Links in “Proposals, Requests, & Comments”

The bill, which the White House threatened to veto, would delay implementation of the Volcker Rule, a key piece of Dodd-Frank. It passes handily in the House. The Senate will likely be another story. [1/15/15]

In an effort to defend prepaid product consumers, the CFPB is proposing what it sees as strong, new federal protections. The intent is to provide protections to consumers whether they are sending a payment, swiping a card, or scanning their smartphone. As comments are due 3/23/2015, join compliance lawyer Jane Pannier as she describes what the CFPB is proposing. [1/13/15]

A bill pending a vote in the House could help credit unions see some reduction in regulatory compliance costs. The bill would require federal agencies to adopt the “least-cost” implementation method when adopting new regulations, allow for more public input, and reduce the number of situations where an agency can issue an interim rule without notice and comment. [1/13/15]

President Obama is planning to announce a new proposal next week that will require companies that have been targets of a data breach to notify their customers within 30 days. As a further effort to combat identity theft, the White House announced that $29 billion State Employees Credit Union (NC) and JPMorgan Chase have joined others in offering free credit scores to their account holders. [1/13/15]

Overly complicated language and the creation of as many obstacles as possible to connecting prepaid cards with credit extensions are two key flaws of the CFPB's prepaid card proposal. [1/13/15]

NCUA has posted the agenda for its January 15 board meeting and the primary agenda item is the revised risk-based capital rule. Chairman Matz was quoted as saying that she thinks that once credit unions have a chance to operate under the new rule they’ll see “there really wasn’t much to be concerned about.” [1/9/15]

The industry applauds congress for approving the Terrorism Risk Insurance Program Reauthorization Act for six years. The measure now moves to the White House for the President's signature. [1/9/15]

NAFCU doesn't seem too happy about NCUA’s announcement that it is considering a rule that would require institutions to encrypt member data when giving it to examiners. NAFCU claims that the agency should look to enhancing its own internal policies and procedures, rather than imposing yet another rule on credit unions. [1/8/15]

In light of the recent data breach caused by an NCUA examiner’s loss of a credit union’s thumb drive, Chairman Matz announced that the agency is considering a proposed rule that would require credit unions to encrypt data provided to examiners. In addition, Matz stated that informing the public sooner about this low-level breach could have encouraged criminal activity. [1/7/15]

Attorneys General from 22 states are saying that the DoD didn’t go far enough with the proposed Military Lending Act to protect service members from predatory lenders. In particular, they cite the fact that the proposed rule allows for an exemption from the MAPR calculation for reasonable and customary “bona fide” fees, which they believe could result in even higher fees for applicants. [12/23/14]