In his statement before the U.S. House of Representatives Committee on Financial Services, Chairman Harper discussed the state of the credit union system, including NCUA’s mission to examine credit unions with $10 billion or less in assets for compliance with consumer protection laws and regulations. Chairman Harper stated to the Committee that NCUA is conducting …
On April 24, 2024, the National Credit Union Administration (NCUA) published an advance notice of proposed rulemaking (ANPR) seeking comments on how the agency can improve and update its records preservation program regulations and guidance. The NCUA is also requesting input from stakeholders on whether there is a need to update Part 749, which has …
On March 13, 2024, the Small Business Administration (SBA) issued a policy change regarding the Paycheck Protection Program (PPP) loan forgiveness application process. This change expands the Direct Borrower Forgiveness Platform (DBF Platform) to simplify the forgiveness process and to allow all PPP borrowers that have not yet received forgiveness to submit their loan forgiveness …
On February 16, 2024, the Consumer Financial Protection Bureau (CFPB) issued a procedural rule updating the process by which financial institutions can appeal supervisory findings. The updated rule broadens the CFPB officials eligible to evaluate appeals, the options for resolving an appeal, the matters subject to appeal, and makes additional clarifying changes. The CFPB’s first …
CFPB Revises Its Supervisory Appeals Process for Financial Institutions Read More »
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 …
CFPB Proposes Rule to Prohibit NSF Fees for Instantaneous Transactions Read More »
On Monday January 23 NCUA issued its 2024 Supervisory Priorities outlining five primary areas of supervisory focus to assist credit unions in preparing for their exam. Exam activities focus on the areas that pose the highest risk to credit unions, credit union members, and the National Credit Union Share Insurance Fund (NCUSIF). For 2024, NCUA …
On December 28, 2023, the National Credit Union Administration (NCUA), together with the Comptroller of the Currency, Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation, (collectively, the Agencies) published a final rule to amend the Uniform Rules of Practice and Procedure (Uniform Rules). This action was listed on NCUA’s …
NCUA and Other Agencies Update the Uniform Rules of Practice and Procedure Read More »
