In the News
New reporting proposed for deposits inflow
(June 4, 2021) All deposit, loan and investment accounts at financial institutions (including credit unions) for persons and businesses would be subject to a $600 “de minimus” gross inflow reporting...
Alert aims to clarify impact of Reg B interpretive rule
(June 4, 2021) Credit unions should ensure their policies, procedures, and training materials promote compliance with federal equal credit opportunity laws, and Regulation B administered by the CFPB, in line...
Harper tells Congress: more needed for CDRLF
(June 4, 2021) An increase in appropriations in 2022 for NCUA’s Community Development Revolving Loan Fund (CDRLF) was requested this week by agency Board Chairman Todd Harper in NCUA’s annual...
Proposals get the ball rolling on new FedNow service
(June 4, 2021) A “new and comprehensive” set of rules – but with concepts that are like existing regulations – to govern the Federal Reserve’s new round-the-clock instant payments service...
Group updates steps to take in face of LIBOR demise
(June 4, 2021) Steps that should be taken now and through the rest of the year by those with exposure to the soon-to-be-defunct LIBOR are outlined in a “roadmap” issued...
BRIEFLY: CFPB updates mortgage servicing FAQs; Written, specific direction needed on use of alternative data, GAO tells regulators
(June 4, 2021) Frequently asked questions (FAQs) about mortgage servicing were updated this week by the CFPB, concerning escrow account compliance under Regulations X and Z (RESPA and TILA, respectively)....
NASCUS President/CEO, Lucy Ito’s Interview with CU Broadcast
NASCUS_LucyIto.mp4 from CUbroadcast on Vimeo.
Letters support asset reporting threshold, CLF rules
(May 28, 2021) Comment letters on NCUA’s interim final rules on asset thresholds for reporting purposes, and for conforming existing NCUA’s Central Liquidity Facility rules with new statutes, were submitted...
Summary outlines key points of LIBOR letters
(May 28, 2021) An overview of the letter to credit unions on the future of the LIBOR reference rate is the latest summary to be posted by NASCUS; it is...
Alert provides details behind QM compliance date delay
(May 28, 2021) The delay to Oct. 1, 2022 of the mandatory compliance date of the general qualified mortgage (QM) final rule is the subject of a regulatory alert issued...
HMDA data leads to new report on manufactured housing
(May 28, 2021) Consumers borrowing to buy manufactured homes face higher interest rates, and ultimately barriers to credit through limited refinancing options, CFPB contends in a report released Thursday, which...
Like cicadas, buzz about U.S. digital currency grows
(May 28, 2021) Discussion of digital currency and if (or when) the Federal Reserve will begin issuing its own version of the new money was ramped up over the last...