May 2024

Comment deadlines approaching for NCUA, CISA, FHFA

Comments on several regulatory proposals affecting credit unions are due in the coming weeks, including to NCUA on records preservation, and the agency’s annual regulatory review: June 3: June 28: July 15:

CFPB Building

CFPB issues request for information on mortgage closing costs

The CFPB issued a request for information Thursday regarding fees charged by mortgage providers and related settlement services. According to the bureau, it “wants to understand why closing costs are increasing, who is benefiting, and how costs for borrowers and lenders could be lowered,” noting such fees may limit the ability of lenders to offer …

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NCUA issues FAQs on share insurance coverage for cryptocurrency 

The NCUA has added a new financial technology and digital assets section to its website. The webpage includes frequently asked questions (FAQs) about share insurance coverage and custody for cryptocurrencies and digital assets, as well as information about the agency’s Financial Technology Team.  Of note, the FAQs clarify that the National Credit Union Share Insurance …

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U.S. Supreme Court Rules the CFPB’s Structure is Constitutional

On May 16, 2024, the U.S. Supreme Court ruled that the funding structure of the CFPB does not violate the Constitution’s Appropriations Clause which states that “‘[n]o Money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law.” In other words, the fact that the CFPB is funded independently with money …

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CIP rule should not be amended to allow for partial SSN collection

America’s Credit Unions opposes a change to the Customer Identification Program (CIP) rule to allow the partial collection of a social security number (SSN) for identity verification purposes.  Credit union concerns are outlined in a comment letter to the Financial Crimes Enforcement Network (FinCEN) sent Tuesday, in response to FinCEN’s request for comments related to …

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NCUA announces MDI webinar 

The NCUA Tuesday announced it will host a webinar June 18 to highlight minority depository institutions (MDIs) and the role MDIs play in expanding access to financial services. The webinar will also discuss how MDIs promote economic growth and financial inclusion.  The webinar is scheduled to begin at 2 p.m. Eastern and will last one …

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NCUA approves regulatory review 

The NCUA Board Thursday unanimously approved a voluntary regulatory review. The agency is requesting comment to help identify NCUA regulations that are “outdated, unnecessary, or unduly burdensome on federally insured credit unions.”  The agency noted that it is not required by law to conduct the review, as the law applies to federal bank regulators, but …

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The Capitol Dome at the U.S. Capitol Building

This week: Congress out; NCUA hosts webinar 

This week, both the House and Senate are out of session. With lawmakers back home, credit union advocates have an opportunity to connect with key decisionmakers one-on-one in their districts. America’s Credit Unions will continue to voice the credit union perspective on a variety of issues with both regulators and lawmakers.   Thursday, the NCUA …

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