December 20, 2024
To our clients and friends:
On December 10, the National Credit Union Administration issued to all federally insured credit unions Letter 24-CU-03 entitled “Consumer Harm Stemming from Certain Overdraft and Non-Sufficient Funds Fee Practices.” The guidance describes certain fee practices that the NCUA believes are likely considered “unfair” or “deceptive” practices under federal law, exposing credit unions to the risk of an enforcement action. The guidance also sets out a series of risk management principles for credit unions that charge these fees. The guidance suggests the NCUA will examine credit unions for these practices and pursue enforcement actions against those institutions that continue to rely on fee income generated by these practices. Our Alert regarding the NCUA’s supervisory priorities is available here.
Luse Gorman routinely advises credit unions on compliance issues, regulatory questions, and enforcement actions, and counsels those institutions on the impacts of new developments at the federal and state level. To learn more about our firm and services, please visit our website.
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December 9, 2024
To our clients and friends:
Today we published Volume 12 of The Bankers’ Bulletin, our last edition of the year. You can find a copy here.
In this volume, we outline some of our early predictions of the potential impacts of the November election on bank regulation, supervision, examination, and enforcement.
We also cover the FRB’s semiannual supervision and regulation report, FinCEN’s alert on fraud schemes involving AI, the aftereffects of recent community bank failures, legislative and regulatory developments involving credit unions, and more.
We welcome feedback on what you would like to see covered by the Bulletin in the new year. If you have any feedback, or questions related to any of the items covered in this volume of the Bulletin, please reach out to Brendan Clegg (bclegg@luselaw.com), Marc Levy (mlevy@luselaw.com), Agata Troy (atroy@luselaw.com), or your regular Firm contact. To learn more about our firm and services, please visit our website.
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November 7, 2024
To our clients and friends:
Today we published Volume 11 of The Bankers’ Bulletin. You can find a copy of this edition here.
In this volume, we cover the CFPB’s open banking rule, the OCC’s supervision plan for 2025, AI guidance from NYSDFS, extension of the comment period for the FDIC’s brokered deposit rule, a novel banking charter issued in Georgia, and more.
If you have any questions related to any of the items covered in the Bulletin, please reach out to Brendan Clegg (bclegg@luselaw.com), Marc Levy (mlevy@luselaw.com), Agata Troy (atroy@luselaw.com), or your regular Firm contact. To learn more about our firm and services, please visit our website.
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October 7, 2024
To our clients and friends:
Today we published Volume 10 of The Bankers’ Bulletin. You can find a copy of this edition here.
In this volume, we cover the FDIC and OCC’s final merger policy statements, the FDIC’s proposed rule on account reconciliation, CFPB guidance on overdraft record retention, FRB Vice Chair Barr’s preview of future liquidity regulations, California’s statute banning NSF fees, and more.
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September 6, 2024
To our clients and friends:
Today we published Volume 9 of The Bankers’ Bulletin. You can find a copy of this edition here.
In this volume, we cover the FDIC’s proposed revisions to its brokered deposit regulation, FRB guidance on utilizing the discount window, the CFPB’s legal victory in a challenge to its small business lending rule, an appellate court decision on the scope of national bank preemption, Senate Republicans’ push for the withdrawal of the FDIC’s corporate governance rule, and more.
If you have any questions related to any of the items covered in the Bulletin, please reach out to Brendan Clegg (bclegg@luselaw.com), Marc Levy (mlevy@luselaw.com), Agata Troy (atroy@luselaw.com), or your regular Firm contact. To learn more about our firm and services, please visit our website.
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