Also: Berger outlines CU needs, concerns in letter to Congress; Economic updates, PPP fraud, more on COVID-19 efforts



NAFCU TODAY | The News You Need Daily.

May 15, 2020



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Fed on Reg D transfer limit: No plans to re-impose [ [link removed] ]
Following NAFCU President and CEO Dan Berger's request that the Federal Reserve clarify its recent interim final rule eliminating the six-per-month transfer limit between savings and checking accounts under Regulation D is permanent, the Fed released a new set of FAQs that said the board "does not have plans to re-impose transfer limits."


NAFCU's Berger details CU perspective on HEROES Act [ [link removed] ]
Ahead of an expected House vote on the measure today, NAFCU President and CEO Dan Berger Thursday wrote to House leadership to share credit unions' perspective on the proposed Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act. House Democrats unveiled the $3 trillion proposal for the next phase of coronavirus relief earlier this week.


5 things to know on coronavirus [ [link removed] ]
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 updates and resources related to the coronavirus pandemic related to the economy, paycheck protection program (PPP) fraud, housing, and more.






NAFCU pushes back on banker efforts to limit CU service to low-income individuals, military members  [ [link removed] ]
NAFCU Vice President of Legislative Affairs Brad Thaler yesterday pushed back against bank trade associations' criticism of the NCUA's recent effort to allow certain members of the military to be considered when determining a low-income credit union (LICU) designation. 


Overdraft, prompt corrective action among items on NCUA agenda [ [link removed] ]
The NCUA Board next week is set to issue two interim final rules: An interim final rule on overdraft and an interim final rule on prompt corrective. During Thursday's meeting, set to begin at 10 a.m. Eastern via livestream, the board will also propose a rule on the joint ownership of share accounts and be briefed on the National Credit Union Share Insurance Fund's (NCUSIF) quarterly report.


Berger on CUInsight: NAFCU, CUs adapt to meet member needs amid pandemic  [ [link removed] ]
NAFCU President and CEO Dan Berger joined CUInsight's Lauren Culp this week to discuss how the association and credit unions are adapting to meet the needs of members during the coronavirus pandemic.


NAFCU urges SBA to issue necessary guidance on PPP [ [link removed] ]
NAFCU Regulatory Affairs Counsel Kaley Schafer sent a letter to the Small Business Administration (SBA) urging the SBA to issue additional guidance to ensure credit unions can properly assist their members and provide loans through the paycheck protection program (PPP).


NAFCU calls for call labeling standardization, transparency [ [link removed] ]
As NAFCU continues to share with the Federal Communications Commission (FCC) its concerns that credit unions' legitimate communications with members are being mislabeled and erroneously blocked under recent efforts to combat illegal robocalls, NAFCU's Elizabeth LaBerge urged the FCC to "ensure complete transparency of call labeling to calling parties, effective redress mechanisms for incorrectly labeled calls and the accurate labeling of a caller's identity."


New on the Compliance Blog: Compliance outlook, elder financial abuse, UDAAP, more [ [link removed] ]
NAFCU's award-winning Compliance Team is working around the clock to publish new Compliance Blog posts daily, Monday-Friday, to keep credit unions informed of important regulatory updates during the coronavirus pandemic. Here is a roundup of this week's blog posts.


Harbin, Kennedy to join NAFCU Board; Kenyon, Schlehuber, DeWitt reelected [ [link removed] ]
NAFCU's 2020 Board of Directors election ended Wednesday and saw James Kenyon (President/CEO, Whitefish Credit Union, Montana) reelected to his at-large seat, announced NAFCU Board Secretary Gary Grinnell. In addition, Lisa Schlehuber (CEO, Elements Financial Federal Credit Union, Indiana) and Thomas DeWitt (President/CEO, State Farm Federal Credit Union, Illinois) had previously won their reelections outright for the at-large seat and Western Region Director, respectively.



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