WASHINGTON – More than 75 consumer, housing, civil rights, legal services, faith, community, small business, student borrower, and public interest organizations have submitted a joint comment letter to the Consumer Financial Protection Bureau (CFPB) concerning buy now, pay later (BNPL) credit products.
WASHINGTON—Concerned over risks related to buy now, pay later (BNPL) products, NAFCU and CUNA have each sent a letter to the CFPB in response to the Bureau’s request for comment (RFC) regarding the fast-growing offerings.
ONTARIO, Calif.–The California Credit Union League is calling on its member CU to oppose Senate Bill 1176, the California Community Reinvestment Act (CRA).
WASHINGTON—In response to a proposal calling for the establishment of a limited-duration pilot program to give financial institutions the ability to share SARs and SARS-related information with the institution’s foreign branches, NAFCU has written to FinCEN with recommendations.
NEW YORK—The two biggest U.S. card networks are preparing revisions to their interchange schedules that at least one research firm says will cost U.S. merchants an estimated $475 million in additional transaction fees.
WASHINGTON—The Office of the Comptroller of the Currency (OCC) has issued a final rule amending the OCC’s suspicious activity report (SAR) regulations.
WASHINGTON—Changes to NCUA’s rating system—to CAMELS from CAMEL—start April 1.
WASHINGTON—Since the start of the pandemic, banks have reported more sophisticated cyber-attacks, according to Lisa Arquette, associate director of the FDIC’s anti-money laundering and cyber fraud division.
LONDON—People sending money from the United States, the United Kingdom and Canada have continued to adjust their remittance habits due to the COVID-19 pandemic, a new study finds.
MADISON, Wis.–With the Fed now embarking on a monetary tightening cycle, credit unions should look for lending to slow next year and a recession by early 2025, according to a new CUNA Mutual forecast.
