CUs
win as SCOTUS declines ABA's petition to hear FOM case
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
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
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).
2020
Partner Innovation Spotlight - July 8
Join Dan Berger, Randy Salser,
and other industry leaders for the latest products and services helping CUs thrive
today.
NAFCU
shares support for BSA/AML reforms, urges swift passage
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
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
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
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
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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