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NCUA Board Member Todd Harper has requested public comment on his proposal to create “a dedicated consumer compliance exam program for large, complex credit unions.”
According to a release, the agency’s current compliance examinations covering consumer financial protection laws in credit unions with total assets of $10 billion or less differs from other financial institutions regulators. In response, Harper has proposed the NCUA “add three new full-time employees in the NCUA’s Office of Consumer Financial Protection in 2020, who would develop and later launch a dedicated consumer compliance examination program for large, complex credit unions.”
“As the largest credit unions continue to grow in size, the time has come for the NCUA to evolve its consumer compliance program,” Harper stated. “I invite all interested parties to comment on my proposal during the public deliberations over the NCUA’s proposed 2020–2021 budget.”
The NCUA released its proposed 2020-21 budget. The NCUA will also publish the proposal in the Federal Register.
NCUA will host a webinar titled “Fair Lending and Consumer Compliance Regulatory Update” on November 19. Financial Protection will cover several subjects, including:
The CFPB is tasked with facilitating innovation in the
consumer financial services market as part of its statutory mission. In
fulfilling this objective, the Bureau has sought to strengthen its
collaboration with stakeholders in order to develop solutions to shared
The National Credit Union Administration released their monthly Board meeting schedule for 2020.
The financial services industry, including credit unions, must be aware of cybersecurity threats. The NCUA has prepared resources that are helpful to credit unions. This webpage includes includes information about how they can protect their institutions and members from cyber threats.
NCUA Board adopted a final rule on nonmember deposits, issued a proposal on field of membership, and received a briefing on cybersecurity.
The Consumer Financial Protection Bureau (Bureau) announced today that it will hold a symposium on Section 1071 of the Dodd-Frank Act on November 6, 2019 at 9:30 a.m.
The House Financial Services Committee held a hearing entitled, “The End of Affordable Housing? A Review of the Trump Administration’s Plans to Change Housing Finance in America.” Prior to the hearing, CUNA wrote to Chairwoman Waters and Ranking Member McHenry reiterating commitment to working with Congress and the Administration to refine and build upon housing finance reform proposals to ensure a strong and sustainable secondary mortgage market that ensures the availability of affordable housing.
CUNA wrote to the House Financial Services Subcommittee on Consumer Protection and Financial Institutions for a hearing on minority depository institutions. Minority depository institution (MDI) credit unions represent an important way in which credit unions are fulfilling their mission by advancing financial inclusion and well-being for minority and underserved communities.
The House passed H.R. 2513, the Corporate Transparency Act of 2019 by a vote of 249-173. This CUNA backed legislation addresses the redundancies, unnecessary burdens, and opportunities for efficiencies within the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) statutory framework.
Also included in the bill, through an amendment by Chairwoman Waters (D-CA) was H.R. 2514, the COUNTER Act of 2019, authored by Representative Emanuel Cleaver (D-MO). The COUNTER Act, also supported by CUNA, indexes for inflation every 5-years after enactment the Currency Transaction Reporting (CTR) threshold and further reviews the Suspicious Activity Reporting (SAR) threshold.
NCUA’s final rule on fidelity bonds under Part 704 for corporate credit unions and Part 713 for natural person credit unions became effective. Here's what you should know.
CUNA filed a comment letter in reference to HUD’s notice of proposed rulemaking on the “Implementation of the Fair Housing Act’s Disparate Impact Standard. In the comment letter, CUNA notes that credit unions firmly believe that illegal discrimination should have no place in the financial services market and that individuals and institutions engaging in discriminatory behavior should and must be penalized.
This week, the House of Representatives will consider H.R. 2513, the Corporate Transparency Act and H.R. 4617, the Stopping Harmful Interference in Elections for a Lasting Democracy (SHIELD) Act.
The Senate will consider appropriations legislation as well as a treaty… “Protocol to the North Atlantic Treaty of 1949 on the Accession of the Republic of North Macedonia.”
The House Financial Services Committee’s FinTeach Task Force held a hearing entitled, “AI and the Evolution of Cloud Computing: Evaluating How Financial Data is Stored, Protected, and Maintained by Cloud Providers.” Prior to the hearing, CUNA wrote to Chairman Foster and Ranking Member Hill addressing concerns with draft legislation that would grant NCUA direct supervisory authority over third party vendors and credit union service organizations.
CUNA and the World Council of Credit Unions wrote to House and Senate appropriators to increase funding for the U.S. Agency for International Development’s Cooperative Development Program (CDP) to $17 million, up from the previous year’s $12 million. The CDP is a is a global initiative that focuses on building capacity of cooperative businesses and cooperative systems for self-reliance, local ownership and sustainability.
Director Kraninger was the lone witness before both the House Financial Services Committee and the Senate Banking Committee this week for the CFPB’s semi-annual report to Congress.
Prior to her appearance before the Committees CUNA wrote to Committee leadership in both Chambers supporting a bi-partisan Commission, as proposed by Elizabeth Warren and President Obama.
To ensure that consumers enjoy strong and consistent protections, Congress should enact legislation that changes the leadership structure to a multimember, bipartisan commission. A multi-member commission, as envisioned by the original proponents of the Bureau, would enhance consumer protection by ensuring that diverse perspectives are considered prior to finalizing rules and prevents disruptions caused by leadership changes.
CUNA wrote to Appropriations Committee leadership in both the House and Senate in support of the NCUA’s Community Development Revolving Loan Fund (CDRLF). The CDRLF is a critically important program and should be fully funded at $2 million in fiscal year 2020. The House-passed Financial Services and General Government (FSGG) Appropriations Act for fiscal year 2020 provides $2 million for the CDRLF, but the FSGG bill passed by the Senate Appropriations Committee in September does not.
CUNA filed a comment letter with the CFPB in response to an ANPR seeking input on the HMDA data points required under the Bureau’s 2015 HMDA rule.
filed a comment letter
with the CFPB offering improvements to the HMDA reporting threshold. In
response to the Bureau’s reopening of its comment period, CUNA reiterated that
the HMDA rule has disproportionately burdened credit unions, despite no
evidence of past wrongful conduct.
The House of Representatives will consider H.R. 1815, the SEC Disclosure Effectiveness Testing Act and H.R. 3624, the Outsourcing Accountability Act of 2019.
The Senate will consider the nomination of Barbara Barrett to be Secretary of the Air Force.
NCUA Board Member McWatters wrote an opinion piece in CU Journal detailing his concerns with CECL
Established by the Riegle Community Development and Regulatory Improvement Act of 1994, the U.S. Treasury Department’s Community Development Financial Institutions Fund (CDFI Fund) was created for the purpose of promoting economic revitalization and community development through investment in and assistance to specialized community-based financial institutions known as Community Development Financial Institutions (CDFIs)—more than 25% of the roughly 1,100 certified CDFIs across the country are credit unions.
CDFIs such as Community Development Credit Unions (CDCUs) are charged with supplying low-income, distressed communities with traditional banking services such as savings accounts and personal loans, and offering individuals the tools needed to become self-sufficient stakeholders in their own future.
Through its Community Development Financial Institutions Program (CDFI Program) as well as the Native CDFI Assistance Program (NACA Program), the CDFI Fund offers both Financial Assistance and Technical Assistance awards to CDFIs. These competitive awards can be used by organizations, including credit unions, to meet the community development finance needs of distressed and underserved communities.
The CFPB announced that the next Credit Union Advisory Council (CUAC) meeting is scheduled to occur over two days on October 23-24. The focus of the CUAC-only meetings will be Regulatory Implementation and Guidance, the Fall 2019 Regulatory Agenda, and HMDA.
This upcoming meeting marks the first with the new Council members announced last week. All members of the CUAC are from CUNA-affiliated credit unions.
The CFPB issued a proposed rule to amend the reporting thresholds within the Home Mortgage Disclosure Act (HMDA) Rule. In its proposal, the CFPB would increase the closed-end mortgage loan reporting threshold from 25 loans in each of the prior two years to either 50 or 100 loans. We are supportive of this measure, but are calling on the Bureau to increase the threshold to 500 loans. Tell the CFPB to improve the HMDA reporting requirements
The Supreme Court denied cert. for Guillermo Robles v. Dominos Pizza LLC, a case involving the ADA as it relates to website accessibility.
In its ruling, the 9th Circuit held that Dominos' website and mobile app are places of public accommodation subject to the ADA. The Court also found that Dominos had received fair notice that its website was required to comply with the ADA even absent the promulgation of specific rules or guidance on the topic. And lastly, the Court affirmed that courts have jurisdiction to adjudicate ADA website suits even as DOJ progresses in its rulemaking process.
As part of our efforts around National Cybersecurity Awareness Month, CUNA hosted credit unions for a hands-on ransomware cyber simulation at Credit Union House. CUNA partnered with FS-ISAC and ManTech to build an environment resembling a financial services network and facilitated a realistic, live-fire ransomware cyber-attack against a simulated financial institution. Cybersecurity is a challenge all businesses face, and an attack can be devastating. As credit unions, we're dedicated to supporting our members, and there's no better way to ensure we're serving them best than by protecting their data and access to money.
The Consumer Financial Protection Bureau announced new members to the Credit Union Advisory Council (CUAC). The CUAC advises and consults with the CFPB on consumer financial issues related to credit unions. Currently, all members of the CUAC are also members of CUNA.
CUNA wrote a letter of support to the sponsors of S. 2563, the Improving Laundering Laws and Increasing Comprehensive Information Tracking of Criminal Activity in Shell Holdings (ILLICIT CASH) Act. This bill addresses the redundancies, unnecessary burdens, and opportunities for efficiencies within the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) statutory framework. However, it is important to note that regulatory regimes like the Bank Secrecy Act can cause an undue burden, particularly for smaller financial institutions, and should be a scalable framework.
CUNA sent a letter to NCUA urging it increase the threshold for which an appraisal is required for a residential real estate transaction. In July, NCUA adopted a rule that increased the threshold for commercial real estate transactions but did not address residential transactions.
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© 2019 Credit Union National Association
ADA Compliance Notice & Legal
© 2019 Credit Union National Association
ADA Compliance Notice & Legal