21jan08 – NASCUS

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Bureau issues trial licenses for ‘sandbox’ products

(Jan. 8, 2021) A “dual-feature credit card” and a program allowing employees access to their earned but unpaid wages prior to payday got the green light late last week for...

New Reg C, Reg Z thresholds took effect Jan. 1

(Jan. 8, 2021) Credit unions and banks with assets of $48 million or less as of Dec. 31 are exempt from collecting data in 2021 under Regulation C (Home Mortgage...

Latest summaries look at SARs, Reg Z and Reg M exemptions

(Jan. 8, 2021) Two new summaries – of an NCUA proposal on exemptions for suspicious activity reports (SARs) and exemption thresholds for consumer reporting requirements – have been published by...

‘Guidance’ offered on supervisory guidance proposal

(Jan. 8, 2021) The state credit union system supports NCUA’s efforts to clarify how it will treat supervisory guidance issued by the agency in the context of examination and supervision,...

BRIEFLY: PPP webinar set for Monday (Jan. 11); FinCEN warns on COVID vaccine scams

(Jan. 8, 2021) Small Business Administration (SBA) and Treasury Department officials will provide an overview of the new Paycheck Protection Program (PPP) features associated with the recently passed Economic Aid...

Consumer law reform group touches on state regulation

(Jan. 8, 2021) Considering the benefits and costs of preempting state law where conflicts can impede the provision of valuable products and services (such as the regulation of FinTech companies...

Agency seeks feedback on its communications program

(Jan. 8, 2021) NCUA’s communications methods are up for comment in an effort, the agency said this week, to “promote efficiency and increase transparency.” In a release, NCUA said it...

States back proposed derivatives rule, with two suggestions

(Jan. 8, 2021) NASCUS supports NCUA’s proposed derivatives rule, but has made two recommendations to the agency that the association said would make the proposal more flexible for the needs...

Democrats take Senate, portending changes ahead

(Jan. 8, 2021) The election of two Democrats from Georgia to the U.S. Senate this week – giving the Democrats a slim majority and therefore control — means some changes...

Risk-based net worth, capital levels highlight packed NCUA board agenda

(Jan. 8, 2021) Nine items – including a proposal on risk-based net worth (complex threshold), an advance notice of proposed rulemaking on simplification of risk based capital requirements and four...

CU provisions in COVID relief bill outlined

(Jan. 8, 2021) A number of provisions contained in the massive appropriations and coronavirus relief legislation signed into law Dec. 27 are highlighted by NCUA in a letter to credit...

Agencies: SolarWinds hack has limited follow on so far

(Jan. 8, 2021) A major computer hack that was originally estimated to have affected 18,000 businesses, including federal agencies, and is now being blamed squarely on Russian origins, so far...