Newsroom
5 things to know this week
NAFCU's widely-read NAFCU Today is credit union leaders' go-to source for the latest on issues impacting the credit union industry. For those short on time, here's a roundup of this week's top need-to-know updates and resources.
CFPB launches new tool for public petitioning
The CFPB Wednesday launched a new tool to facilitate meaningful public engagement with the bureau. The tool allows members of the public to submit petitions for rulemaking directly to the CFPB. Each petition will be posted on public dockets for review and comment, aiming to make it easier for individuals to request that the bureau pursues, amends, or repeals a rule.
Read more about the rulemaking petitions process, including how and where to submit petitions and comments on petitions.
NCUA alerts CUs of CFPB's TILA annual adjustments
The NCUA detailed the CFPB's annual adjustments for asset-size exemption thresholds under the Truth in Lending Act (TILA), as implemented by Regulation Z, in a new Regulatory Alert to credit unions. The annual adjustments – which became effective Jan. 1, 2022 – specify that creditors with assets of less than $2.336 billion (including assets of certain affiliates) on Dec. 31, 2021, are exempt from the requirement to establish escrow accounts for higher-priced mortgage loans in 2022 if other provisions of Regulation Z are also met. View the NCUA's Regulatory Alert.
SEC warns consumers about interest-bearing crypto accounts
In a new Investor Bulletin issued by the SEC, officials warn consumers of the risks that may be involved in a financial product related to crypto assets: an interest-bearing account for crypto asset holdings. The SEC notes that these accounts may sound similar to interest-bearing accounts with a credit union or bank but are not as safe.
In addition, the SEC specifies that credit unions and banks are regulated by both federal and state banking regulators and are therefore more safe. Read the full bulletin for more information.
Compliance bulletin notifies FIs of EFTA prohibition
The CFPB Tuesday issued a Compliance Bulletin to reiterate Section 913 of the Electronic Fund Transfer Act (EFTA) applies to government benefit accounts. The EFTA provides, among other things, that no person may require a consumer to establish an account for receipt of electronic fund transfers with a particular financial institution as a condition of receipt of a government benefit. Read more.
FinCEN fact sheet details Rapid Response Program
The Financial Crimes Enforcement Network (FinCEN) Monday issued a fact sheet on its Rapid Response Program (RRP), which emphasized that victims of cyber-enabled crimes or victims' financial institutions, must file a complaint with law enforcement to initiate the RRP process.
The fact sheet also details background on the program, which has recovered over $1.1 billion since its inception in 2015. In addition, the fact sheet reminds credit unions of their suspicious activity report (SAR) obligations when a "cyber-enabled" crime is attempted or successful. View the fact sheet.
Share This
Related Resources
Add to Calendar 2024-06-26 14:00:00 2024-06-26 14:00:00 Gallagher Executive Compensation and Benefits Survey About the Webinar The webinar will share trends in executive pay increases, annual bonuses, and nonqualified benefit plans. Learn how to use the data charts as well as make this data actionable in order to improve your retention strategy. You’ll hear directly from the survey project manager on how to maximize the data points to gain a competitive edge in the market. Key findings on: Total compensation by asset size Nonqualified benefit plans Bonus targets and metrics Prerequisites Demographics Board expenses Watch On-Demand Web NAFCU digital@nafcu.org America/New_York public
Gallagher Executive Compensation and Benefits Survey
preferred partner
Gallagher
Webinar
Add to Calendar 2024-06-21 09:00:00 2024-06-21 09:00:00 The Evolving Role of the CISO in Credit Unions Listen On: Key Takeaways: [01:30] Being able to properly implement risk management decisions, especially in the cyber age we live in, is incredibly important so CISOs have a lot of challenges here. [02:27] Having a leader who can really communicate cyber risks and understand how ready that institution is to deal with cyber events is incredibly important. [05:36] We need to be talking about risk openly. We need to be documenting and really understanding what remediating risk looks like and how you do that strategically. [16:38] Governance, risk, compliance, and adherence to regulatory controls are all being looked at much more closely. You are also seeing other technology that is coming into the fold directly responsible for helping CISOs navigate those waters. [18:28] The reaction from the governing bodies is directly related to the needs of the position. They’re trying to help make sure that we are positioned in a way that gets us the most possibility of success, maturing our postures and protecting the institutions. Web NAFCU digital@nafcu.org America/New_York public
The Evolving Role of the CISO in Credit Unions
preferred partner
DefenseStorm
Podcast
AI in Action: Redefining Disaster Preparedness and Financial Security
Strategy
preferred partner
Allied Solutions
Blog Post
Get daily updates.
Subscribe to NAFCU today.