Also: NAFCU, CU trades set record straight on military base leases; CFPB warns of AI discrimination, violations

April 26, 2023

NAFCU, House Majority Whip Emmer meet to discuss CU industry ([link removed] )

NAFCU President and CEO Dan Berger Tuesday met with House Majority Whip Rep. Tom Emmer, R-Minn., to discuss ways to assist credit unions and their 135 million members. In addition, Berger offered support for Emmer’s bill to prohibit the Federal Reserve from issuing a central bank digital currency (CBDC).

NAFCU, CU trades set record straight on military base leases ([link removed] )

As Congress’ work on the must-pass National Defense Authorization Act (NDAA) gets underway, NAFCU, the Defense Credit Union Council (DCUC), and CUNA sent a letter to leaders of the House and Senate Armed Services Committees to set the record straight on efforts to allow banks to operate rent-free on military bases.

AI not an excuse for breaking law says CFPB, others ([link removed] )

The CFPB, Department of Justice, Equal Employment Opportunity Commission, and Federal Trade Commission issued a joint statement noting that automated systems, such as artificial intelligence (AI), can unlawfully discriminate and lead to a violation of federal law.

Earn your NAFCU Certified Credit Union Officer (NCCO) from your home or office! ([link removed] )

Sign up for Regulatory Compliance School On-Demand ([link removed] ) and earn your NCCO when you pass the optional exams. Sessions, led by CU industry experts, go in-depth on the regulations and obligations that CUs must comply with. School begins in mid-May and will be available until December 1, 2023. View the full lineup of agenda topics ([link removed] ) .

NCUA updates CUs on TDRs, allowances for credit losses ([link removed] )

The NCUA sent a Letter to Credit Unions Tuesday updating the industry on a revised Interagency Policy Statement on Allowances for Credit Losses to account for the Financial Accounting Standards Board’s (FASB) elimination of the recognition and measurement accounting guidance for troubled debt restructurings (TDRs) by creditors.

NAFCU calls for CFPB accountability ([link removed] )

The House Financial Services Committee holds a markup of several bills today, including one to increase accountability at the CFPB by reforming the single director structure to a bipartisan commission, subjecting the bureau to the appropriations process, and more.

NAFCU warns Senate Small Biz Committee about consequences of SBA’s changes to 7(a) loan program ([link removed] )

NAFCU Vice President of Legislative Affairs Brad Thaler wrote to the Senate Small Business Committee Tuesday ahead of its Small Business Administration (SBA) oversight hearing today, detailing concerns about the administration’s final rules to expand its lending networks.

New home sales ‘soar’ in March ([link removed] )

New home sales increased 9.6 percent in March to 683,000 annualized units, while sales in February were revised down 17,000 units. Despite being down 3.4 percent from a year ago, NAFCU Chief Economist and Vice President of Research Curt Long noted “[n]ew home sales soared in March, reaching their highest level since one year earlier and falling just shy of pre-COVID sales levels.”

NAFCU Board voting ballots sent today ([link removed] )

The official ballots for NAFCU’s 2023 board elections are being sent to members via email today. The deadline for returning the ballots is May 10.

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Is your credit union considering a merger?

If so, you need to know what it takes to merge properly. The Credit Union Merger & Acquisition Handbook ([link removed] ) is a step-by-step guide on how to successfully complete a CU merger from start to finish. It’s written by former NAFCU chair and current CEO of Webster First Federal Credit Union Mike Lussier and will guide you through this complex process.

How to successfully complete a CU merger. ([link removed] )

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