Protection Bureau (CFPB) recently released its Supervisory Highlights covering consumer reporting companies and furnishers. The CFPB emphasized that inaccuracies in the credit reporting system have been a long-standing issue and as such will be prioritized in examinations of consumer reporting companies (CRCs) and furnishers, such as credit unions. This compliance blog will …

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This week: Congress returns, CDRLF grant round opens

News / / 1 minute of reading

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 

News / / / 1 minute of reading

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

News / / / 1 minute of reading

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 Building

CFPB tackles fees from mortgage servicers 

News / / / 1 minute of reading

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 …

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