Also: New Compliance Monitor covers Reg CC changes, exam updates; NAFCU touts CU benefits ahead of tax hearing
NAFCU TODAY | The News You Need Daily.
February 11, 2020
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U.S. indicts 4 for Equifax data breach [ [link removed] ]
U.S. Attorney General William Barr announced yesterday that four members of the Chinese People's Liberation Army (PLA) have been charged in the Equifax data breach. The 2017 data breach revealed the personal information of more than 147 million U.S. consumers and brought renewed focus to NAFCU's longstanding call for a national data security standard.
Compliance Monitor dives into Reg CC final rule, NCUA exam update [ [link removed] ]
In the latest edition of NAFCU's Compliance Monitor – a free, member-only benefit – NAFCU Regulatory Compliance Counsel David Park assesses how credit union operations could be affected by changes made by the Federal Reserve and the CFPB to Regulation CC.
NAFCU's Thaler: CUs benefit U.S. economy, Main Street [ [link removed] ]
Ahead of today's House Ways and Means Committee hearing to examine the corporate income tax, NAFCU's Brad Thaler touted the economic benefits and value of the credit union tax exemption, highlighting that "credit unions are a vital part of the financial services industry and provide their nearly 120 million members financial opportunities they may not otherwise have access to."
NAFCU's 2020 Advocacy Priorities. Because to us, it's personal. Read Advocacy Priorities [link removed]
Trump's 2021 budget proposal increases focus on cybercrimes [ [link removed] ]
President Donald Trump Monday released his proposed budget for fiscal year 2021. Similar to previous budgets, the president recommends eliminating the Community Development Financial Institutions (CDFI) Fund and bringing the CFPB under the congressional appropriations process, but also proposes ways to strengthen anti-cybercrime efforts.
SBA makes NAFCU-sought changes to express loan interim rule [ [link removed] ]
The Small Business Administration (SBA) Monday published an interim final rule – along with a request for additional comments – to incorporate express loan program requirements into other business loan program regulations. Of note, the agency heeded NAFCU recommendations related to the "personal resources test" threshold and cap on allowed lender fees.
Consumer credit rises due to revolving credit boost [ [link removed] ]
A NAFCU Macro Data Flash report highlights new data from the Federal Reserve showing total consumer credit rose at a seasonally-adjusted, annualized rate of 6.3 percent in December and is up 4.5 percent from a year ago.
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