Like it or not, government rules and initiatives have an impact on your credit union. This week – in addition to updates on upcoming regulations related to payday loans, electronic checks, military lending and Dodd-Frank – we consider White House cybersecurity czar Rob Joyce’s suggestion to retire Social Security numbers in favor of a more modern approach to identity. Once again, change rules.
White House: Is It Time to Retire Social Security Numbers?
Will the government ditch Social Security numbers in favor of a “modern cryptographic identifier?” Rob Joyce, White House cybersecurity czar, thinks Social Security numbers may be ready to retire, since they no longer fulfill their intended function – and bring a number of unintended challenges.
New CFPB Rule Could Curb Payday Loan Industry
The CFPB released a new regulation that could put a chill on revenues for the $6 billion payday loan industry. The rule requires lenders to determine if borrowers can repay their debts and caps the number of loans lenders can make to a borrower. If this regulation survives challenges in Congress and in court, it could be a boon for consumers and conventional lenders alike.
What’s Changing with Reg CC?
The Federal Reserve recently released changes to Regulation CC in response to the industry-wide transition to an electronic, image-based check collection and returns environment. These new rules are set to take effect July 1, 2018.
Keep This Handy: 8 Regulatory Compliance Triggers
Though there’s nothing convenient about complying with new regulations, here’s a handy list of eight compliance triggers that are looming right now, including new rules under the Military Lending Act and revised rules for the Home Mortgage Disclosure Act.
Senate Bill Could Ease Dodd-Frank Regulations
A bipartisan bill introduced in the Senate would exempt some banks from stricter federal oversight under the Dodd-Frank Act. The bill focuses on regional banks with more than $50 billion in assets, whose collapse would not pose a global financial risk.