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Posted Date: Tuesday, November 12, 2024
Federal financial regulators addressed the role of private entities in cultivating an effective landscape for innovative payment approaches, while also taking care to ensure consumers are protected in the event of one institution’s recent financial hardships. Learn about these matters and more in this regulatory roundup. Read on »
Posted Date: Friday, November 8, 2024
The Consumer Financial Protection Bureau ordered Navy Federal Credit Union to pay $95 million for charging illegal overdraft fees through its “Optional Overdraft Protection Service,” known as “OOPS.” Navy Federal issued a statement denying the alleged wrongdoing but agreed to pay the amount, which is the largest total the bureau has ever collected from a credit union. Read on »
Posted Date: Tuesday, November 5, 2024
VyStar Credit Union will pay $1.5 million to redress consumers harmed by the botched rollout of its online banking system. The charges stem from a coordinated supervisory effort between the Consumer Financial Protection Bureau and the National Credit Union Administration to uncover issues with the system and the consequences. Read on »
Posted Date: Tuesday, November 5, 2024
There have been a handful of new appointments to key positions within federal agencies in recent weeks whom compliance officers at certain covered entities will want to familiarize themselves with. Regulators also have announced actions concerning illegal debt collection practices among medical providers, which could hold lessons for other firms bound by fair debt collection requirements. Read on »
Posted Date: Tuesday, October 15, 2024
The Department of Justice entered into the first redlining settlement with a credit union after finding the institution’s lending practices failed to provide equal access to credit for majority-minority neighborhoods in its service area. Read on »
Posted Date: Friday, October 4, 2024
Federal and state regulators are stepping in to help financial institutions recover from the effects of Hurricane Helene, offering guidance and regulatory flexibility in light of the challenges entities and borrowers are facing in the storm’s aftermath. Their approach is based on longstanding interagency guidance for supporting banks and credit unions during major disasters. Read on »
Posted Date: Tuesday, September 24, 2024
The National Credit Union Administration voted to approve two key final rules during the board’s sixth open meeting this year. These regulations address second-chance hiring practices and outline revisions to existing share insurance regulations for credit unions. Read on »
Posted Date: Tuesday, September 24, 2024
Having up-to-date, accurate data is essential for any financial institution. Multiple federal agencies recently released in-depth reports and visualization tools for covered institutions to review and analyze to better inform their decisions in the near- and long-term. Learn more in this regulatory roundup. Read on »
Posted Date: Tuesday, September 10, 2024
The Federal Financial Institutions Examination Council announced it plans on sunsetting its Cybersecurity Assessment Tool (CAT) next year. The CAT has been helping financial institutions identify their risks and determine their cybersecurity preparedness since it was released in June 2015 as a voluntary assessment tool. Read on »
Posted Date: Friday, September 6, 2024
The National Credit Union Administration (NCUA) awarded more than $3.5 million in Community Development Revolving Loan Fund (CDRLF) grants to 135 low-income-designated credit unions spread across 37 states.
Thirty-nine grantees were minority depository institutions, which received almost $1.4 million total. Another 18 grantees were first-time applicants, according to the NCUA. Read on »
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