NCUA – Page 23 – 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

First new federal credit union in ’23 chartered; will serve HBCU-founded sorority members, families

February 9, 2023 0

A fraternal organization founded at a historically black university will now have its own credit union following the federal credit union regulator’s approval of a new charter, the agency said Thursday. Members Only Federal Credit […]

Credit union agency promotes from within for leader of asset liquidation, analysis, training facility

February 9, 2023 0

A 24-year veteran of the federal credit union regulator has been promoted to oversee the agency’s facility for handling problem assets it has acquired from operating and liquidated credit unions, the agency said Thursday. The […]

Letter reminds credit unions of addressing ‘primary risks’ in working with service organizations

February 7, 2023 0

Guidance to address some primary related risks of working with credit union service organizations (CUSOs) is outlined in a letter from the federal credit union regulator issued late Monday. In a letter to all institutions […]

FDIC, credit union regulator offer guidance on lower HMDA reporting threshold; expect ‘flexible’ approach

February 3, 2023 0

The supervisory approach for the new, lower reporting threshold of 25 closed-end mortgage loans was outlined Friday by two regulators – one for banks, one for credit unions – who both indicated limited action, if […]

NCUA prohibits two former credit union employees convicted of financial crimes

January 31, 2023 0

Two former affiliated persons from credit unions who were convicted of financial crimes last year were “permanently prohibited” from participating in the affairs of any federally insured deposit institution under recent orders by the National […]

Agency updates FAQs for credit unions as they employ CECL accounting standard

January 30, 2023 0

A list of frequently asked questions (FAQs) on the current expected credit losses (CECL) accounting standard for credit unions has been updated by their federal regulator, along with the agency’s simplified tool for dealing with […]

Texas credit union released from conservatorship that began in March 2021

January 27, 2023 0

A credit union in Texas that spent nearly two years in conservatorship has been returned to the control of its members, the federal credit union regulator said Friday. The National Credit Union Administration (NCUA) on […]

Most credit unions will continue to face 18% cap on loan rates until at least September ‘24

January 26, 2023 0

Loans by federal credit unions (FCUs), in most cases, will continue to be capped at 18% in interest rates, at least for the next 19 months, following action Thursday by the cooperatives’ regulator. However, in […]

Application period for 2nd ECIP funding round ends in 6 days

January 25, 2023 0

Treasury’s Emergency Capital Investment Program (ECIP) is offering a second round of funding, with applications due by 11:59 p.m. Eastern on Jan. 31, the federal credit union regulator told credit unions in an “express” announcement […]

Federal credit union regulator outlines savings in 2023 operating fees with letter

January 25, 2023 0

Fees paid by federal credit unions (FCUs) that partially fund the operations of their regulator will drop in 2023 by an average of 1.8%, the agency reminded the institutions in a letter Wednesday. The National […]

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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 [...]