NCUA – Page 10 – Regulatory Report

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[ January 17, 2025 ] Echoing FDIC appointee, Fed withdraws from international regulator group focusing on climate-change policy The Fed
[ January 17, 2025 ] Honda financing arm to pay $12.8 million in redress, penalty over credit reporting violations during COVID-19 pandemic CFPB
[ January 17, 2025 ] Equifax hit with $15 million penalty over poor dispute handling CFPB
[ January 16, 2025 ] Cash App owner Block ordered to pay up to $175 million combined in redress, penalty CFPB
[ January 16, 2025 ] Credit union overdraft, non-sufficient funds fees not offset by reduced fees, lower rates, research finds NCUA

Agency warns credit unions of ‘growing liquidity stresses;’ offers areas to monitor

January 17, 2024 0

“Growing liquidity stresses” within the credit union system have prompted an “advisory” from the institutions’ federal regulator issued Wednesday, urging credit unions to engage in liquidity management conducted with “necessary frequency.” In its advisory, the […]

Otsuka poised to participate in Jan. 18 NCUA Board meeting

January 12, 2024 0

The first 2024 open meeting of the National Credit Union Administration (NCUA) Board is expected to feature a full board complement, but this time with a new face. Tanya Otsuka, sworn in this week to […]

Credit union regulator board now has full complement as newest member sworn in

January 8, 2024 0

The newest member of the board for the federal credit union regulator was officially sworn in and joined the panel Monday, according to news reports. The website CUToday.info reported that Tanya Otsuka was sworn in […]

Banks, firm, workers slapped with enforcement actions, prohibitions, money penalties in November

January 3, 2024 0

Nine banks and a company serving banks were slapped with enforcement actions by the federal insurer of bank deposits in November, while one former credit union worker was prohibited from further service at financial institutions […]

Rule finalized accepting use of electronic communications in hearings; takes effect April 1

January 2, 2024 0

Recognizing the use of electronic communications in all aspects of administrative hearings and increasing the “efficiency and fairness of administrative adjudications” is the aim of a rule finalized last week by the federal financial institution […]

Senate confirms Otsuka to NCUA Board term lasting into 2029

December 21, 2023 0

Tanya Otsuka was confirmed Wednesday to a six-year term on the National Credit Union Administration (NCUA) Board by voice vote of the full Senate. Otsuka, a Democrat, will have an NCUA Board term lasting through […]

Regulators make it clear: no changes necessary to AML/BSA programs in face of BOI rule

December 21, 2023 0

No changes are necessary to Bank Secrecy Act/anti–money laundering (AML/BSA) compliance programs designed to follow the 2016 Customer Due Diligence (CDD) rule because of the Jan. 1 effective date for the new beneficial ownership information […]

Agency updates CECL tool for credit unions, featuring ‘latest life-of-loan,’ other enrichments

December 21, 2023 0

The “latest life-of-loan,” or “Weighted Average Remaining Maturity,” and other enhancements are included in the updated tool to help credit unions comply with accounting rules designed to improve recognition of credit losses on loans and […]

NCUA wants comments on its funding through insurance program by Feb. 20

December 21, 2023 0

Comments are due Feb. 20 on the “overhead transfer rate” (OTR) methodology proposed by the federal credit union regulator at its meeting last month, the agency said Thursday. The OTR is the rate at which […]

Credit union regulator issues technical fix to reporting CECL transition amounts

December 20, 2023 0

A technical correction for calculating and reporting current expected credit loss (CECL) transition amounts on credit union call reports was issued Wednesday by the federal regulator of the cooperatives. “The transition to the CECL methodology […]

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Echoing FDIC appointee, Fed withdraws from international regulator group focusing on climate-change policy

January 17, 2025 0

Echoing a stance taken by another regulator earlier this week, the Federal Reserve Friday said it has withdrawn from an international group of regulatory agencies focused on climate-change policy. The Fed said that it has withdrawn from the Network of [...]
Honda financing arm to pay $12.8 million in redress, penalty over credit reporting violations during COVID-19 pandemic

January 17, 2025 0

American Honda Finance Corporation was ordered Friday to pay $10.3 million in consumer redress plus a $2.5 million civil money penalty over findings of credit report furnishing inaccuracies and dispute investigation failures during the COVID-19 pandemic, the Consumer Financial Protection [...]
Equifax hit with $15 million penalty over poor dispute handling

January 17, 2025 0

Equifax, one of three nationwide consumer reporting agencies, was ordered Friday to pay a $15 million civil money penalty for failing to conduct proper investigations of consumer disputes. The Consumer Financial Protection Bureau (CFPB) – in a release familiar in [...]
Cash App owner Block ordered to pay up to $175 million combined in redress, penalty

January 16, 2025 0

Up to $120 million in consumer redress plus a $55 million civil money penalty (CMP) must be paid by Block, the owner of peer-to-peer payments app Cash App, under a consent order announced Thursday by the federal consumer financial protection [...]
Credit union overdraft, non-sufficient funds fees not offset by reduced fees, lower rates, research finds

January 16, 2025 0

Credit unions are not offsetting income from overdraft (OD) and non-sufficient funds (NSF) fees through reduced fees for other services or lower interest rates, according to a “research note” issued Thursday by the institutions’ federal regulator. Those results, the agency [...]
Credit union regulator gives nod to ’25 performance plan

January 16, 2025 0

A 2025 performance plan was adopted by the federal credit union regulator’s board Thursday, outlining specific methods and targets about how the agency will measure its performance. The agency board adopted the plan unanimously at its regular monthly meeting. In [...]
‘Modest’ growth in lending reported as year ended; delinquencies still a concern

January 15, 2025 0

Modest growth in lending was reported across Federal Reserve districts in late November and December, tracking what most districts called “moderate” or “modest” economic growth, according to the latest Beige Book released Wednesday by the Federal Reserve. According to the [...]