NCUA Chair Testifies, CFPB Complaint, & Compliance Outlook

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The following is the latest regulatory issues and announcements relevant to California and Nevada credit unions from the Consumer Financial Protection Bureau (CFPB), the National Credit Union Administration (NCUA), and the Federal Reserve.

CFPB Update: Consumer Crypto Complaints
The CFPB’s latest complaint bulletin highlights consumer complaints on crypto-assets and information on increased adoption, price volatility, financial-product status, malicious actors, financial loss, transactional and transfer issues, verification, and security.

NCUA’s Todd Harper Testifies Before House Committee
NCUA Board Chairman Todd Harper, along with other financial regulatory agency principals, testified at a hearing before the House Financial Services Committee this past week.

Harper provided the committee with a state of the credit union system and the factors that will affect its performance in 2023. He also discussed the status of the National Credit Union Share Insurance Fund (NCUSIF) and the Central Liquidity Facility (CLF), the need for the agency to have parity with other federal financial regulators in its ability to supervise third-party vendors, along with the NCUA’s efforts to preserve minority depository institutions and enhance the agency’s consumer financial protection program.

Harper also provided the committee with an update on recent NCUA rulemakings that address the timely issues of member expulsion, subordinated debt, emergency capital investments, and cyber security notification, as well as NCUA guidance on the use of distributed ledger technologies.

The chairman’s legislative requests included CLF permanency and the restoration of the NCUA’s third-party vendor authority.

You can view Harper's oral statement before the committee or his written testimony.

Fed’s ‘Consumer Compliance Outlook’ Available
The latest issue of Consumer Compliance Outlook is available. This issue includes the following articles and features:

  • Elements of a Strong Compliance Management System Under the FFIEC Compliance Rating System.
  • The Effects of Communications and Organizational Structure on Compliance Management.
  • News from Washington: Regulatory Updates.
  • On the Docket: Recent Federal Court Opinions.
  • Regulatory Calendar.

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