The House and Senate are both back in Washington, D.C. this week, and CUNA is engaged with several activities, including ongoing discussions to fund the federal government after Sept. 30, and a hearing on GSE reform.
NCUA’s latest supervisory letter addresses compliance with the new CDD and beneficial ownership rules. According to the agency, field staff will begin evaluating credit union compliance with the new CDD rules soon.
The Bureau of Consumer Financial Protection issued an interpretive final rule Friday, clarifying the HMDA partial exemptions contained in S. 2155. CUNA urged the bureau to quickly effectuate the regulatory relief in S. 2155.
CUNA's offices in Washington, D.C. and Madison, Wis. will be closed Monday, Sept. 3 in observance of Labor Day. There will be not CUNA daily news e-mail Monday morning. The Daily will resume Tuesday, Sept. 8.
CUNA has teamed with other financial services organizations to create a white paper, “Understanding ATM Attacks,” explaining how cybercriminals conduct such attacks and how financial institutions can protect consumers.
Comments on NCUA’s risk-based capital proposal and a CUNA-backed proposal from FASB are due in September. Comments on the proposed RBC rule are due Sept. 7, while comments on FASB’s proposal are due Sept. 19.
While CUNA supports NCUA’s proposed delay of NCUA’s risk-based capital rule, it maintains that the rule continues to be “functionally unnecessary. CUNA submitted its comment letter on NCUA's proposed rule Thursday, comments are due Sept. 7.
Credit union-backed candidates saw victories in Tuesday’s elections, including primaries in Florida and a runoff election in Oklahoma. Candidates are backed by credit union leagues and the Credit Union Legislative Action Council.
The World Council of Credit Unions supports the Financial Stability Board’s initiative to develop a “cyber lexicon” but urges the board to take a proportional approach that does not impose additional compliance burdens on credit unions.