Also: FHFA plans to release new affordable housing rules; Powell talks economy, coronavirus impact
NAFCU TODAY | The News You Need Daily.
February 12, 2020
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FinCEN clarifies CTR obligations in new ruling [ [link removed] ]
The Financial Crimes Enforcement Network (FinCEN) Tuesday issued an administrative ruling related to currency transaction reports (CTRs). The rule, which replaces and rescinds two former rulings, clarifies the requirements of financial institutions when reporting transactions involving sole proprietorships and legal entities operating under a "doing business as" (DBA) name.
New GSE affordable housing rules expected, says Calabria [ [link removed] ]
Federal Housing Finance Agency (FHFA) Director Dr. Mark Calabria indicated in a recent interview that the agency will propose new rules under the affordable housing requirements, which would replace the existing affordable housing goals and duty to serve plans. NAFCU has supported the government sponsored enterprises' (GSEs) duty to serve while raising questions about certain elements including the chattel loans pilot programs and will review the rulemaking closely.
House panel questions Powell on economy, coronavirus, CRA [ [link removed] ]
Federal Reserve Chairman Jerome Powell provided the House Financial Services Committee with economic insights during a hearing Tuesday, indicating that he does not expect a recession soon. Powell is on Capitol Hill this week providing the central bank's semiannual monetary policy report; he testifies before the Senate Banking Committee today at 9:30 a.m. Eastern.
NAFCU's 2020 Advocacy Priorities. Because to us, it's personal. Read Advocacy Priorities [link removed]
Compliance Blog tackles FCU Bylaw updates; NCCO webinar tomorrow [ [link removed] ]
In a post this week on the NAFCU Compliance Blog, NAFCU Regulatory Compliance Specialist Alma Calcano summarizes provisions related to qualifying a trust for membership in a federal credit union. The applicable provisions now located in the Federal Credit Union (FCU) Bylaws are not new. NCUA recently updated the model FCU Bylaws to incorporate numerous existing legal opinion letters and to clarify several provisions regarding trusts and field of membership.
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