Law and regulation

Credit union representatives on Wednesday praised the regulator for its newfound willingness to hear their concerns on the budget, but emphasized that 10 years of budget increases – during which time the number of CUs has shrunk by a quarter – is enough.

While the House disaster relief bill would provide $16 billion in debt relief for the National Flood Insurance Program, it does not include a Trump administration proposal to ban new construction in flood-prone areas.

The credit union regulator proposed a budget increase of 2.1% for 2018 and 1.5% for 2019, but expects net reduction of nearly 60 employees by 2019.

NAFCU recently awarded Rich Losea the Paul Revere Award for his political activism, having been a staunch credit union advocate for two decades.

The Senate invoked cloture to begin the process of confirming Randal Quarles as a governor on the Fed board.

Points about various exam and regulatory credit union issues were raised

Also on Friday, Deutsche Bank agreed to pay $190 million to settle allegations that it rigged foreign exchange rates.

The Sonic breach coupled with the tsunami of recent breaches might just be the game changers that lead U.S. federal authorities to better protect the data collection, processing and storage of customer data, writes Robert W. Capps, vice president of business development for NuData Security.

Analysts at this year's American Credit Union Mortgage Association conference said CUs would be better served by collaborating on cybersecurity solutions than waiting on Congress to pass reg reform.

The Consumer Financial Protection Bureau's first "National Financial Well-Being Survey" found that a large slice of consumers experience financial hardship.