June 4, 2021 NASCUS Report
Posted June 4, 2021THIS WEEK: Retiring leader cites achievements, outlook for CUs; Reporting for deposits inflow proposed; Alert seeks to clarify Reg B rule; Harper to Congress: more need for CDRLF; Proposed rules get head start on FedNow; Group offers steps for retiring LIBOR; BRIEFLY: Updated FAQs focus on escrow accounts; Written direction needed for using alternative data
NASCUS’ Lucy Ito discusses achievements and NASCUS, and the outlook for credit unions, during her interview with Mike Lawson, CUBroadcast.com
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)….
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