NASCUS

It's been a long, long journey, but Massachusetts has finally modernized its money transmission laws. Gov. Maura Healey yesterday signed into law H.4840 (https://lnkd.in/eyD23gqx), the Mass. version of the Money Transmission Modernization Act. Mass. was the last state to only regulate foreign transmissions. Starting this fall, the new law will become effective with the Massachusetts Division of Banks regulating all consumer transmissions. I first worked on a bill to update the law in 2003 and we came close to getting it passed several times. However, congrats to Commissioner Mary Gallagher and her team who were able to get this over the finish line. If you are a company that is operating in Mass. and now need a #license, feel free to reach out to me. #moneytransmission #moneytransmitterlicense #payments FS Vector Conference of State Bank Supervisors (CSBS) Matthew Lambert

As we welcome 2025, we extend our heartfelt gratitude for your continued support and partnership. We look forward to the opportunities ahead as well as achieving success, growth, and impactful milestones together. #HappyNewYear

Thank you, Jimmy Carter, for your life of service, for your enduring kindness, and for inspiring us to be better. https://lnkd.in/eT4CUMS7

Today, the Consumer Financial Protection Bureau sued Rocket Homes to stop providing incentives to real estate brokers and agents in exchange for steering homebuyers to Rocket Mortgage for loans. https://lnkd.in/eyb5YJmi

🌟 Wishing You a Joyous Holiday Season! 🌟 As we wrap up another incredible year, we want to extend heartfelt #gratitude to everyone in our #community. Whether you’ve been with us for years or recently joined, your support fuels our passion and drives our success. May this holiday season bring you and your loved ones warmth, joy, and peace. Here’s to a bright and exciting 2025 filled with new opportunities and continued growth together. #HappyHolidays and cheers to a #HappyNewYear! 🎉✨

A busy day in the office, NASCUS has published 3 new summaries, including: Interagency Statement on #Elder Financial #Exploitation; CFPB Executive Summary on #Overdraft Lending Fees; and CFPB Executive Summary on Residential PACE #Financing Final Rule. Visit our home page and scroll down to "Member Benefits," or visit the #MemberResources page to view all agency documents, comment letters, summaries, etc.. available to our #community. https://lnkd.in/eQRQ9Vm7

Please note that beneficial ownership information reporting requirements have been affected by a recent federal court order. The Department of the Treasury is appealing that order. In the meantime, reporting companies are not currently required to file a beneficial ownership report (BOIR) and are not subject to liability if they fail to do so while the applicable order remains in force. However, reporting companies may still opt to file a BOIR. More information is available on our website https://www.fincen.gov/boi.

The NASCUS team is in Nashville this week with the Tennessee Credit Union League and the TN Dept. of Financial Institutions for our TN Director’s College. Key discussions include national trends, economic updates, and the future of credit unions with Commissioner Greg Gonzales, League President/CEO Fred Robinson, Roger Tutterow, and more. #CreditUnions #Leadership #ProfessionalDevelopment

**Member Benefit** NASCUS has published a summary of the NCUA final rule on Succession Planning. The final rule requires that federally insured credit union (FICU) boards of directors establish a written succession plan that addresses specified positions & contains certain information. It also requires newly appointed board members to be familiar with the #creditunion #successionplan no later than 6 months after the appointment. Click here for more information: https://lnkd.in/emMuVCb7 (login required for summaries)

In the news today, the NCUA Board approved the agency’s 2025-26 operating budgets and unanimously approved a final rule requiring federally insured credit union boards of directors to establish succession planning processes for key positions. Learn more: https://lnkd.in/egya_Xi8