President Obama yesterday named John Herrera to a vacant seat on the National Credit Union Administration board. Herrera is currently an executive at a community development financial institution. He previously served as a commissioner of the North Carolina Credit Union Commission and co-founder of a state-chartered Latino credit union. If confirmed, Herrera would take the seat vacated by Debbie Matz, who resigned as NCUA chairman in the spring.
Agency extended to Dec. 10 the deadline for contractors to object to the disclosure of their 2021 diversity data, known as “EEO-1 reports.” ABA has prepared an analysis to guide banks on their responses.
Federal and state financial regulators released a joint statement with strategies and advice for financial institutions on identifying, preventing and responding to elder financial exploitation.
The Fifth Circuit Court of Appeals, which has been hearing the legal challenge against the CFPB’s small dollar lending rule, issued an order last week clarifying that the rule’s compliance date is March 30, 2025.
Economic activity rose slightly in most of the 12 Federal Reserve districts since October, with business contacts expressing optimism that demand will rise in coming months, the Fed said.
Saved by the bell? Millions of American businesses faced a January 1 deadline to register their beneficial owners with the Financial Crimes Enforcement Network — until a federal judge issued a preliminary injunction stopping FinCEN from enforcing the deadline.
The nonfarm private sector gained 146,000 jobs in November and annual pay was up 4.8% Year-over-Year, according to the ADP National Employment Report. This follows a downward revision to 184,000 jobs in October from 233,000.
