NCUA holds second open meeting

The National Credit Union Administration Board held its second open meeting of 2019 at the agency’s headquarters and unanimously approved one item: A proposed rule to clarify and provide additional flexibility in the agency’s regulation covering required credit union supervisory committee audits. The Office of the General Counsel briefed the Board on a final interagency […]

InfoSight spotlight: Information sharing

The USA PATRIOT Act, Section 314(b) permits financial institutions (after certain notice provided to the U.S. Department of Treasury), to share information with one another in order to identify and report to the federal government activities that may involve money laundering or terrorist activities. Recently, several credit unions received fictitious “phishing” emails purported to be […]

InfoSight Spotlight: Bureau releases report on servicemember complaints

An article in the latest edition of InfoSight Spotlight points out the CFPB has posted a Bureau Blog entry announcing the release of the sixth Annual Report from the Bureau’s Office of Servicemember Affairs (OSA) highlighting issues and emerging trends facing servicemembers, veterans, and military families. The annual review allows the CFPB to highlight and address critical issues and […]

Final Rule mandates credit unions accept private flood insurance

Federal regulatory agencies (including the NCUA) have proposed a final rule that implements legislative changes to the National Flood Insurance Program (NFIP). The final rule requires credit unions to accept private flood insurance. The Biggert-Waters Act, which prompted this rule, amended the flood insurance program to create rules for escrow of insurance premiums, for accepting […]

InfoSight Spotlight: Kraninger submits proposal to Congress on MLA supervision

One highlight from this week’s InfoSight newsletter, focuses on the announcement from CFPB Director Kathy Kraninger that the CFPB has submitted a legislative proposal to Congress to grant the bureau clear non-exclusive authority to supervise for compliance with the Military Lending Act (MLA). Additionally, the bureau has posted an announcement of a Final Rule adjusting for inflation the maximum […]