Law and regulation

The election of Democrat Phil Murphy as New Jersey's next governor is being hailed as a victory for advocates of state-owned banks. But challenges remain — namely, stubborn opposition from mainstream banks.

CUNA’s Jim Nussle and NCUA Chairman Mark McWatters were among the big speakers at Monday’s opening session.

It's been a decent year for banks, especially given the industry's return on assets hit a 10-year high. But there are signs it might not last. With Halloween near, here is a look at some potentially frightening developments that could keep bankers up at night.

Both CUNA and NAFCU filed briefs in response to the regulator’s proposed budgets, which continue to rise despite a shrinking NCUA workforce and a contracting industry.

The accord is the latest development in investigations by governments across the globe into banks’ manipulation of benchmark interest rates.

The CFPB's practice of "regulation by enforcement" forces mortgage companies to develop compliance standards based on the mistakes of their peers, rather than clear guidance from the enforcement agency, said David Motley, the new chairman of the Mortgage Bankers Association.

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.

JPMorgan Chase's top lawyer oversees a team of more than 1,900 legal professionals in 29 countries.

The Independent Community Bankers of America had initially called for a moratorium in response to SoFi's application, and says now that Square's bid "has significantly increased our concerns."

The bill would create a federal obligation for credit reporting agencies to offer free credit freezes and prevent them from selling consumer information while a freeze is in place.

The move has been called a major advocacy victory for credit unions.