Fed
on Reg D transfer limit: No plans to re-impose
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
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
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.
See
what's trending in the NAFCU Human Resources Network
Free, member-only
online community for credit union HR professionals and those that serve the HR
function.
NAFCU
pushes back on banker efforts to limit CU service to low-income individuals, military members
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
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
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
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
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
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
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.
