Fed
works to improve real-time payments at NAFCU's urging
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
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
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.
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Compliance
Blogs tackle HELOC requirements
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
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."
