The regulatory forecast has warned of increasing regulations and requirements over the last year, and those predictions are now coming to fruition.
The recently issued Memorandum of Understanding (MOU) between the National Credit Union Administration (NCUA) and the Consumer Financial Protection Bureau (CFPB) discusses the regulators’ plans to be more collaborative and consistent. This alignment of regulatory enforcement styles has already brought increased scrutiny to credit unions, as NCUA exams have become increasingly more detailed.
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