NASCUS Report Archives
Report critiques bureau’s fair lending reorganization
(June 11, 2021) Changes made during its reorganization have led to a loss of fair lending expertise at the CFPB, and other actions taken by the agency could lead to...
Marijuana/hemp eSchool wraps up
(June 11, 2021) Marijuana and hemp are the subjects of a three-day virtual conference, sponsored by NASCUS, which wraps up today after delving into a wide variety of subjects about...
BRIEFLY: Transition – Farewell to VA’s Hughes after 41 years; Retiring Ito profiled in American Banker; Trades warn about more reporting; 2 weeks left to apply for CDRLF grants
(June 11, 2021) Congratulations to Virginia’s Robert “Bob” Hughes retired as deputy director of the State Corporation Commission Bureau of Financial Institutions on May 28 after 41 years of service...
Changes for OTR, new sub debt rules cited as achievements by retiring leader
NASCUS’ Lucy Ito discusses achievements and NASCUS, and the outlook for credit unions, during her interview with Mike Lawson, CUBroadcast.com (click on the arrow to view the complete video) (June 4,...
New reporting proposed for deposits inflow
(June 4, 2021) All deposit, loan and investment accounts at financial institutions (including credit unions) for persons and businesses would be subject to a $600 “de minimus” gross inflow reporting...
Alert aims to clarify impact of Reg B interpretive rule
(June 4, 2021) Credit unions should ensure their policies, procedures, and training materials promote compliance with federal equal credit opportunity laws, and Regulation B administered by the CFPB, in line...
Harper tells Congress: more needed for CDRLF
(June 4, 2021) An increase in appropriations in 2022 for NCUA’s Community Development Revolving Loan Fund (CDRLF) was requested this week by agency Board Chairman Todd Harper in NCUA’s annual...
Proposals get the ball rolling on new FedNow service
(June 4, 2021) A “new and comprehensive” set of rules – but with concepts that are like existing regulations – to govern the Federal Reserve’s new round-the-clock instant payments service...
Group updates steps to take in face of LIBOR demise
(June 4, 2021) Steps that should be taken now and through the rest of the year by those with exposure to the soon-to-be-defunct LIBOR are outlined in a “roadmap” issued...
BRIEFLY: CFPB updates mortgage servicing FAQs; Written, specific direction needed on use of alternative data, GAO tells regulators
(June 4, 2021) Frequently asked questions (FAQs) about mortgage servicing were updated this week by the CFPB, concerning escrow account compliance under Regulations X and Z (RESPA and TILA, respectively)....
Letters support asset reporting threshold, CLF rules
(May 28, 2021) Comment letters on NCUA’s interim final rules on asset thresholds for reporting purposes, and for conforming existing NCUA’s Central Liquidity Facility rules with new statutes, were submitted...
Alert provides details behind QM compliance date delay
(May 28, 2021) The delay to Oct. 1, 2022 of the mandatory compliance date of the general qualified mortgage (QM) final rule is the subject of a regulatory alert issued...