The CFPB issued guidance for financial institutions serving limited English proficiency consumers in a manner that is beneficial to consumers and is in compliance with relevant statutes and regulations.
The NCUA Board issued a proposal raising the asset threshold for credit unions defined as “complex” for risk-based capital purposes at its Thursday meeting. The board also issued an ANPR to solicit comments on two approaches to simplify its RBC requirements.
World Council of Credit Unions congratulates its President/CEO Brian Branch upon the announcement of his retirement, effective July 2021. Branch has enjoyed a career that has spanned 31 years with World Council.
NCUA and the Consumer Financial Protection Bureau announced a memorandum of understanding agreement to improve coordination between the agencies related to the consumer protection supervision of credit unions over $10 billion dollars in assets.
The Financial Crimes Enforcement Network (FinCEN) extended the comment period for its recent convertible virtual currency (CVC) proposal as requested by CUNA and other commenters. The proposal was initially issued Dec. 23 with a 15-day comment period.
The SBA and Treasury will re-open the PPP loan portal to PPP-eligible lenders with $1 billion or less in assets for First and Second Draw applications January 15 at 9 a.m. (ET). The portal will fully open January 19 to all participating PPP lenders.
The credit union mission and model shined despite tough circumstances in 2020, says CUNA Chief Advocacy Officer Ryan Donovan. Last year’s successes were due to advocacy at every level of the credit union movement but advocacy is a marathon, not a sprint.
CUNA and the African-American Credit Union Coalition (AACUC) announced a strategic alliance to further diversity, equity and inclusion (DEI) within the credit union movement. The collaboration agreement focuses on a scholarship program and an online community for black credit union professionals.
NCUA issued three letters to credit unions in the early days of 2021, one summarizing the latest COVID relief/government funding bill, and two outlining field of membership conversions and one with the 2021 Operating Fee Schedule.
The CFPB is accepting applications for membership in all four of its advisory committees, including the Credit Union Advisory Council through Feb. 24. The application is open now. New members serve two-year terms.