Author name: Patricia O'Connell

The National Credit Union Administration (NCUA), Office of the Comptroller of the Currency, Treasury (OCC), Board of Governors of the Federal Reserve System (Fed), Federal Deposit Insurance Corporation (FDIC), Consumer Financial Protection Bureau (CFPB), and Federal Housing Finance Agency (FHFA) (collectively, the agencies) have adopted a final rule to implement the quality control standards mandated …

NCUA and Other Agencies Issue Final Rule on QC Standards for AVMs Read More »

Last week, on May 30, U.S District Judge Brinkema of the U.S. District Court for the Eastern District of Virginia, granted in part and denied in part Navy Federal Credit Union’s (Navy FCU) motion to dismiss the consolidated complaint filed on December 17, 2023. The complaint, filed by nine plaintiffs, alleged that Navy FCU discriminates …

Court Grants Part, Not All, of Navy Federal Credit Union’s Motion to Dismiss in Fair Lending Litigation  Read More »

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 …

NCUA Issues ANPR Soliciting Comments on Improving and Updating the Records Preservation Program and Appendices Read More »

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 …

SBA Expands PPP Direct Borrower Forgiveness Platform to Allow Submission of Borrower Forgiveness Applications for All PPP Loans Regardless of Loan Amount and PPP Lender Read More »

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 …

NCUA Identifies Supervisory Priorities for 2024 Read More »

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 »