The Federal Reserve Thursday released a list of 57 early adopters that have completed formal testing and certification in advance of the FedNow Service’s launch. The announcement indicates the group is performing final trial runs to confirm their readiness for live transactions through FedNow, which is set to launch in late July, but no official date has been set.
Federal financial institution regulatory agencies, including the NCUA, Thursday jointly issued a final policy statement on commercial real estate (CRE) loan accommodations and workouts. The NCUA also issued a Letter to Credit Unions explaining the purpose and impact of the statement.
In June, NAFCU led the fight against the re-introduced interchange legislation. Additionally, the NCUA announced it was seeking comments on raising the operating fee exemption threshold for credit unions with $2 million or less in assets.
The Federal Financial Institutions Examination Council (FFIEC), which includes the NCUA, yesterday announced that mortgage lending data from 2022 is now available. That data encompasses transactions reported under the Home Mortgage Disclosure Act (HMDA) by nearly 4,500 financial institutions – including credit unions.
Consumer experience futurist, award-winning speaker, and author Blake Morgan delivered Thursday’s keynote address at Engage 2023: NAFCU’s Annual Conference – providing insights into consumer trends and strategies to serve the customer of the future.
Yesterday, results from the NAFCU and Gallagher Executive Compensation & Benefits survey were revealed at Engage 2023: NAFCU’s Annual Conference. The full report will be available for credit unions next week. NAFCU and Gallagher have partnered on this survey and report for more than a decade, providing the industry with comprehensive data on executive salaries, bonuses, benefits, and more.
Engage 2023: NAFCU’s Annual Conference continued yesterday with several information-packed sessions throughout the day – from covering the economy, to member experience, cyber risk management, and more.
The NCUA has extended the deadline to apply for Community Development Revolving Loan Fund (CDRLF) grants to July 7. The agency plans to administer $3.5 million to the most-qualified applicants during this round, and is also piloting two new grant initiatives. The agency reminded credit unions to review eligibility requirements before applying.
NAFCU’s offices will be closed Monday and Tuesday in observance of Independence Day. Credit union members will still have access to the association’s website for resources as well as regulatory and legislative updates on key issue areas.
