DoD
cites NAFCU, DCUC as it makes key change for MLA relief
The Department
of Defense (DoD) is reverting language for Question No. 2 of the department's
interpretive guidance to the Military Lending Act (MLA) rule to how it was initially
written in 2016, which provides some relief related to guaranteed asset protection
(GAP) insurance. NAFCU and the Defense Credit Union Council (DCUC) had pressed
the DoD – through meetings and letters – to completely rescind the question
because of the confusion it has created for credit unions and their third-party
vendors. While this is a good step, NAFCU's initial analysis notes there is more work to be done.
NAFCU
fires back against banker attacks in message to the Hill
In response
to the recent banker attacks lodged against credit unions, NAFCU Vice President
of Legislative Affairs Brad Thaler set the record straight in a message to lawmakers on Capitol Hill this week.
3
things CU leaders need to know
NAFCU's widely-read NAFCU Today
is credit union leaders' go-to source for the latest on issues impacting
the credit union industry. For those short on time, here's a roundup of this
week's top need-to-know news bits.
Time is running out to enter!
Nominate your
CU for a NAFCU Annual Award by 3/6
NAFCU
closely monitoring coronavirus
The Centers for Disease Control and
Prevention (CDC) earlier this week provided an update on the spread of the coronavirus
also being referred to as COVID-19, as new cases were confirmed in Italy, Iran
and South Korea. NAFCU is closely monitoring the situation on a daily basis and
encourages its members and stakeholders to follow government updates to stay informed
of the newest developments and guidance.
Kossachev:
CU-sought TCPA reforms would improve illegal robocall blocking efforts
NAFCU Director of Regulatory Affairs Ann Kossachev, while speaking on a panel
about the implementation of the Telephone Robocall Abuse Criminal Enforcement
and Deterrence (TRACED) Act, flagged that several credit unions have seen their
legitimate calls blocked as voice service providers work to eliminate illegal
robocalls. NAFCU previously shared concerns about this aggressive call blocking
directly with the Federal Communications Commission (FCC).
America
Saves Week: American Airlines Federal CU commits to members' financial wellness
As part of America Saves Week, NAFCU is highlighting the efforts of member credit
unions with strong financial education programs that encourage members to save
and strengthen their personal finances. Today, learn more about American Airlines
Federal Credit Union's Financial Wellness Program and the tools used to improve members' finances.
Data
collection, credit access, more on CUAC agenda
The CFPB's advisory
councils will meet in Washington March 11-12 to discuss various efforts currently
underway at the bureau, including small business lending data collection, preventing
elder financial fraud, and more. Three representatives from NAFCU-member credit
unions currently serve on the Credit Union Advisory Council (CUAC).
Deadline
extended: Celebrate outstanding CUs, staff with NAFCU Annual Awards
Is there a top performer at your credit union? Has your institution gone above
and beyond to support members? NAFCU members now have until March 6 to submit
entries to recognize that hard work through NAFCU's 2020 Annual Awards Competition.
The awards honor association member credit unions, professionals, and volunteers
for their dedication and achievement within their institutions, communities, and the industry.
Q4
GDP unchanged in 2nd estimate; NAFCU predicts Q2 rate cut
Fourth quarter
economic growth remained at its third-quarter pace of 2.1 percent according to
the Commerce Department's second estimate. NAFCU Chief Economist and Vice
President of Research Curt Long attributed the growth to "consumer spending,
which slowed modestly, trade, and government spending."
