In Other News

MEMBER BENEFIT: NCUA Summary and FinCEN Summary + Comment Letter

Agency: National Credit Union Administration Joint Policy Statement Summary: Prudent Commercial Real Estate Loan Accommodations and Workouts The NCUA, FDIC, and OCC have published a joint policy statement on Prudent Commercial Real...

CFPB Gets Earful on Limiting Credit Card Late Fees

The Consumer Financial Protection Bureau is taking heat from banks and credit unions over its proposal to limit increases in credit card late fees that would otherwise increase because of...

Equifax May Face Class-Action Suit After Credit-Score Glitch

Plaintiff claims inaccurate score cost her more on auto loan; Company says majority of credit seekers saw no shift in scores August 4, 2022 — Equifax Inc., the second-biggest global...

MEMBER BENEFIT: NCUA and CFPB Summaries Available

Agency: National Credit Union Administration Final Rule Summary: Asset Threshold for Determining the Appropriate Supervisory Office; Office of National Examinations and Supervision (ONES) The NCUA Board is amending its regulations...

GRAPH OF THE WEEK: Mortgage Slowdown Cuts Origination Fees in Half

Income from mortgage originations and servicing were down from one year ago following slowdowns in sales and refinancing. Mortgage servicing fees declined 3.5% year-over-year among participants in Callahan & Associates’...

Wolf in Sheep’s Clothing: How Malware Tricks Users and Antivirus

August 2, 2022 — One of the primary methods used by malware distributors to infect devices is by deceiving people into downloading and running malicious files, and to achieve this...

Difficulty Paying Bills Tops Pandemic High in US Census Survey

Difficulty Paying Bills Tops Pandemic High in US Census Survey (Bloomberg) — The share of Americans who report having difficulties paying their bills has surpassed its 2020 pandemic peak in...

GRAPH OF THE WEEK: Credit Card Delinquency Rates Inching Back Up

After a decline in consumer spending during the pandemic, the end of government relief programs has contributed to an increase in credit card usage – and a rise in delinquencies....

Former Coinbase Employee Charged in First-Ever Crypto Insider-Trading Case

Cryptocurrency insider-trading case could have broad ramifications for industry. Federal authorities brought the first-ever cryptocurrency insider-trading case Thursday, accusing a former Coinbase Global Inc. COIN 5.43%▲ manager of tipping off his brother and a friend...

July 21 NCUA Board Meeting Summary

Budget Briefing The NCUA board was briefed on the budget and current operating budget surplus. The surplus is primarily from lower staffing levels and vacancy rates resulting in decreased pay...

Bank of America Puts Aside $200M for Probe into Bankers’ Use of Personal Devices

Bank of America (BAC.N) has set aside around $200 million for a regulatory matter connected to the unauthorized use of personal phones, its chief financial officer Alastair Borthwick said on...

PSCU: Inflation Helps Boost Member Spending in June

The gains in the amount spent far outpace gains in the number of transactions. PSCU reported Tuesday that the value of purchases it handles for affiliated credit unions rose much...