Summaries outline letter, alert, and proposed rule

(Oct. 8, 2021) Three new summaries were posted by NASCUS this week on: An NCUA regulatory alert on credit union credit card data submission to the CFPB; an NCUA letter to credit unions about the expiration of homeowner protection programs during the coronavirus crisis; and NCUA’s proposal to amend its subordinated debt rule to allow for the Treasury Department’s Emergency Capital Investment Program (ECIP).

All of the summaries are available to members only.

On Sept. 29, the NCUA issued a “regulatory alert” (21-RA-09) that essentially put credit unions on notice that they may begin submitting data on credit card agreements with their members, and applying data submission requirements, to CFPB’s “Collect” website, which gathers credit card information. The alert also lists important dates for credit unions to consider when submitting their data.

On Sept. 27, the agency sent a letter to federally insured credit unions (letter 21-CU-09), which outlined “critical information” for compliance with expiring pandemic-era homeowner protection programs. The letter noted several key areas, including the deadline for granting forbearance on mortgage payments. It also outlined steps that credit unions may take to continue providing relief to homeowners, even though several programs had expired.

Finally, on Sept. 23 – because of its monthly meeting – the NCUA Board issued a proposal to amend its new subordinated debt rule to accommodate credit union access to federal investment programs – but making no other changes to the rule taking effect Jan. 1. The proposal, according to NCUA staff, would amend the definition of “grandfathered secondary capital” to include any secondary capital issued to the U.S. government or one of its subdivisions under an application approved before Jan. 1, “irrespective of the date of issuance” (that is, when funds are issued), primarily to benefit low-income credit unions (LICUs).


NASCUS Summary: CFPB Issues New Specifications for its Collect Website Relating to Credit Card Data Submission

NASCUS Summary: Navigating and Understanding the End of Pandemic-Era Homeowner Protection Programs

NASCUS Summary: Changes to NCUA Subordinated Debt rule