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NAFCU realized significant progress on credit union issues last year and will be working to keep up the momentum – both in its work with Congress and with federal regulators – going forward. As 2016 gets underway and the second session of the 114th Congress begins, NAFCU will continue to fight for credit unions on critical issues.
December Legislative/Regulatory Wins
A key element of NAFCU’s five-point plan for regulatory relief was achieved late last year when President Obama signed into law a transportation authorization bill that includes the text of H.R. 601, the “Eliminate Privacy Notice Confusion Act.” H.R. 601 clarifies that consumers will receive privacy notices after opening a new account and when their providers’ privacy policies change. This is a revision from the previous requirement for annual notices. On the regulatory front, the CFPB, at NAFCU’s urging, has agreed to ensure these statutory changes are put into effect immediately.
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The CFPB is ordering Navy Federal to refund more than $80 million to consumers, stop charging illegal overdraft fees, and pay a $15 million civil penalty.
A CFPB and NCUA investigation determines VyStar ignored red flags and continued with the rollout that caused members to lose access to their accounts and funds for weeks.
Thursday’s action by the CFPB against VyStar is a step rarely taken against credit unions.
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