A Direct Line Blog

If you have been following the news over the last few months, you know this is a time of change. With that comes uncertainty. What is the future of the CFPB business loan data collection rule? Does that agency continue to exist, and if so, in what capacity? Will FinCEN scrap plans for the Beneficial Ownership Information database? How does the NCUA board operate with only one board member? Will the directive from President Trump to cut the NCUA budget impact credit unions?

These are just a few of the questions circulating right now. A new federal administration always brings different leadership within many federal agencies that impact credit union operations. That takes time and brings some unknown outcomes.

This article includes an explanation of a couple of things to keep an eye on in the coming months, and a recent blog post describes some of the rules the CFPB has already pulled back. As board members, you may have additional questions about the impact of some of these on your credit union and the bottom line. We expect more details to continue to be released and will keep you updated.

Know that your MCU and America’s Credit Unions teams are working hard to advocate for you and your members. We’ll continue to keep you informed of these types of changes through the weekly blog, President’s Report, and other avenues. Don’t ever hesitate to reach out to Donya if you have questions about any compliance topics or to Karen for advocacy updates and questions.