CFPB Issues Report on NSF Fees
Overdraft Fee Income - The CFPB issued a report in which it said that overdraft/non-sufficient funds (NSF) fees in third quarter 2022 were down 43% compared to third quarter of 2019. The report states that overdraft/non-sufficient funds (NSF) fee revenue was 33% lower over the first three quarters of 2022 compared to the same period in 2019. Finally, the report states, the agency said, that the fees have trended downward in each quarter since the fourth quarter of 2021.
NCUA Issues CUSO Guidance
CUSO Activities and Risks – In Letter to Credit Unions 23-CU-02, the NCUA has published the guidance statement to remind credit unions of the expanded opportunities to work with CUSOs and to address some of the primary related risks. Based on a credit union’s relationship with a CUSO, whether sole owner, investor, lender, or customer, the level and types of risk may vary. Credit unions also need to remain mindful of and properly address any consumer financial protection risks that CUSO-originated loans pose.
CFPB Publishes HMDA Report
2023 HMDA Reporting Overview Reference Chart – The CFPB published a chart which is intended as a reference tool for data points required to be collected, recorded, and reported under Regulation C. The chart also provides when to report not applicable or exempt, including the codes used for reporting not applicable or exempt from section 4 of the 2022 Filing Instructions Guide for ease of reference.