NCUA and CFPB Decisions Cause Concerns

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As we enter the new year, credit unions are concerned with the potential loss of non-interest income and with the National Credit Union Administration and Consumer Financial Protection Bureau decisions.

Last month, the NCUA issued a letter (24-CU-03) to federally insured credit unions outlining risks associated with certain overdraft and non-sufficient funds fee practices that may lead to consumer harm, reputational damage, and heightened regulatory scrutiny. (Read more here.) Then on Tuesday, the CFPB finalized a rule to remove medical bills from credit reports, which will negatively impact financial institutions because the rule will block credit unions from obtaining a full picture of consumers’ debt. This significantly increases the odds of loan loss negatively impacting the credit union and its member-owners.  

The Cornerstone League advocacy and regulatory compliance teams work proactively alongside our league system partners, fighting for credit unions’ best interests. Regulatory overreach is not only burdensome but can devastate financial institutions and negatively impact the communities they serve. America’s Credit Unions has developed the following assets to assist:  

• Credit Union Difference Handout 

• Credit Union Difference Talking Points 

• Credit Union Tax Status  

• CFPB Reform Priorities 

• NCUA Accountability  

Browse America’s Credit Unions’ Resources Library for more information.