Also: NAFCU offers ways to reduce reg burdens, increase FI access to CFPB; New BSA Blast details BSA/AML updates



NAFCU TODAY | The News You Need Daily.

June 1, 2020



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This week: NAFCU monitors movement on PPP [ [link removed] ]
While the House has scheduled this week only for Committee work, the Senate returns to town seeking to advance legislation to make changes to the Small Business Administration's (SBA) paycheck protection program (PPP). Last week, the House passed H.R. 7010, the Paycheck Protection Program Flexibility Act of 2020, by a 417-1 vote.


NAFCU offers ways to reduce reg burden, improve access to FIs to CFPB [ [link removed] ]
NAFCU's Kaley Schafer Friday offered several recommendations to the CFPB's Taskforce on Consumer Financial Law "to alleviate regulatory burdens, improve access for consumers, and mitigate ambiguities." The bureau in March issued a request for information (RFI) to inform the efforts of the taskforce as it looks for ways to improve and strengthen consumer financial laws and regulations.


BSA Blast details updated FFIEC guidance, FinCEN enforcement action [ [link removed] ]
A new edition of NAFCU's BSA Blast – in its user-friendly digital format with direct links to each section – is now available on the NAFCU website. The May issue features a review of recent guidance added to the Bank Secrecy Act (BSA)/Anti-Money Laundering (AML) Examination Manual and a summary of a recent Financial Crimes Enforcement Network (FinCEN) enforcement action holding the former chief operational risk officer personally liable for continued BSA violations.






NAFCU supports NCUA efforts to ensure access to military members [ [link removed] ]
As bankers continue to push attacks on the NCUA in an effort to stifle competition, NAFCU remains steadfast in its support of NCUA efforts to ensure military members are properly accounted for when determining a low-income credit union (LICU) designation.


NAFCU, trades urge FCC to address 'erroneous' call blocking [ [link removed] ]
In response to a Further Notice of Proposed Rulemaking (FNPR), NAFCU joined with other financial trade associations to urge the Federal Communications Commission (FCC) to "promptly initiate a rulemaking to implement other, critically important provisions of the TRACED Act that require the Commission to address erroneous blocking or mislabeling of legitimate calls."


Small biz data collection plan could be impacted by COVID-19, says CFPB [ [link removed] ]
The CFPB provided a status update to the California federal district court on its efforts to implement Section 1071 of the Dodd-Frank Act requiring financial institutions to collect and report on data related to small business lending. The report is part of the bureau's stipulated settlement agreement in a lawsuit brought by the California Reinvestment Coalition, National Association for Latino Community Asset Builders, and two individual small business owners.


CFPB study examines retirement preparedness [ [link removed] ]
A new study from the CFPB examining the spending and resources of people who retired between 1992 and 2014 found that nearly half of all retirees did not have the ability to maintain the same spending level for five years after retiring, which "are, on average, retirees' most expensive years."


CFPB to offer new financial education webinar series [ [link removed] ]
The CFPB is offering several webinars this month geared toward financial education featuring the bureau's resources for consumers and youth.



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