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In the News This Week…

Shoppers Go Deep on BNPL and eCommerce as Holiday Shopping Ramps Up; BNPL is the Big Winner of the Holiday Shopping Season; Big Names Back New Canadian Fintech Association; How Lenders Can Open the Doors for The Credit Invisible; Mobile Checkout Brings Ease of eCommerce Payments into Stores
What's Behind a Consolidation of Counsel in the Red-Hot Cryptocurrency Sector; Is a Self-Regulatory Org. the Best Way to Advance Crypto and Protect the Public?; Does Crypto Still Have a Role in the Evolving Payments Landscape?; Crypto Industry Must Stop Abuse of ‘Mixers'; Bitcoin ‘Rarely’ Used For Legal Transactions
Small Business Interest Group Challenges CTA’s Constitutionality; Twitter Hack Has Already Impacted 5.5 Million Users: Report; Kraken Settlement Demonstrates Importance of Sanctions Monitoring for Transactions — Not Just When Onboarding Customers; The Fed and FDIC Order Citi to Address Data Management Weaknesses
OCC May Stiffen Penalties with Revised Guidance; CFPB Raises Ceiling for Allowable Charges Under Fair Credit Reporting Act; Sustainable Finance Live: Is Sustainable Finance Sustainable?; Biden Officials to Target Nonbanks for Tougher Oversight; Federal Reserve Releases the Beige Book; plus related reading articles

Upcoming Events

November 28, 2022 — There’s no doubt that algorithms can reach levels of analysis that humans alone can’t make. In banking, AI might identify fraudulent activity or improve fair lending…

November 29, 2022 — The Conference of State Bank Supervisors is complaining that none of the nominees for the Federal Deposit Insurance Corp. board has state regulatory experience on the…

The House Committee on Financial Services announced the following schedule for the month of December: Thursday, December 1 at 10 a.m. ET: The full Committee will convene for a hybrid…

Around the States

Around the States is a compilation of recent national credit union and financial services policy developments. Explore more state-specific data points, agency listings, and news here. 

Dec. 2, 2022 Stories:

Indiana’s TCU Awards Employees with a $2,000 ‘Inflation Fighter’ Bonus

thumbnail_TCUTeachers Credit Union (TCU) is reporting it has awarded the majority of its nearly 800 employees a $2,000, one-time “Inflation Fighter” profit sharing bonus. The bonus was provided to full- and part- time employees “most impacted by current economic conditions,” the credit union said. The CU added its decision to provide the bonus reinforces its commitment to its employees, especially during such an “unusual and challenging year.” Read More

Massachusetts’ Freedom Credit Union Opens First Location in Connecticut

Freedom Credit Union in Springfield, Massachusetts, recently opened its first location in Connecticut. The $683 million-asset credit union opened a loan production office in Enfield dedicated exclusively to mortgage and business lending, at least for now. In 2020, Freedom expanded its charter from people who live, work or attend school in Hampden, Hampshire, Franklin and Berkshire counties in Massachusetts to also include people in Hartford and Tolland counties in Connecticut. Read More

NCUA Re-establishes AMAC as Independent Office: Examination Responsibilities for Ohio to Transfer to Southern Region

The NCUA Board approved moving management and oversight of Asset Management and Assistance Center (AMAC) activities from the Southern Region to an independent office led by the President of AMAC. Additionally, the Board approved the transfer of examination and supervision responsibilities for the state of Ohio from the Eastern Region to the Southern Region by notation vote. Seventeen full-time employees will transfer from the Eastern Region to the Southern Region to support the realignment. Both actions are effective January 1, 2023. Read More

MCUL CEO Announces Michigan Credit Unions’ $95K CMN Donation on “Turn Up the Miracles” Radiothon

On Nov. 18, 104.3 WOMC hosted the fourth annual “Turn Up the Miracles” Radiothon to benefit pediatric patients of Beaumont Children’s and Children’s Miracle Network (CMN). MCUL CEO Patty Corkery called in during the radiothon to announce a surprise donation from the Michigan credit union community of nearly $95,000 to benefit CMN Hospitals. Read More

LSCU Announces Open Registration For GA, FLA & AL Advocacy Conferences

Learn what is happening at the state level in advocacy for credit unions and hear from key state officials and state banking department officials. Read More

  • Georgia Advocacy Conference: January 31 – February 1
  • Florida Advocacy Conference: March 28 – 29
  • Alabama Advocacy Conference: April 4 – 5

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