This
week: NAFCU monitors movement on PPP
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
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
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's State of the Industry - A Virtual
Event
Get the data, trends and takeaways you need now to keep your
operations strong.
NAFCU
supports NCUA efforts to ensure access to military members
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
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
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
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
The CFPB is offering
several webinars this month geared toward financial education featuring the bureau's resources for consumers and youth.
