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NAFCU, CUs talk NCUA, CFPB proposals
NAFCU's Regulatory Committee met Tuesday and discussed several issues and recently proposed rules from the NCUA and CFPB. As a direct-membership association, NAFCU uses insights from its members to develop its advocacy strategy and provide feedback to regulators.
The NCUA proposed two rules at its January board meeting:
- the proposed rule related to combination transactions would create a new Subpart D of Part 708a with regulations to clarify and make transparent the procedures and requirements currently in place for mergers; and
- a proposed rule regarding subordinated debt would allow low-income credit unions, complex credit unions, and newly formed credit unions to issue subordinated debt for the purpose of regulatory capital treatment.
Learn more about recently-proposed regulations through NAFCU's Regulatory Alerts.
The committee also discussed the CFPB’s recent policy statement clarifying the scope of “abusive” in its unfair, deceptive, or abusive acts or practices (UDAAP) standard for which NAFCU has long advocated. Additionally, committee members heard a brief update of NAFCU’s continued advocacy for a comprehensive data security standard.
The Regulatory Committee will next meet Mar. 24.