Call Reports, Reg. J, Mileage Rates, Blockchain Tech, and More

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The latest edition of the ViClarity Newsletter is now available. ViClarity, a benefit of League membership, is an award-winning RegTech solution tailored for your Governance, Risk and Compliance (GRC) needs.

Please check your email or click here to access the newsletter using your email address and your California or Nevada Credit Union Leagues member-only password.

Inside this newsletter edition:

NCUA's Call Report Webinar
Credit unions can get valuable information for the upcoming June 2022 Call Report during an upcoming webinar hosted by the National Credit Union Administration (NCUA) on Thursday, June 23 at 1:00 PM Central. Staff from the NCUA’s Office of Examination and Insurance will cover questions most asked during the March 2022 Call Report Cycle and discuss the improvements implemented for the June cycle.

FedNow Service and Amendments to Regulation J
On May 19, the Board of Governors of the Federal Reserve System issued a final rule amending Regulation J. The final rule – titled “Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers Through Fedwire” amends subparts A and B of Regulation J and adds a subpart C to the regulation. The new subpart C will govern funds transfers made through the new FedNow Service.

IRS Increases Standard Mileage Rates for Remainder of 2022
In recognition of recent gasoline price increases, the Internal Revenue Service (IRS) recently announced an increase in its standard mileage rates for the final 6 months of 2022.

NCUA Issues Guidance on Credit Union Use of Blockchain Technology
The NCUA recently issued a guidance letter intended to clarify expectations for credit unions interested in using distributed ledger technologies.

NCUA’s Briefing on Share Insurance Fund in First Quarter of 2022
On May 26, 2022, the National Credit Union Administration Board was briefed on the performance of the National Credit Union Share Insurance Fund since the of end of the fourth quarter of 2021.

New Effort to Promote Competition and Innovation in Consumer Finance
The Consumer Financial Protection Bureau (CFPB) announced last week that it will be opening a new office that will be housed in the CFPB’s Research, Markets, and Regulation division.

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