August, 2024 - America's Credit Unions

ACET access to continue despite sunset of FFIEC Cybersecurity Assessment Tool

News / August 30, 2024 / cybersecurity / 1 minute of reading

Credit unions will still have access to the NCUA’s Automated Cybersecurity Examination Tool (ACET), even after the Federal Financial Institutions Examination Council’s (FFIEC) Cybersecurity Assessment Tool sunsets August 31, 2025. The NCUA announced Friday it will continue to support and make ACET available for credit union use, following the FFIEC’s announcement Thursday. NCUA encourages credit …

ACET access to continue despite sunset of FFIEC Cybersecurity Assessment Tool Read More »

FinCEN issues reminder on suspicious transactions associated with synthetic opioids

News / August 30, 2024 / FinCEN / 1 minute of reading

Credit unions and other financial institutions are being called upon to help crack down on synthetic opioid trafficking. The Financial Crimes Enforcement Network (FinCEN) issued a reminder in connection with Overdose Awareness Week. They ask financial institutions to monitor for and report suspicious transactional activity related to the illicit fentanyl supply chain and trafficking of …

FinCEN issues reminder on suspicious transactions associated with synthetic opioids Read More »

CFT is the New BSA: Recent Developments

Compliance / August 29, 2024 / FinCEN / 5 minutes of reading

Greetings, Compliance friends! Here in Virginia, it’s that time of year already – the kids have returned to school. Most students have a favorite subject – math, history, etc. When it comes to compliance, my favorite subject is the Bank Secrecy Act (BSA). Those who have been reading my blog posts for awhile likely know …

CFT is the New BSA: Recent Developments Read More »

Economic Update video examines changes in labor market

News / August 29, 2024 / economy / 1 minute of reading

Indicators of optimism tinged with potentially troubling developments in the labor market are the focus of America’s Credit Unions newly released Economic Update video Head of Emerging Issues/Deputy Chief Economist Curt Long points to signs that the economy is shifting into more labor market and growth concerns instead of inflation. “It isn’t just the unemployment …

Economic Update video examines changes in labor market Read More »

NCUA letter details extension of FCU interest rate cap through March 2026

News / August 29, 2024 / ncua / 1 minute of reading

NCUA’s latest Letter to Credit Unions (24-FCU-02) provides details on the agency extending the temporary 18% federal credit union interest rate ceiling through March 10, 2026. The board voted on the latest extension at its July board meeting. NCUA boards have kept the 18% cap in place since May 1987. America’s Credit Unions has called …

NCUA letter details extension of FCU interest rate cap through March 2026 Read More »

EFTA liability expansion would harm communities, consumers

News / August 28, 2024 / 2 minutes of reading

Legislation claiming to tackle fraud costs “instead threatens to upend the financial services marketplace as we know it, with community institutions like credit unions—and the people they serve—hardest hit.” That’s the assessment shared by America’s Credit Unions Senior Vice President of Advpcacy Greg Mesack in CUInsight Tuesday. Credit unions have come out in strong opposition …

EFTA liability expansion would harm communities, consumers Read More »

Foundation announces new Executive Director

News / August 28, 2024 / 3 minutes of reading

The National Credit Union Foundation (the Foundation), the national charitable arm of the credit union movement, announced Tuesday that Lauren Culp will begin as the new Executive Director in December. Culp, who currently serves as president/CEO of CUInsight, will succeed current Executive Director Gigi Hyland, who announced her retirement in March and will serve until …

Foundation announces new Executive Director Read More »

In-district meetings continue credit union conversation with policymakers

News / August 27, 2024 / august recess / 1 minute of reading

Leagues and credit unions took part in lawmaker meetings in Florida, Georgia and South Dakota this past week, bringing elected officials and staff together during the August recess to discuss important credit union priorities. The League of Southeastern Credit Unions (LSCU) hosted Rep. Darren Soto, D-Fla., at Orlando Credit Union. The discussion centered on fraud …

In-district meetings continue credit union conversation with policymakers Read More »

Court denies credit union motion to set aside small biz lending data rule

News / August 27, 2024 / cfpb / 1 minute of reading

The U.S. District Court for the Southern District of Texas has denied America’s Credit Unions’ motion for summary judgement to set aside the CFPB’s small business lending data collection rule. America’s Credit Unions, the Cornerstone League, and Rally Credit Union joined other organizations in filing the motion in March, requesting the rule be set aside …

Court denies credit union motion to set aside small biz lending data rule Read More »

Increasing the Rate on a Credit Card: Variable vs Floor Rate

Compliance / August 27, 2024 / 5 minutes of reading

Generally, a credit union is prohibited from increasing the APR or a fee on a credit card that is required to be disclosed in the account opening disclosures. But as we all know there are exceptions to the rules. So when can we increase the APR, fee or a charge on a credit card? There …

Increasing the Rate on a Credit Card: Variable vs Floor Rate Read More »

August 2024