NAFCU Vice President of Legislative Affairs Brad Thaler Wednesday wrote to the House Veterans’ Affairs Subcommittee on Economic Opportunity and Senate Banking Committee ahead of today’s hearings regarding veterans' economic and financial wellness. Thaler offered support for the Veterans Members Business Loan Act, which would exempt loans made to veterans from the credit union member business lending (MBL) cap and has been introduced in both chambers.
The Federal Open Market Committee (FOMC) concluded its two-day meeting yesterday, where the committee maintained the target range for the federal funds rate between 5.25 to 5.5 percent for the second time.
NAFCU Senior Counsel for Research and Policy Andrew Morris sent a letter to Acting National Cyber Director Kemba Walden in support of “harmonization of cybersecurity regulations to reduce inconsistency and administrative burden for federally insured credit unions (FICUs).” The Office of the National Cyber Director (ONCD) issued a request for information on the topic.
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The voting period for the proposed merger of CUNA and NAFCU closed Wednesday at 5 p.m. ET. Members and industry stakeholders will be notified of the results via email once ballot tallies are finalized by each organization’s independent ballot provider.
NAFCU sent member credit unions a Regulatory Alert Wednesday detailing the NCUA’s proposed rule to implement provisions of the Fair Hiring in Banking Act and codify the Second Chance Interpretive Ruling and Policy Statement (IRPS). The association noted all federal credit unions would be impacted by the proposal, which would “allow persons convicted of certain crimes to be employed at credit unions without requesting a waiver from the Board.”
As credit unions work to meet the needs of more than 138 million Americans, NAFCU's award-winning regulatory compliance team continues to keep credit unions informed with new posts on the Compliance Blog every Monday and Wednesday.
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