Also: NCUA issues risk alert on email fraud; CUs make grassroots advocacy push



NAFCU TODAY | The News You Need Daily.

August 6, 2019



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Fed works to improve real-time payments at NAFCU's urging [ [link removed] ]
Yesterday, Federal Reserve Governor Lael Brainard announced the central bank's plans to develop a real time gross settlement service, called FedNow Service. NAFCU has pressed the central bank to play an operational role in efforts to modernize the nation's payment system.


NCUA flags rise in email fraud [ [link removed] ]
The NCUA sent a risk alert to credit unions Monday, warning the industry of the rise in business email compromise (BEC) fraud schemes and potential related losses. Regulators are targeting this type of fraud, which recent data from the Financial Crimes Enforcement Network (FinCEN) revealed that BEC scams led to more than $300 million stolen a month in 2018 – more than three times what was reported in 2016.


Join NAFCU in becoming a credit union advocate [ [link removed] ]
Credit unions looking to connect with their representatives and senators during Congress' August recess are encouraged to use NAFCU's Grassroots Action Center. Grassroots advocacy is an important way to let lawmakers know what issues are important among their constituents and how their decisions can impact their communities.






Compliance Blogs tackle HELOC requirements [ [link removed] ]
The two most recent posts in NAFCU's Compliance Blog tackle requirements related to home equity lines of credit (HELOCs), including disclosures and advertising. In addition, HELOC will be covered during a new advertising workshop at NAFCU's Regulatory Compliance Seminar happening Oct. 1-4 in Savannah, Ga.


Lending standards tighten in new Fed survey [ [link removed] ]
The Federal Reserve Monday released its second-quarter senior loan officer opinion survey (SLOOS), which NAFCU Chief Economist and Vice President of Research Curt Long said "reinforces the growing divergence between the relatively sanguine economic story at the household level – where balance sheets and loan demand are solid – and financial markets."



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