Author name: America's Credit Unions

Fed to host town hall on FedNow fraud risk management

The Federal Reserve will host a free 60-minute webinar with FedNow Service participants sharing how they planned and implemented fraud risk management strategies in advance of adopting the service. Federal Reserve leaders will also preview their new tech-centric developer resource, as well as upcoming engagement opportunities. The webinar will take place March 20 at 2 …

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Nussle, advocacy team meet with NCUA Chairman Harper

America’s Credit Unions President/CEO Jim Nussle and members of the organization’s advocacy team met with NCUA Chairman Todd Harper Thursday at the NCUA’s headquarters in Alexandria, Va. “Thank you to Chairman Harper and his staff for their time and great discussion today on how the NCUA and America’s Credit Unions can support policies to increase …

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America’s Credit Unions to Congress: Interchange works for small business

America’s Credit Unions’ Jason Stverak and Greg Mesack Thursday sent a message to Congress to push back against the Big Box Bailout bill and explain why interchange works for consumers, financial institutions, and small businesses.  The message highlights small business owners and credit union members Cindy Carver of Rapid City, S.D., and Cherella Lee of …

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economic charts

Credit union loans increased 0.3% in December

Credit union loans outstanding increased 0.3% in December, according to America’s Credit Unions’ latest Monthly Credit Union Estimates, compared to a 0.4% increase in November 2023 and a 1% increase in December 2022. The estimates are based on information from a monthly sample of credit unions and are revised whenever more complete data is available. …

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FinCEN issues BOI compliance guide

The Financial Crimes Enforcement Network (FinCEN) issued a small entity compliance guide Tuesday to provide information on the requirements for accessing beneficial ownership information (BOI).  FinCEN’s final rule regarding BOI access went into effect Tuesday and requires reported BOI to be confidential, protected, and disclosed only to certain authorized parties. The guide provides an overview …

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Action alert seeks feedback on impact of CFPB overdraft proposal

Feedback on how the CFPB’s overdraft proposal will impact access to financial services for credit unions of all sizes will help America’s Credit Unions in its push for the CFPB to reconsider the proposal. Comments sharing specific concerns and stories will help the bureau understand why consumers opt into regulated overdraft protections. The proposal would …

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America’s Credit Unions calls for more transparency on NCUA budget

America’s Credit Unions’ Luke Martone called on the NCUA to “further enhance” its budget transparency in a letter responding to the agency’s request for comment on its overhead transfer rate (OTR) methodology. Martone suggested the agency adopt the proposed clarifying language regarding the four categories used in the OTR calculation to help credit unions better …

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Proposed call report changes contain new fee reporting requirements

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 …

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Columns

America’s Credit Unions details the CU industry’s commitment to financial inclusion 

America’s Credit Unions’ Amanda Smith Tuesday provided comments in response to the Treasury Department’s request for information on financial inclusion, highlighting the credit union industry’s commitment to financial inclusion and outlining examples of actions to promote financial inclusion.  Smith noted credit unions have enacted several innovative programs to provide financial services to unbanked or underbanked …

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