July – NASCUS

Featured Story

July 28: CFPB Updates This Week

PUBLISHED JUL 27, 2023 Financial struggles in Puerto Rico bite deeper than the rest of the United States Our research shows that people in Puerto Rico have lower financial well-being compared...

NCUA Board Approves Final Member Expulsion Rule

Midsession Budget Reprograms Funds for Mission Critical Priorities July 20, 2023 – The National Credit Union Administration Board held its seventh open meeting of 2023 and approved a final rule on...

July 21: CFPB Updates This Week

PUBLISHED JUL 20, 2023 CFPB Report Shows Workers Face Risks from Employer-Driven Debt The Consumer Financial Protection Bureau (CFPB) published a report highlighting the risks employer-driven debt poses to workers....

Difficulty Paying Bills Tops Pandemic High in US Census Survey

Difficulty Paying Bills Tops Pandemic High in US Census Survey (Bloomberg) — The share of Americans who report having difficulties paying their bills has surpassed its 2020 pandemic peak in...

GRAPH OF THE WEEK: Credit Card Delinquency Rates Inching Back Up

After a decline in consumer spending during the pandemic, the end of government relief programs has contributed to an increase in credit card usage – and a rise in delinquencies....

Former Coinbase Employee Charged in First-Ever Crypto Insider-Trading Case

Cryptocurrency insider-trading case could have broad ramifications for industry. Federal authorities brought the first-ever cryptocurrency insider-trading case Thursday, accusing a former Coinbase Global Inc. COIN 5.43%▲ manager of tipping off his brother and a friend...

July 21 NCUA Board Meeting Summary

Budget Briefing The NCUA board was briefed on the budget and current operating budget surplus. The surplus is primarily from lower staffing levels and vacancy rates resulting in decreased pay...

Bank of America Puts Aside $200M for Probe into Bankers’ Use of Personal Devices

Bank of America (BAC.N) has set aside around $200 million for a regulatory matter connected to the unauthorized use of personal phones, its chief financial officer Alastair Borthwick said on...

PSCU: Inflation Helps Boost Member Spending in June

The gains in the amount spent far outpace gains in the number of transactions. PSCU reported Tuesday that the value of purchases it handles for affiliated credit unions rose much...

MEMBER BENEFIT: 2022 State System Profile Database Released

As a benefit for all NASCUS members, this digital platform provides a searchable data catalog of state credit union regulatory agencies (structure, funding, examination programs) and key state credit union...

Federal Reserve Officials Warn Entrenched Inflation Poses ‘Significant Risk’

sCourtesy of Colby Smith, Financial Times Minutes from June meeting suggest even tighter monetary policy may be needed from US central bank. Top Federal Reserve officials think entrenched inflation is...

Member Benefit: FinCEN and CFPB Summaries

Financial Crimes Enforcement Network (FinCEN), Treasury ACTION: Advance notice of proposed rulemaking. No-Action Letter Process TOPIC: FinCEN is issuing this advance notice of proposed rulemaking (ANPRM) to solicit public comment...