Newsroom

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.

NCUA warns of heightened risk of cybersecurity attacks

Following President Joe Biden's statement elevating his previous warning about the potential for Russia to conduct cyberattacks on the U.S., the NCUA Thursday issued a Risk Alert to advise credit unions of the heightened risk of social engineering and phishing attacks. The Risk Alert encourages credit unions to report any cyber incidents to the NCUA, their local FBI field office or the Internet Crime Complaint Center (IC3), and the Cybersecurity and Infrastructure Security Agency (CISA).

The NCUA has resources available that can help credit unions understand reporting requirements when an information security incident occurs.

Lawsuit on digital wallets potentially upends CFPB disclosure authority

A lawsuit between online payments fintech PayPal Holdings and the CFPB may change the bureau's authority under the Dodd-Frank Act to mandate consumer protection disclosures across the financial services industry. PayPal sued the CFPB in 2019, claiming digital wallets should not be subject to the same fee disclosures as prepaid cards because they are inherently different products. The District Court ruled in favor of PayPal and the CFPB appealed that ruling.

The U.S. Court of Appeals for the D.C. Circuit in February heard oral arguments in which the CFPB claimed the Dodd-Frank Act provided the authority to dictate the structure, form, and content of disclosures used in connection with a wide range of financial products. An appeals court decision in the case is expected in the coming months; NAFCU will keep credit unions updated on this issue as it proceeds via NAFCU Today.

Wells Fargo sued for refinance 'redlining'

Large bank Wells Fargo has been accused of discriminating against Black homeowners by relying on a modernized version of "redlining" that allegedly denied them of lower interest rates through refinancing and forced them to pay more for loans. The lawsuit, filed in a federal court in San Francisco as a proposed class action, argued that the practices even pushed Black homeowners into foreclosure.

Of note, Bloomberg reported that Wells Fargo had no immediate comment on the suit, which cites previous articles showing that Wells Fargo rejected a disproportionate number of Black homeowners' refinancing applications in 2020 when the pandemic set off a rush to lock in lower rates.

Florida to require high school financial literacy classes

Florida Governor Ron DeSantis Tuesday signed a bill requiring all Florida high schoolers to take and pass a basic financial literacy course to graduate. The course will be required beginning in the 2023-2024 school year. "This will provide a foundation for students to learn about the basics of money management – understanding debt, understanding how to balance a checkbook, understanding the fundamentals of investing," said DeSantis.

CUs: Register for NAFCU's Q1 Member Webinar

Registration is still open for NAFCU's Q1 Member Webinar – happening Tuesday, March 29, at 4:00 p.m. Eastern – where credit unions can join NAFCU President and CEO Dan Berger and other association leaders to discuss the latest from Washington, including a recap of updates from the first quarter of 2022.

Attendees will also have an opportunity to ask a question when registering for the event; in addition, the webinar will feature a live Q&A. Register now.