Also: Court rules CFPB structure unconstitutional, NAFCU urges it be reformed to commission; Update on litigation risks



NAFCU TODAY | The News You Need Daily.

June 30, 2020



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CUs win as SCOTUS declines ABA's petition to hear FOM case [ [link removed] ]
The U.S. Supreme Court Monday declined to hear the lawsuit brought by the American Bankers Association (ABA) against the NCUA over the agency's 2016 field of membership (FOM) rule, putting an end to years of litigation. NAFCU has stood by the NCUA throughout the lawsuit and is supportive of the agency's efforts to modernize FOM rules to ensure credit unions can effectively serve communities in need.


Supreme Court agrees with NAFCU: CFPB structure is unconstitutional [ [link removed] ]
The U.S. Supreme Court Monday issued its decision in the lawsuit brought by Seila Law challenging the CFPB's single-director structure, determining that it is unconstitutional. NAFCU has long held that the CFPB's leadership structure should be reformed to a commission-based model to ensure transparency and accountability and supported legislative efforts to do so.


Compliance Blog updates CUs on litigation risks [ [link removed] ]
In a new post on the Compliance Blog, NAFCU Vice President of Regulatory Compliance Brandy Bruyere gives an update on potential litigation risks credit unions should be aware of. In the blog, Bruyere focuses on two key issues: Indirect lending and the Fair Credit Reporting Act (FCRA).






NAFCU shares support for BSA/AML reforms, urges swift passage [ [link removed] ]
NAFCU Vice President of Legislative Affairs Brad Thaler Monday, in a letter to Senate leadership, shared the association's support for including the bipartisan Anti-Money Laundering Act of 2020 as an amendment to the fiscal year 2021 National Defense Authorization Act (NDAA), S. 4049. Senate Banking Committee Chairman Mike Crapo, R-Idaho, and Ranking Member Sherrod Brown, D-Ohio, last week introduced the proposed reforms to the Bank Secrecy Act (BSA)/anti-money laundering (AML) regime.


FinCEN updates guidance on hemp banking [ [link removed] ]
The Financial Crimes Enforcement Network (FinCEN) released guidance to address questions related to Bank Secrecy Act (BSA)/anti-money laundering (AML) regulatory requirements for hemp-related business customers. Further guidance is expected to be released once the U.S. Department of Agriculture finalizes forthcoming regulations and guidelines.


SBA, Treasury issue PPP guidance, updated lending data; Last day to apply for loans [ [link removed] ]
The Small Business Administration (SBA) and the Treasury Department have released additional guidance regarding the calculation of paycheck protection program (PPP) loan amounts. In addition, today is the last day to apply for a new PPP loan; the program currently has $134 billion of funds left.


NAFCU expresses digital currency concerns ahead of Senate Banking hearing [ [link removed] ]
Ahead of today's Senate Banking Committee hearing examining the digitization of money and payments, NAFCU Vice President of Legislative Affairs Brad Thaler wrote to committee Chairman Mike Crapo, R-Idaho, and Ranking Member Sherrod Brown, D-Ohio, to share the association's support of the idea to expand financial inclusion, but its concerns about a full move to a digital currency system.


NAFCU's State of the Industry event now available on-demand [ [link removed] ]
Last week, credit union leaders from across the nation tuned in for NAFCU's virtual State of the Industry event. This landmark event brought together credit union executives and board members to dissect current trends and examine what's coming next. 



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