In the News
BUSY CFPB: Begins rulemaking on financial records access …
Information from the public on the best way to go about developing a rule on consumer access to financial records is being sought by CFPB in an advance notice of...
BUSY CFPB: Extends ‘GSE patch’ until new QM rule finalized
The “government-sponsored enterprise” (GSE) patch – which gives mortgages guaranteed by Freddie Mac and Fannie Mae “qualified mortgage” (QM) status – will be extended until a final rule is approved...
Momentum growing for abandonment of LIBOR
The forward motion to officially sideline LIBOR (London Interbank Offering Rate) as a reference rate for such financial products as adjustable mortgages and others continued this week with two top...
Board OKs final rule on corporate CUs; leaves out sub-debt portions (for now)
A final rule on corporate credit unions that is generally aimed at clarifying a number of provisions in NCUA’s rules was approved unanimously by the agency’s board Thursday. In other...
Derivatives ‘streamlining’ proposed; cybersecurity discussed
In other action Thursday, the NCUA Board issued a proposed rule the agency said would streamline its regulations on derivatives, and heard a report on cybersecurity. Regarding the derivatives proposal,...
Unemployment insurance fraud under scrutiny
Unemployment insurance fraud related to the coronavirus crisis has earned the attention of the Treasury’s financial law enforcement arm, as the agency this week issued an advisory urging financial institutions...
Order exempts insurance buys from customer ID program
The three federal banking agencies joined with NCUA late last week to issue an exemption from the requirements of the customer identification program (CIP) rules for loans extended by banks...
Summary outlines RFI on CARD Act rules
A request for information (RFI) from CFPB about whether rules applying credit card consumer protections should still stand, be revised or rescinded is summarized by NASCUS in a new posting...
Webinar tackles rash of embezzlements
A one-hour webinar focusing on how to prevent the spreading rash of embezzlements among financial institutions (including credit unions) is on the NASCUS education agenda for the middle of November...
ON THE (virtual) ROAD: Working with the Underground Collision
In the video (click on the image to see), NASCUS’ Lucy Ito discusses “the full potential of the credit union mission” with Susan Mitchell “The full potential of the credit...
BRIEFLY: CRA data entry software ready; NCUA marks cyber month
For those credit unions that must comply with their states’ community reinvestment act (CRA) requirements, the FFIEC said this week that the second release of data entry software (DES) for...
SBA Releases Paycheck Protection Program Interim Final Rule
The SBA has published an Interim Final Rule related to the Paycheck Protection Program. The rule is available on SBA’s website immediately.