All meetings of the NCUA Board are held at its headquarters at 1775 Duke Street in Alexandria, Virginia. Visitors are encouraged to register in advance to attend Board meetings in person and must enter the building at the agency’s Visitor Center on Diagonal Road.
NCUA’s open Board meetings are also livestreamed on the NCUA’s YouTube channel and available afterward for viewing for one year.
Click here for redirection to the NCUA website for agenda’s and meeting notes.
All future meetings’ agendas and schedules are subject to change.
All meetings of the NCUA Board are held at its headquarters at 1775 Duke Street in Alexandria, Virginia. Visitors are encouraged to register in advance to attend Board meetings in person and must enter the building at the agency’s Visitor Center on Diagonal Road.
NCUA’s open Board meetings are also livestreamed on the NCUA’s YouTube channel and available afterward for viewing for one year.
Click here for redirection to the NCUA website for agenda’s and meeting notes.
All future meetings’ agendas and schedules are subject to change.
All meetings of the NCUA Board are held at its headquarters at 1775 Duke Street in Alexandria, Virginia. Visitors are encouraged to register in advance to attend Board meetings in person and must enter the building at the agency’s Visitor Center on Diagonal Road.
NCUA’s open Board meetings are also livestreamed on the NCUA’s YouTube channel and available afterward for viewing for one year.
Click here for redirection to the NCUA website for agenda’s and meeting notes.
All future meetings’ agendas and schedules are subject to change.
All meetings of the NCUA Board are held at its headquarters at 1775 Duke Street in Alexandria, Virginia. Visitors are encouraged to register in advance to attend Board meetings in person and must enter the building at the agency’s Visitor Center on Diagonal Road.
NCUA’s open Board meetings are also livestreamed on the NCUA’s YouTube channel and available afterward for viewing for one year.
Click here for redirection to the NCUA website for agenda’s and meeting notes.
All future meetings’ agendas and schedules are subject to change.
All meetings of the NCUA Board are held at its headquarters at 1775 Duke Street in Alexandria, Virginia. Visitors are encouraged to register in advance to attend Board meetings in person and must enter the building at the agency’s Visitor Center on Diagonal Road.
NCUA’s open Board meetings are also livestreamed on the NCUA’s YouTube channel and available afterward for viewing for one year.
Click here for redirection to the NCUA website for agenda’s and meeting notes.
All future meetings’ agendas and schedules are subject to change.
Monday, April 3, 2023
This year NASCUS will be hosting a one-day event that brings together regulatory agencies, credit union stakeholders, and technology influencers to discuss the latest development in the fintech industry ecosystem. *This event is in-person only.
Event pricing: $350 per person (for non-regulatory agencies)
*State regulatory agency attendees, this event is included as part of the National Regulatory Meeting registration. Please follow this link for more information.
In-person Location:
Sheraton New Orleans Hotel
500 Canal Street, New Orleans, LA 70130
Rate $158 | Reservation Cut-Off Date: Monday, March 6, 2023
Join the Federal Financial Institutions Examination Council’s Appraisal Subcommittee (ASC) for a hearing about appraisal bias. Invited witnesses representing key stakeholder groups will share their views with the ASC during the hearing.
The hearing will take place on Tuesday, January 24, 2023 from 10:00 a.m. – 12:00 p.m. EST. Members of the public are invited to listen to the hearing and provide written comments. Comments can be submitted to [email protected] until February 8, 2023.
The hearing will be held in-person at the Consumer Financial Protection Bureau (CFPB) Headquarters at 1700 G Street NW, Washington, DC 20552. For those that can’t attend in-person, the hearing will also be livestreamed.
This event is open to the public and requires an RSVP. Please register if you plan to attend or view the hearing. RSVP here.
If you require a reasonable accommodation in order to attend this event, please contact [email protected] 72 hours prior to the start of this event.
This announcement will be updated with more details as they become available.
More information about the Appraisal Subcommittee can be found here .
Link to CFPB posting can be found here.
This event is SOLD OUT
NASCUS, the Ohio Department of Commerce, the Division of Financial Institutions, and the Ohio Credit Union League proudly host Ohio Credit Union Day.
This event is crafted specifically for credit union volunteers, staff, and management teams to stay up-to-date on evolving industry issues, such as:
- Compliance with Glory LeDu
- Regulatory and National Issues Updates with Michael Christians
- Auto Lending Fraud with Frank Drake, and
- Board and ALCO Training with Kevin Chiappetta
The capacity for this event is limited to 75 attendees.
Location: Hilton Columbus Downtown
401 N High St. Columbus, OH 43215
ph: 614-384-8600
Jan. 03, 2023 — The Consumer Financial Protection Bureau (CFPB) released an annual report that details improvements and deficiencies in the nationwide consumer reporting companies’ responses to consumer complaints transmitted by the CFPB. Today’s report includes considerations for the nationwide consumer reporting companies to improve compliance with consumer financial protection laws and, more broadly, to serve consumers better.
The Fair Credit Reporting Act requires the CFPB to submit an annual report about complaints submitted by consumers regarding the nationwide consumer reporting companies: Equifax, Experian, and TransUnion. Today’s report is based on the 488,000 consumer complaints the CFPB transmitted to Equifax, Experian, and TransUnion from October 2021 through September 2022. The findings follow last year’s report that detailed failures by the nationwide companies when responding to consumer complaints submitted to the CFPB. Equifax, Experian, and TransUnion have since acted to remedy some of the issues identified in last year’s report. Specifically, the CFPB found Equifax, Experian, and TransUnion have:
- Changed how they respond to complaints: Equifax, Experian, and TransUnion use of problematic response types described in last year’s report has declined. Most complaints now receive more substantive responses.
- Provided more tailored complaint responses: Across all three companies, most responses now describe the outcomes of consumers’ complaints. In September 2022, the nationwide companies provided a tailored response to more than 50% of complaints that were closed with an explanation or relief.
- Reported greater rates of relief in response to complaints: In 2022, TransUnion reported providing relief in most complaints. Experian reported providing relief in nearly half of complaints. Equifax reported that it did not provide relief, but its written complaint responses suggest that its rates of relief are comparable to the other two companies.
The CFPB expects the three nationwide consumer reporting companies to continue improving how they serve consumers. To that end, the CFPB recommends that Equifax, Experian, and TransUnion:
- Consider consumer burden when implementing automated processes: When companies consider introducing automated processes that will affect their customers, particularly those that relate to a legal right, they should consider consumer burden, especially whether a change will require consumers to do more work to exercise their legal rights.
- Recognize that technology is also improving for consumers: Advances in communications technologies mean consumers do not necessarily need to write complaints on their own. Instead, communications technologies may ease the writing burden. Such innovations, including ones that can generate letters for consumers, may create similar-sounding complaints that are, in fact, from unique individuals with independent concerns. The assumption that similar-sounding letters are from third parties will increasingly be wrong.
- Consider how to transition the market from control and surveillance to consumer participation: One potential reason there are so many reported inaccuracies in consumer reporting data is that consumers are several degrees removed from their own data. Enabling increased consumer participation on the data side of consumer reporting has the potential to create a fairer market with added benefits for consumers, consumer reporting companies, and lenders.
Jan. 04, 2023 — The Consumer Financial Protection Bureau (CFPB) and the New York State Office of the Attorney General sued a predatory auto lender, Credit Acceptance Corporation, for misrepresenting the cost of credit and tricking its customers into high-cost loans on used cars. The car-buying experience turns into a nightmare for many of Credit Acceptance’s borrowers, who face unaffordable monthly payments, vehicle repossessions, and debt collection lawsuits. The joint complaint alleges that, among other things, Credit Acceptance hides costs in loan agreements and sets consumers up to fail. The complaint also alleges that Credit Acceptance violated New York usury limits and other consumer and investor protection laws. The lawsuit seeks to force Credit Acceptance to stop its illegal practices, reimburse harmed consumers, pay back wrongfully earned gains, and pay a penalty.
Specifically, the company allegedly harmed consumers by:
- Hiding the true cost of credit: Since 2014, Credit Acceptance’s loan agreements nationwide have said that consumers would pay interest at an average 22% APR. However, the true cost of credit offered is far higher than what borrowers are told. This is because Credit Acceptance’s business model pushes dealers to manipulate the prices of vehicles sold to Credit Acceptance borrowers, based on borrowers’ projected performance. This increases the principal balance of the loans. By hiding the true cost of the credit in inflated principal balances, Credit Acceptance evades state interest rate caps and deprives consumers of the ability to make informed decisions, to compare financing options, or to avoid high-interest charges.
- Setting up borrowers to fail: Credit Acceptance ensured its own profits by providing loans without regard to whether borrowers could afford them. For almost 4 out of 10 loans, Credit Acceptance predicted that it would not be able to collect the full amount financed by the loan. Credit Acceptance profits even when borrowers are unable to pay their loans in full by using aggressive debt collection methods. As a result of Credit Acceptance’s practices, customers faced late fees, repossessions, auctions, post-repossession collection efforts, lawsuits, and ruined credit profiles.
- Closing its eyes to practices that harmed consumers: The company created financial incentives for dealers to add extra products to loans and then shrugged off whether customers were misled into thinking the add-on products were required. Add-on products, such as vehicle service contracts, are a profit center for Credit Acceptance. They represented about $250 million in revenue in 2020 alone.
In October 2022, the Federal Housing Finance Agency announced new guidelines for the credit score models Freddie Mac and Fannie Mae can accept from mortgage lenders. While the changes may take time to be widely implemented, they could eventually have a substantial impact on groups that have historically been excluded from homeownership. These updated credit scoring models may allow more borrowers to qualify for mortgages. Here’s what happened and how it could potentially benefit homebuying hopefuls.
Replacing outdated credit score models
Freddie Mac and Fannie Mae are important to the home lending market because they buy mortgages from lenders, which frees up money for lenders to keep making home loans. But Fannie and Freddie can buy only conventional loans that meet certain standards, including for borrower credit scores.
The FHFA determines what credit scores Freddie and Fannie can accept, which in turn determines what scores mortgage lenders use when examining loan applicants. Because of this, mortgage lenders have long used FICO Scores 2, 4 and 5, which are considered outdated models. “The mortgage industry didn’t have a choice in the matter. They were essentially forced to use older FICO scores by the FHFA,” credit expert John Ulzheimer explained in an email. “All other types of lenders have long since moved on from those legacy scoring models.”
Advantages of FICO 10T and VantageScore 4.0
The FHFA announcement had two major components. The big news is that lenders can now use a much more up-to-date FICO score — the FICO 10T — to evaluate borrowers and can also use a score from FICO competitor VantageScore. In addition, the FHFA will no longer require credit reports from all three major credit bureaus, allowing lenders to provide two out of three.
The adoption of FICO 10T and VantageScore 4.0 is the headline, though, because both models use trended data, which Ulzheimer describes as like seeing a multidimensional view rather than a flat image. Trended data looks at two years’ worth of financial information rather than just a snapshot of the day the credit report was pulled.
Additionally, these models gather data from more sources, potentially including information like payments for rent, utilities or cell phone service. VantageScore may also be available to more borrowers because it requires a shorter credit history — as little as one month, compared with FICO’s six-month minimum. VantageScore estimates it has scores for 37 million Americans who don’t show up under FICO’s guidelines and that of those, over 13 million have credit scores that are above 620, which is a commonly used threshold for mortgage lending.
Ideally, using both FICO 10T and VantageScore 4.0 provides a rounder view of a potential borrower’s finances. But if a mortgage applicant doesn’t have both, lenders can use one or the other. This could benefit borrowers who have a VantageScore but aren’t on FICO’s radar.
Why rent reporting matters for mortgage applicants
Using updated credit scoring models certainly doesn’t sound exciting, but it could have significant implications for addressing the racial homeownership gap. The Urban Institute estimates that roughly 53 million Americans don’t have FICO scores under the older scoring models. Underrepresented minorities are disproportionately likely to have no FICO scores: 29.5% of Black households and 27.3% of Hispanic households, compared with 16.7% of white households, according to Urban Institute analysis of 2018 data from Freddie Mac. These groups are also less likely to be homeowners — with lack of credit score information likely playing a role. Pew Research Center analysis of 2019 census data found that 58% of Black-led households are renters, as are 52% of Hispanic- or Latino-led households. In contrast, 27.9% of non-Hispanic, white-led households are renters.
More inclusive credit scoring models could help people who might not have previously qualified for a mortgage by taking into account information like rent payments. But this has been limited because little rental data is reported to the credit bureaus. For larger, institutional landlords, “reporting a large chunk of the data to the bureaus is relatively easy,” says Jung Hyun Choi, a senior research associate with the Housing Finance Policy Center at the Urban Institute, a nonpartisan think tank. Choi notes that reporting isn’t as easy for the “individual mom-and-pop landlords” who own the vast majority of small, one- to four-unit rental properties.
For those who are willing, there are rent-reporting services that landlords — and tenants — can use to make these payments visible to credit bureaus. Freddie Mac has begun a pilot program to incentivize rent reporting for “mom-and-pop” owners of multifamily housing; Fannie Mae also has a rent-reporting program.
But Choi says that adoption has been low among renters, not just landlords, because “a lot of people don’t realize how reporting rent could help their credit scores and access to homeownership.” Rent is typically the largest monthly payment in a family’s budget. And a history of on-time rent payments correlates with the ability to consistently pay a mortgage, so it’s meaningful data for a lender to have.
If tenants are reluctant to enroll because they worry about their ability to pay rent on time, Choi notes that rent-reporting programs often automatically unenroll tenants if they miss a payment so that tenants aren’t doubly penalized if the missed payment goes to collections.
Jan. 6, 2023 — The past year, as the fintech industry is acutely aware, has not been without its challenges. From the continued COVID-19 global pandemic to whispers of a looming recession, and with mass layoffs to follow, the fintech industry has faced incredible uncertainty.
Future of Fintech
As we look ahead to 2023, we can’t help but anticipate the disruption and breakthrough that’s to follow such great challenges. Innovation will remain a core business driver, but so too will conventional business best practices. There are three core products and services to watch in the year ahead as businesses look to remain competitive in a challenging economic environment: the expansion of Platform as a Service (PaaS), credit-building tools and resources, and customer-first business operations.
Platform as a Service (PaaS) Is Growing and Only Getting Bigger with Fintech
Over the course of the last year, Anything as a Service (XaaS)—the general category of services related to cloud computing, remote access, and any sort of IT function—has continued to expand; and with no signs of slowing. PaaS is no different and has seen incredible growth opportunities, particularly among Integrated Software Vendors (ISVs), Independent Sales Organizations (ISOs), financial platforms, and payment companies. In fact, by 2026, the global PaaS market is expected to be worth an estimated $164.3B, growing at a CAGR of 19.6 percent.
Companies across industries are now facing pressures to transform and re-evaluate legacy payment processes in order to keep pace with competitors and the change of payments innovation. For ISVs and ISOs, and other financial product companies, managing the payments process can often be challenging and cumbersome, and it isn’t easy to navigate the increasing challenges of today’s financial ecosystem. With integrated payment solutions, ISVs are empowered to provide merchants with an improved user experience with consolidated processes and enhanced security. PaaS is not only benefiting the wide-range of fintech businesses currently looking to transition to a more modern cloud computing architecture, but it also improves the end-user experience as it allows these companies to meet the more unique and differentiated needs of their customers.
As we look ahead to the new year, PaaS will be an important area of growth opportunity across fintech, particularly as businesses look to keep costs low, weather global economic challenges, and develop new solutions quickly.
The Emergence of Credit Building Tools and Cash Flow Solutions in the Midst of Economic Downturn
With ongoing news of a looming economic recession, cash flow management solutions have become a growing priority among customers. In uncertain times, understanding where capital is going is more important than ever.
As we’ve seen across industries, businesses have already begun tightening budgets and prioritizing cash on hand. We expect this trend to continue, and with it, an increased prioritization of credit building tools and cash flow management solutions across businesses to empower secure and informed decisions to weather economic headwinds. The fintech leaders that are helping customers to reconcile and manage expenses efficiently will be the ones to differentiate among the noise. Business critical IT decision-making resources will likely be spared from budget cuts in the new year.
Customer Centricity in the New Year: Providing Superior Experiences Will Win the Challenge of Choice
Where PaaS and credit building resources prioritize innovation, above all else, customer service – although nothing new or groundbreaking – remains of utmost importance for businesses today. And with new fintech darlings emerging at breakneck speed, the CX-led businesses will be the ones to succeed in today’s competitive environment.
Although a modern payments platform is critical when processing payments, only relying on the technology comes with disadvantages. Excellent customer service is no longer defined by a 24/7 chatbot support but rather by industry expertise, coupled with innovative technology that is flexible and can be adapted to solve complex payments problems. Humanizing the customer interaction and working alongside the customer as they’re navigating current environmental challenges is crucial to not only improve the overall customer experience but also increase customer retention.
For businesses looking to grow their market share in 2023, the ones who will beat out the competition are the ones that are keeping the customer in mind every step of the way, through curated solutions and customized processes.
Courtesy of Craig Gass, Payments Journal
NASCUS Annual Members’ Reception
Date: Tuesday, February 28, 2023
Time: 5:00 pm to 7:00 pm
Location:
Marriott Marquis Hotel
Washington D.C.
By Invitation Only. This event is being held in conjunction with the CUNA Governmental Affairs Conference. Guests are welcome to accompany attendees. Business attire is suggested.
For questions or further information, please contact Shellee Mitchell at [email protected].