This
week: FASB meets on CECL; CFPB hosts advisory councils, testifies before Senate panel
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
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
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.
NAFCU 2020
Vendor Directory
Easily find the right solution providers for your
credit union!
FCC
to vote on STIR/SHAKEN implementation deadline
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
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
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
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.
