Modernizations to privacy notification requirements, opening of FHLB membership to privately insured credit unions, and changes to the CFPB’s treatment of “rural” areas were all signed into law as part of a comprehensive highway bill.
Credit union managers deciding whether to engage members in grassroots contacts with Congress have another reason to move forward: The Senate Finance Committee leaders confirmed Thursday that they are drafting tax reform legislation and asked their colleagues to determine which tax exemptions are preserved.
The CFPB has amended the 2013 Escrows for Higher Priced Mortgages Rule. Our compliance team breaks down the changes to the final rule as it impacts county designations and consumer protections.
This Federal update reviews the Federal Reserve’s next steps on the interchange issue and everything that was going on in DC last week.
The rule also limits a federally insured credit unionâ€™s ability to provide indemnification.
CUNA continues to press the Fed on interchange, and has concerns about the NCUAâ€™s budget and its consistency in examinations.
The board meeting on April 21 resulted in changes to Corporate Credit Union rule, Corporate CUSO powers, and Supervisory Committee and Appeals rights. It also provided an update on the health of the NCUSIF.
Credit unions are calling on Congress to stop, study and start over on planned interchange fee regulations, and legislation that would do just that could be introduced later this week.
The Senate on Thursday passed the Dodd-Frank Wall Street Reform and Consumer Financial Protection Act—the comprehensive financial reform bill that Congress has been working on for over a year.