Also: Association calls for accountability at NCUA after OIG report, urges Fed to eliminate Reg D transaction limit
NAFCU TODAY | The News You Need Daily.
March 9, 2020
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This week: FASB meets on CECL; CFPB hosts advisory councils, testifies before Senate panel [ [link removed] ]
NAFCU's award-winning advocacy team will be busy this week as Congress is in session and there are several other regulatory events happening. The association also remains engaged in the 2020 election process and is closely monitoring how the coronavirus could impact the credit union industry and economy as a whole. Here's what is on NAFCU's radar this week.
NAFCU, CUs seek accountability at NCUA [ [link removed] ]
The NCUA Office of Inspector General (OIG) Friday released a report reviewing allegations of misconduct at a NCUA office. NAFCU President and CEO Dan Berger in response called for the agency to have better oversight and accountability to prevent similar situations from occurring in the future.
NAFCU asks Fed to remove Reg D transaction limit [ [link removed] ]
NAFCU President and CEO Dan Berger, in a letter sent Friday, urged the Federal Reserve Board to consider removing the limit imposed by Regulation D on consumers' ability to freely transfer money between savings and transaction accounts. Berger pointed to the coronavirus as a reason for the board to take such a proactive measure.
FCC to vote on STIR/SHAKEN implementation deadline [ [link removed] ]
The Federal Communications Commission (FCC) is expected to vote at its next open meeting on a proposal requiring voice service providers to implement STIR/SHAKEN – a caller identification framework meant to target illegal robocalls – by June 30, 2021. The FCC issued a declaratory ruling to allow call blocking in June 2019 and encouraged providers to adopt STIR/SHAKEN.
NAFCU supporting CU champions during 2020 elections [ [link removed] ]
With the 2020 election season well underway, NAFCU remains committed to supporting credit union champions running across the country. For credit unions looking to join NAFCU's advocacy, the association has a new resource page available and its Grassroots Advocacy Center to ensure candidates understand the issues facing the industry and our priorities.
CFPB announces new consumer harm prevention measures [ [link removed] ]
The CFPB announced Friday that the agency is taking steps to advance its strategy to prevent consumer harm, including a whistleblower award program for employees who report wrongdoings and an advisory opinion program where companies may obtain an interpretation of certain rules from the agency.
February jobs report reflects 'sturdy gains;' NAFCU expects further rate cuts [ [link removed] ]
NAFCU Chief Economist and Vice President of Research Curt Long said the February jobs report – with 273,000 jobs added – showed the labor market was "still in good shape in mid-February," with the construction sector and restaurants supporting gains. In addition, the December and January gains were revised up 37,000 and 48,000 jobs, respectively.
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