Rep. Blaine Luetkemeyer, R-Mo. Introduced a bill Thursday that would create a national data breach notification standard and pre-empt any existing state breach notification law, the Consumer Information Notification Requirement Act.
The NCUA Board issued a proposal regarding the purchase of loan participations and set the 2023 Normal Operating Level at 1.33% (same as 2022) at its Dec. 15 meeting. The board also approved the agency’s budget for 2023, a 6.2% increase over 2022, but less than proposed budget from October.
The CFPB has missed opportunities to recalibrate its regulatory approach to fulfill its consumer protection mission without impeding access to credit, CUNA wrote to the Senate Banking, Housing, and Urban Affairs Committee Thursday.
The CFPB has missed many opportunities to leverage credit unions’ mission and history to benefit consumers, CUNA wrote for the record of a House Financial Services Committee hearing featuring testimony from CFPB Director Rohit Chopra.
The failure of FTX, and the numerous other crypto companies has shown the the need for a comprehensive regulatory framework to govern the digital assets system, and that credit unions need the required authority to fully engage with this marketplace.
The Credit Union Legislative Action Council, CUNA’s federal political action committee—confirmed 25 new members of its Board of Trustees this week. These trustees will serve from Jan. 1, 2023, to Dec. 31, 2024.
CUNA Senior Economist Dawit Kebede noted inflation slowed down in November as the price of gasoline, used cars, medical care, and air travel declined. Increases in food and housing prices slightly offset these decreases.
Congress unveiled legislation Tuesday to fund the federal government through Dec. 23. Funding is currently scheduled to expire Dec. 16. The bill would also fund the National Flood Insurance Program through Dec. 23.
The House and Senate are in session this week, and the Senate will consider nominations and the FY2023 National Defense Authorization Act. Hearings this week include CFPB director testimony and the FTX collapse.