Regulations

REMINDER:  Comment Period Open
for 2024-Q4 Profile Changes

NCUA: Incentive-Based Compensation (Comments due 12/31/24)

CDFI:

The U.S. Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on continuing information collections, as required by the Paperwork Reduction Act of 1995. Currently, the Community Development Financial Institutions Fund (CDFI Fund), U.S. Department of the Treasury is soliciting comments concerning the Small Dollar Loan Program (SDL Program) Application.

Authorized by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Pub. L. 111-203), the SDL Program provides grants for loan loss reserves and technical assistance to enable award recipients to establish and maintain small dollar loan programs to address the issues of expanding consumer access to mainstream financial institutions and providing alternatives to high-cost small dollar loans. The SDL Program is also intended to enable award recipients to help unbanked and underbanked populations build credit, access affordable capital, and allow greater access into the mainstream financial system. 

Comments concerning the Application are invited on: (a) whether the collection of information is necessary for the proper performance of the functions of the agency, including whether the information shall have practical utility; (b) the accuracy of the agency's estimate of the burden of the collection of information; (c) ways to enhance the quality, utility and clarity of the information to be collected; (d) ways to minimize the burden of the collection of information on respondents, including through the use of technology; (e) estimates of capital or start-up costs and costs of operation, maintenance and purchase of services required to provide information; and (f) whether any additional questions or factors should be considered as part of the CMF Application and/or review process.

Additionally, the CDFI Fund specifically requests comments concerning a number of questions related to the Application and are outlined, in detail, in the Request for Public Comment.

Comments must be submitted in writing on or before February 4, 2025 via the Federal e-Rulemaking Portal at www.regulations.gov.

Legislation

H.R.582: Credit Union Board Modernization Act:

This bill revises the required frequency of meetings held by a credit union's board of directors. Specifically, new credit unions and credit unions with a low soundness rating must meet monthly. All other credit unions must hold at least six meetings annually, with at least one meeting held during each fiscal quarter. Currently, all credit union boards must meet at least once a month.

S.544: A bill to amend the Federal Credit Union Act to provide a sunset for certain ways in which credit unions may be Agent members of the National Credit Union Administration Central Liquidity Facility.

This bill temporarily grants the National Credit Union Administration Board discretion in determining the amount of capital stock in the National Credit Union Administration Central Liquidity Facility is required for a corporate credit union to become an agent member of the facility. The facility serves as a liquidity lender to member credit unions.

Credit Card Competition Act of 2023

This bill addresses network access and competition in electronic credit transactions. The Board of Governors of the Federal Reserve System must prohibit certain credit card issuers with assets of over $100 billion from restricting the number of networks on which electronic credit card transactions may be processed. These transactions must be able to be processed on at least two networks and must not be restricted to networks (1) owned by or affiliated with the issuer, (2) designated as a national security risk, or (3) that have the largest market share of credit cards issued. Additionally, credit card issuers are prohibited from imposing certain limitations on the routing of electronic credit transactions, such as through penalties for failure to meet a specified threshold of transactions on a particular payment card network. The board must also designate payment card networks that pose a security risk to the United States or are owned, operated, or sponsored by a foreign state entity.

PR Opportunities

The Financial Brand: Seeking to connect with leaders from financial institutions to discuss the key demographic shifts they are observing in the financial services landscape. (Deadline 12/19/24)

Click here

Behind The Vault: Looking for financial institution leaders to discuss 2025’s most exciting transition or innovation (Deadline 12/18/24)

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Yahoo Finance: Seeking industry experts to discuss predictions for the financial services industry in 2025. (Deadline 12/13/24)

Click here

Charities & Causes

Credit Unions for Kids

Credit Unions for Kids is a charitable foundation that supports the Children’s Miracle Network Hospitals. These hospitals provide care for patients, advance treatment and research for illnesses, and much more. The Credit Union Connection fully supports this organization because credit unions are about more than just money.

Click here to make a donation

American Foundation for Suicide Prevention

Suicide is the 11th leading cause of death in the United States, with it claiming more than 49,000 lives in the year 2022. These tragic losses are why The Credit Union Connection supports the American Foundation for Suicide Prevention. They help raise awareness and provide resources to those struggling with suicide, suicidal thoughts, and their loved ones. The AFSP is hosting several walks for suicide prevention awareness across the country.

Click here to sign up for your local walk

Click here to donate to the Credit Union Connection’s AFSP team

Look Before You Lock

Look Before You Lock is a campaign designed to remind people to double check their car for any children or pets before locking their cars. Children and pets locked in cars can easily succumb to heat, potentially causing serious injury or death. This campaign is designed to give people that reminder that could save a life. Each image is downloadable. Feel free to add your credit union’s logo!

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