NCUA – Page 8 – 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

Credit union regulator seeks comments on how to improve, update records retention rules

April 18, 2024 0

Finding methods for improving and updating the records preservation program regulations and accompanying guidelines of the federal credit union regulator is the goal of an advance notice of proposed rulemaking (ANPR) issued Thursday by the […]

Credit union regulator looking at proposed rule on records preservation

April 12, 2024 0

Records preservation under an advanced notice of proposed rulemaking is on the agenda for the April 18 meeting of the federal credit union regulator’s board, the agency said in a meeting notice posted late Thursday. […]

NCUA to open low-income credit union grant round May 1; more than $3.4 million available

April 3, 2024 0

More than $3.4 million is available for a round of grants that will begin taking applications from low-income-designated credit unions May 1, the federal credit union regulator said Wednesday. The Community Development Revolving Loan Fund […]

Three prohibited by credit union regulator following theft conviction, guilty pleadings

March 29, 2024 0

Three persons were prohibited by the federal credit union regulator in March from further service in a federally insured financial institution, the agency said Friday. According to the National Credit Union Administration (NCUA), the three […]

Report highlights nearly half of ‘contracting dollars’ of credit union regulator going to minority-, women-owned businesses

March 28, 2024 0

Nearly half of all agency “reportable contracting dollars” in 2023 went to minority- or women-owned businesses, and nearly half of contract payments went to those vendors, according to a report to Congress published Thursday by […]

NCUA publishes March update for simplified CECL tool

March 25, 2024 0

Average loan-loss rates for 2021-2023 and the latest life-of-loan, or weighted average remaining maturity, factors are included in an updated “simplified CECL tool” announced Monday by the federal credit union regulatory agency in an “express” […]

NCUA lists member expulsion rule, FOM, trust account proposals, as among biggest accomplishments in ‘23

March 25, 2024 0

Final rules on member expulsion and proposed rules on field of membership and trust accounts are two actions from last year highlighted by the federal credit union regulator in its 2023 annual report, released Monday. […]

NCUA’s Otsuka announces Renita Marcellin as senior advisor

March 21, 2024 0

Renita Marcellin, most recently with Americans for Financial Reform and previously with JPMorgan Chase, has been appointed senior advisor to National Credit Union Administration (NCUA) Board Member Tanya Otsuka, the NCUA said. Otsuka announced the […]

Credit unions grow assets, but delinquencies – especially credit cards – also mounting; ROAA, net income trend down

March 12, 2024 0

Total assets in credit unions reached $2.26 trillion at year-end 2023, their federal regulator reported Tuesday, which represented a 4.1% increase over the previous year’s growth. However, according to the National Credit Union Administration (NCUA), […]

Regulator charters first credit union of year; will serve NJ police membership organization

March 4, 2024 0

A new federal credit union intended to provide members of a New Jersey police member organization with financial services is now chartered by the federal credit union regulator, the agency announced Monday. The National Credit […]

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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 [...]