CUNA is encouraging credit unions to submit their comments on the CFPB proposal to raise the safe harbor thresholds for its remittance rule by the Jan. 21 deadline. Stakeholders can use CUNA’s Grassroots Action Center to submit comments.
The NCUA board will consider proposals on subordinated debt and credit union combination transactions, among other items, at its Jan. 23 meeting. This is the board’s first meeting of 2020, and it will be livestreamed on NCUA.gov starting at 10 a.m. (ET).
Credit union purchases of banks offer substantial benefits to all parties involved, CUNA and the MWCUA wrote this week to the Colorado Banking Board in support of Elevations CU plan to purchase and assume Cache Bank & Trust.
The CFPB issued a proposed remittance rule Tuesday increasing the “normal course of business” threshold to 500 transfers per year. CUNA has asked for it to be raised to at least 1,000 but considers the proposal a positive step forward.
While CUNA supports aspects of NCUA’s proposed budget, particularly the transparency of the process, there are several concerns raised in its comment letter, which follows CUNA's presentation at NCUA’s Nov. 20 budget briefing.
Both chambers of Congress are in Washington, D.C. and CUNA will be engaged with NCUA Chairman Rodney Hood’s testimony before the House Financial Services Committee and Senate Banking Committee and other activities this week.
CUNA joined NASCUS earlier this month for its annual BSA/AML Certification Conference in Tempe, Ariz. The three-day event featured presentations on the most pressing compliance issues facing credit unions today.
Comments on several proposals, including NCUA’s 2020-21 operating budget, are due in December. The proposed 2020 operating budget is $316.2 million a 3.9% increase over last year. Comments are due to NCUA Dec. 2.
This week marks 111 years of not-for-profit financial cooperatives in America, CUNA Chief Advocacy Officer Ryan Donovan wrote to Congressional offices this week, saying without Congressional support credit unions would not be able to meet community needs.
Credit unions are among the top resources for consumers to help improve finances, C-Plant FCU Paul Adams wrote in the Mayfield Messenger, noting that the structure places the emphasis on financial education and ensuring members’ financial health.
The CFPB issued a request for public comment on an assessment it will conduct on the TRID rule, to address the TRID Rule’s effectiveness in meeting the purposes and objectives of Title X of the Dodd-Frank Act, the specific goals of the rule and more.
The Senate passed a bill Thursday afternoon and President Donald Trump signed it Thursday evening, avoiding a government shutdown and extending federal government funding and the National Flood Insurance Program through Dec. 20.
CUNA would prefer that Congress move beyond the Gramm-Leach-Bliley Act and develop a uniform privacy and data security law that regulates data and privacy protections based on the type of data instead of the current sector-specific approach