Also: NCUA, regulators give update on LIBOR transition; NAFCU’s advocacy team engaged as Congress covers CU issues
April 27, 2023
Berger on the CU difference: Safe, secure, reliable ([link removed] )
In a new op-ed in CU Insight, NAFCU President and CEO Dan Berger highlighted distinguishing differences of credit unions and banks, touting how the credit union industry remains safe, secure, and reliable by placing their members and communities over profits.
NCUA, regulators issue statement on LIBOR ([link removed] )
The NCUA issued a Letter to Credit Unions Wednesday to remind institutions of the upcoming expiration of the London Interbank Offered Rate (LIBOR) via a joint statement with other federal regulators. The Federal Reserve in December adopted a final rule to identify benchmark rates based on the Secured Overnight Financing Rate (SOFR) in place of LIBOR in certain financial contracts after June 30.
NAFCU’s advocacy team tracking issues on Hill ([link removed] )
NAFCU’s advocacy team provided an update to the association’s Legislative Committee members Wednesday on efforts underway on Capitol Hill related to interchange, the CFPB, and digital assets. In addition, the association continues to monitor discussions related to government funding and the debt ceiling.
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] ) .
NAFCU calls for credit reporting improvements as senators hold oversight hearing ([link removed] )
NAFCU Vice President of Legislative Affairs Brad Thaler wrote to the Senate Banking Committee Wednesday ahead of its hearing to provide oversight over credit reporting agencies today, offering support for the use of alternative models that more accurately capture creditworthy borrowers.
NAFCU outlines priorities for data privacy legislation ([link removed] )
NAFCU Vice President of Legislative Affairs Brad Thaler wrote to the House Energy and Commerce Subcommittee on Innovation, Data, and Commerce ahead of the committee’s hearing to address data privacy shortfalls. In the letter, Thaler reiterated NAFCU’s call for “comprehensive federal data privacy legislation that protects consumer data, establishes data safeguards, and recognizes the standards that have been in place for over two decades with the Gramm-Leach-Bliley Act (GLBA).”
NAFCU flags issues ahead of FinCEN oversight hearing ([link removed] )
NAFCU Vice President of Legislative Affairs Brad Thaler wrote to the House Financial Services Subcommittee on National Security, Illicit Finance, and International Financial Institutions ahead of today’s oversight of the Financial Crimes Enforcement Network (FinCEN).
NAFCU engaged as lawmakers continue digital assets discussion ([link removed] )
The House Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion holds another hearing today to discuss digital assets and regulatory gaps in the market.
New on the Compliance Blog: Climate-related risk, nonmember cash advances ([link removed] )
As credit unions work to meet the needs of more than 135 million Americans, NAFCU's award-winning regulatory compliance team continues to keep credit unions informed with new posts on the Compliance Blog every Monday and Wednesday.
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