Also: NAFCU sought-BSA reforms proposed in Senate; 2020 stress test results lead Fed to restrict banks' payouts



NAFCU TODAY | The News You Need Daily.

June 29, 2020



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This week: NAFCU committed to advocacy on NDAA, BSA/AML reform, and CFPB reform [ [link removed] ]
NAFCU's award-winning advocacy team remains active on Capitol Hill this week as the House and Senate remain in session and hold hearings. In addition to its advocacy efforts, NAFCU's complimentary Roadshow Webinar series continues this week – with events continuing through the end of July – and will hit all 50 states and U.S. territories where credit unions operate to keep the industry informed of coronavirus-related developments and state-specific insights.


Senators propose NAFCU-sought BSA reforms [ [link removed] ]
Senate Banking Committee Chairman Mike Crapo, R-Idaho, and Ranking Member Sherrod Brown, D-Ohio, last week reached an agreement on reforms to the Bank Secrecy Act (BSA)/anti-money laundering (AML) regime. NAFCU has long urged Congress to make BSA/AML reforms to reduce credit unions' reporting burden and make other improvements.


Fed restricts banks' payouts as stress tests reveal vulnerabilities [ [link removed] ]
The Federal Reserve last week moved to ensure banks remain strong enough to maintain lending throughout the coronavirus pandemic by restricting shareholder payouts and capping dividend payments. The actions follow the release of 2020 stress test results and additional sensitivity analyses amid the national emergency.






GAO report makes PPP recommendations; SBA, Treasury update FAQs [ [link removed] ]
Last week, the Government Accountability Office (GAO) released a report to Congress, as required by the CARES Act, with opportunities to improve the government response and relief efforts – including the Small Business Administration’s (SBA) paycheck protection program (PPP).


NAFCU continues roadshow series with Kentucky, West Virginia, more [ [link removed] ]
NAFCU has kept its mission of providing extreme member service a priority amid the coronavirus pandemic and social distancing practices by remaining in close contact with credit unions. Through the association's virtual roadshow, the association has reached more than 300 credit unions.


Call blocking safe harbor on FCC's July agenda [ [link removed] ]
The Federal Communications Commission (FCC) is set to consider an order and further notice of proposed rulemaking (FNPR) related to establishing a safe harbor from liability for voice service providers (VSPs) that block unwanted calls during its meeting July 16.


FI regulators revise flood insurance Q&As [ [link removed] ]
The federal financial regulators – including the NCUA – Friday proposed updated flood insurance Q&As intended to reduce lenders' compliance burden under federal flood insurance laws and are seeking public feedback on the revisions. The Q&As are related to the 2015 joint agency rule that modified regulations that apply to loans secured by properties located in special flood hazard areas.


New NAFCU Journal explores litigation landscape, advocacy [ [link removed] ]
The July-August edition of The NAFCU Journal is now available online and features articles to help credit unions assess litigation risks and strengthen advocacy efforts in order to support the industry's operating environment.



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