The Regulatory Advocacy area keeps you informed of the latest proposed rules and regulations, their potential impact on credit unions, and provides comments to regulatory agencies to help shape regulations and lessen the compliance burden.
RISK-BASED CAPITAL - 2nd Proposal
The Leagues have launched an RBC2-dedicated webpage, containing the latest updates, analysis, and communications about how RBC2 may impact your credit union.
Click here to access the Leagues’ RBC2 webpage.
During CEO roundtable discussions this summer, it was decided we must take a proactive approach regarding likely rulemaking by the Consumer Financial Protection Bureau (CFPB) on overdraft programs. Initiating the first step the Leagues conducted a survey in December 2014 to obtain information about credit unions’ overdraft and courtesy pay programs.
In January, California and Nevada credit union leaders met with the CFPB Assistant Director of Financial Institutions Dan Smith to share the survey results with the bureau and discuss concerns regarding the possible regulation of overdraft plans by the CFPB.
Click here for more information about the overdraft survey and to access the survey results (accessible to League members only).
Integrated Mortgage Disclosures – Resources Available
Your League, CUNA, and the CFPB want to ensure you have the necessary information and resources to successfully implement the CFPB’s rule on Integrated Mortgage Disclosures under RESPA/TILA. The rule is effective Aug. 1, 2015.
In addition, we want to hear from you about any issues that may conflict with or impede implementation of the new disclosures, particularly after you have discussed implementation with your vendors and settlement service providers. Will they be ready?
Click here for information about the Integrated Mortgage Disclosures rule, the resources available to you, and a request for feedback.
An interactive online tool designed to empower credit unions to participate in the regulatory process.
PowerComment allows you to:
Educate yourself on proposed rules and regulations that affect your credit union and take the opportunity to comment! Visit www.powercomment.org to get started today.
|Consumer Financial Protection Bureau||Amendments to the 2013 Mortgage Servicing Rules under RESPA (Reg X) and TILA (Reg Z)||03/16/15|
|National Credit Union Administration||NCUA's Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) Regulatory Review||03/19/15|
|Consumer Financial Protection Bureau||Prepaid Accounts||03/23/15|
|National Credit Union Administration||Capital Planning and Stress Testing – Schedule Shift||03/27/15|
|Consumer Financial Protection Bureau||Amendments Relating to Small Creditors and Rural or Underserved Areas||03/30/15|
|Consumer Financial Protection Bureau||CFPB Proposed Safe Student Account Scorecard||03/30/15|
|National Credit Union Administration||NCUA's Risk Based Capital Proposal (RBC2)||04/27/15|
Concerns were raised over the possible regulation of overdraft plans by the CFPB, as well as a range of other regulatory concerns, such as the pending Regulation C proposal to implement changes to the Home Mortgage Disclosure Act (HMDA) under the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Attending the meeting was Dan Smith, assistant director of the Office of Financial Institutions and business liaison for the CFPB.
The California and Nevada Credit Union Leagues and CUNA will continue to press for favorable regulatory treatment for credit unions in light of the fact that credit unions didn’t engage in abusive practices leading to the financial crisis.
CUNA has advocated that credit unions should be exempt from overdraft regulations. Credit unions are consistently reported as having lower overdraft fees than banks. A report from Informa Research Services in April found that the median fee for overdrafting a checking account is $30.70, while it was $27.74 at credit unions.
In addition, banks with assets greater than $50 billion carry median overdraft fees of $35, while largest credit unions (with more than $5 billion in assets), charge an average of $25.