The NCUA this week filed a motion to deny the ABA's request for summary judgment its lawsuit against the agency’s field-of-membership rule. The request also asks the court to grant NCUA’s motion for summary judgment.
CUNA is seeking credit unions to participate in a relaunch of its regulatory burden study to provide 2017 data on the costs of regulations. The first study found that regulatory burden cost credit unions $7.2 billion in 2014.
CUNA supports proposed changes to proposed changes to ethnicity and race collection under the Equal Credit Opportunity Act. CFPB proposed the amendments to provide a creditor with additional flexibility in how it collects applicant ethnicity and race information.
CUNA President/CEO Jim Nussle wrote to Tresaury Secretary Steven Mnuchin Thursday, providing additional information about how regulations can be more manageable for credit unions. The letter was a follow-up to the roundtable Treasury conducted on financial regulations.
CUNA seeks to update its groundbreaking study that found in 2014 regulatory burden cost credit unions $7.2 billion. The study will be conducted in the fall and result in data that is current as of 2017.
The World Council of Credit Unions filed a comment letter with the Financial Action Task Force last week, focusing on correspondent banking, information sharing and customer due diligence requirements for the underbanked.
Grants and other awards from the Treasury Department are essential for Community Development Financial Institution credit unions to serve their communities. Those credit unions are using CUNA’s Member Activation Program to tell their CDFI stories.
CFPB Director Richard Cordray claimed Wednesday that credit unions are a “daily concern” for the bureau, a statement questioned by CUNA President/CEO Jim Nussle. Several other House committee members questioned the bureau’s chilling effect on services to consumers.
CUNA has deep concerns that the CFPB rarely gives consideration to regulatory burdens as a result of once-size-fits-all regulations, it wrote to the House Financial Services Committee, addressing rules the CFPB claims to already have provided necessary relief from.
With privately insured credit unions that meet certain requirements eligible to join the FHLB program starting July 5, CUNA compliance staff has developed a final rule analysis with an overview of new requirements.