This week, America’s Credit Unions remains hard at work for the credit union industry while Congress is in recess.
Additionally, comments are due to the CFPB today for the bureau’s proposed rule to cap overdraft fees for financial institutions with more than $10 billion in assets. The proposed rule offers three options for those financial institutions:
- Treat overdrafts as extensions of credit, which would require Regulation Z disclosures with each overdraft;
- Charge a “breakeven” amount that allows the credit union to only recoup the cost of providing the overdraft; or
- Charge the safe harbor amount that the CFPB establishes. The CFPB is considering setting the benchmark fee at $3, $6, $7, or $14.
Also of note, the NCUA is hosting a webinar Thursday at 2 p.m. Eastern to discuss liquidity risk. The agency noted it “released an advisory to credit unions on the importance of having a strong liquidity management framework given the growing levels of liquidity stress over the last few quarters.” The webinar is free to attend and credit unions can submit questions ahead of the event.
Stay tuned to America’s Credit Unions for the latest out of Washington.
