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National Credit Union Administration (NCUA)
NCUA Releases Q4 2023 State-Level Credit Union Data Report
The NCUA released the latest Quarterly U.S. Map Review which shows that federally insured credit unions experienced growth in loans and the share of credit unions with positive net income increased over the year ending in the fourth quarter of 2023, while delinquencies rose, and assets and shares and deposits declined.
Nationally, assets among federally insured credit unions declined 1.5 percent at the median, and shares and deposits declined 3.0 percent over the year ending in the fourth quarter of 2023. Loans outstanding rose by 6.2 percent at the median over the year ending in the fourth quarter of 2023. The median total delinquency rate at the end of 2023 was 61 basis points, compared with 48 basis points at the end of 2022. Additionally, 87 percent of federally insured credit unions had positive year-to-date net income in the fourth quarter of 2023, compared with 85 percent in the fourth quarter of 2022.
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Consumer Financial Protection Bureau (CFPB)
2023 HMDA Modified LAR Availability
The CFPB announced that the 2023 HDMA modified loan/application registers (LARs) are now available for each institution that filed HMDA data collected in 2023. The modified LARs provide each financial institution's loan-level HMDA data, as modified to protect applicant and borrower privacy in accordance with the Consumer Financial Protection Bureau’s final policy guidance on the disclosure of HMDA data. Users also have the ability to download one combined file that contains all institutions’ modified LAR data.
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NACHA
New Nacha Rules Take Aim at Credit-Push Fraud
NACHA members approved a set of rules intended to reduce the incidence of frauds, such as business email compromise (BEC), that make use of credit-push payments. The new rules establish a base-level of ACH payment monitoring on all parties in the ACH Network (except consumers). While the new rules do not shift the liability for ACH payments, for the first time receiving financial institutions (RDFIs) will have a defined role in monitoring the ACH payments they receive.
The new rules follow the flow of a credit-push payment to promote the detection of fraud from the point of origination through the point of receipt at an account at the RDFI. When fraud is detected, the rules empower the originating financial institution (ODFI) to request the return of the payment for any reason; the RDFI to delay funds availability (within the limits of Regulation CC) to examine the payment more closely; and the RDFI to return a suspicious transaction on its own initiative without waiting for a request or a customer claim. An additional rule facilitates transaction monitoring by RDFIs by applying a standard transaction description for ACH credits used for payroll payments.
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