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National Credit Union Administration (NCUA)
Share Insurance Fund Report Highlights Asset, Income Growth in Q4 2024
The NCUA’s Share Insurance Fund report for the quarter ending on Dec. 31, 2024, shows a net income of $78.6 million, $22.3 billion in assets, and $145.9 million in total income for the fourth quarter of 2024. As of the fourth quarter of 2024, the equity ratio was 1.30 percent.
Additionally, for the fourth quarter of 2024:
Hauptman Announces Changes to NCUA’s Overdraft/NSF Fee Collection
The NCUA announced that it will no longer publish overdraft and non-sufficient fee income for individual credit unions. The NCUA will collect data during supervisory examinations.
Under the previous data collection policy, the NCUA required federally insured credit unions with more than $1 billion in assets to disclose, separately, income from overdraft and non-sufficient funds fees. This data was available to the public on an individual basis and in the aggregate. Under the new policy, which goes into effect with the March 31, 2025, Call Report cycle, the NCUA will collect overdraft and NSF fee data as part of the examination process. The agency will continue to publish overdraft and NSF fee income data in the aggregate once updates to its examination system are complete.
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Consumer Financial Protection Bureau (CFPB)
Financial Services Committee Passes Resolution of Disapproval for CFPB Overdraft Rule
The House Financial Services Committee passed Resolution 59, disapproval of the CFPB’s final overdraft rule.
404 No More
The CFPB’s consumerfinance.gov webpage no longer displays the "404 page not found" message. Instead, it redirects to the submit a complaint about a financial service or product page.
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Financial Crimes Enforcement Network (FinCEN)
FinCEN Not Issuing Fines or Penalties in Connection with Beneficial Ownership Information Reporting Deadlines
FinCEN announced that it will not issue any fines or penalties or take any other enforcement actions against any companies based on any failure to file or update beneficial ownership information (BOI) reports pursuant to the Corporate Transparency Act by the current deadlines. No fines or penalties will be issued, and no enforcement actions will be taken, until a forthcoming interim final rule becomes effective and the new relevant due dates in the interim final rule have passed.
No later than March 21, 2025, FinCEN intends to issue an interim final rule that extends BOI reporting deadlines, recognizing the need to provide new guidance and clarity as quickly as possible, while ensuring that BOI that is highly useful to important national security, intelligence, and law enforcement activities is reported.
FinCEN also intends to solicit public comment on potential revisions to existing BOI reporting requirements. FinCEN will consider those comments as part of a notice of proposed rulemaking anticipated to be issued later this year to minimize burden on small businesses while ensuring that BOI is highly useful to important national security, intelligence, and law enforcement activities, as well as to determine what, if any, modifications to the deadlines referenced here should be considered.
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