Dec. 23, 2021 NASCUS Report

THIS WEEK: Brian Knight named NASCUS CEO, succeeding Lucy Ito; Panel: Stable coin risks should be addressed; ‘Buy now, pay later’ under scrutiny; NCUA extends COVID reg relief; NASCUS has log4j resources; Jan. 1 brings changes for key issues;TRANSITIONS: New DFI leader in WI; Watch for dues invoices; BRIEFLY: Student loan payment reprieve extended; Housing protections for servicemembers noted; ARM definition unchanged; Fourth FCU chartered; Happy holidays – see you next year!

Knight to take NASCUS reins; succeeds Ito at start of new year

(Dec. 23, 2021) Brian Knight is the next president and CEO of NASCUS, the association announced this week, effective Jan. 1. He succeeds Lucy Ito, who retires as of Dec….

FSOC: Stable coin risks should be addressed

(Dec. 23, 2021) Regulators should take appropriate actions within their jurisdictions to address risks associated with digital assets like stablecoins, while continuing to coordinate and collaborate on issues of common…

‘Buy now, pay later’ faces CFPB scrutiny

(Dec. 23, 2021) Concern about accumulating debt, regulatory arbitrage, data harvesting, and other components associated with “buy now, pay later” (BNPL) plans has led the CFPB to open an inquiry…

Agency extends through next year COVID reg relief

(Dec. 23, 2021) Pandemic-related regulatory relief under rules on loan participations, eligible obligations, and occupancy requirements for certain properties has been extended to year-end 2022, under a temporary final rule…

NASCUS offers resources for dealing with Log4j vulnerability

(Dec. 23, 2021) The revelation of the “log4j” computer vulnerability made headlines this week, and NASCUS followed up by posting on its cybersecurity alerts and responses web pages guidance from…

Jan. 1 signals big changes with RBC, CCULR, LIBOR

(Dec. 23, 2021) When credit unions open their doors for business on Jan. 3, a revised regulatory landscape will stretch before them with three regulatory changes that took effect Jan….

TRANSITIONS: New DFI leader in WI

Cheryll Olson Collins will be the new secretary of the Wisconsin Department of Financial Institutions (DFI) effective Jan. 17, replacing Kathy Koltin Blumenfeld who has accepted a new position in…

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Members: Look for dues invoices in your mailboxes

(Dec. 23, 2021) Reminder: NASCUS sent to credit union and associate members their 2022 membership dues invoices in mid-December. NASCUS primary points of contacts should look for an email from…

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BRIEFLY: Student loan payment moratorium extended; Notice reminds of housing protections for servicemembers; QRM definition unchanged for 2022; Fourth FCU chartered in 2021; Happy holidays – see you next year!

(Dec. 23, 2021) The moratorium on federal student loan payments is extended through May 1, the Biden Administration announced Wednesday, pushing the deadline back from its previous end point of…

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