Also: CU membership, assets grow in Q1; FI regulators offer guidance on LIBOR transition



NAFCU TODAY | The News You Need Daily.

July 2, 2020



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NAFCU-sought items for CECL, FOM, more on NCUA's rulemaking agenda [ [link removed] ]
Administrative agencies – including the NCUA and CFPB – have released their spring regulatory agendas, which feature several items that NAFCU has been advocating for, as well as others that have already been introduced or included on previous rulemaking agendas.


CUs see continued membership, asset growth in Q1 [ [link removed] ]
Membership at federally-insured credit unions reached 121.4 million – representing 3.5 percent growth over the year – according to the NCUA's first quarter call report data. In addition, assets rose $132 billion over the year and ended the first quarter at $1.64 trillion.


NCUA, FI regulators issue guidance on LIBOR transition [ [link removed] ]
Federal financial regulators, including the NCUA, issued an interagency statement Wednesday to highlight risks resulting from the transition away from the London Inter-bank Offered Rate (LIBOR) for consumers and regulated entities. LIBOR is set to stop publishing after 2021 and the Secured Overnight Financing Rate (SOFR) has been identified as its alternative.






NAFCU recommends PPP loan forgiveness improvements to SBA [ [link removed] ]
NAFCU Senior Regulatory Affairs Counsel Kaley Schafer reiterated the association's recommendations to improve the forgiveness process for paycheck protection program (PPP) loans, including by granting automatic forgiveness for loans under $150,000, following the Small Business Administration's revised interim final rules (IFRs) on the issue.


NAFCU discusses call labeling, blocking efforts with FCC [ [link removed] ]
NAFCU and other financial services industry trade groups this week spoke with staff from Federal Communications Commission (FCC) Chairman Ajit Pai's and Commissioner Michael O'Rielly's offices on the agency's efforts to target illegal robocalls.


Share your feedback on NCUA's annual reg review via the NAFCU Networks [ [link removed] ]
The NCUA's annual regulatory review process – evaluating one-third of current regulations for regulatory burdens, administrative hurdles, and clarity – is currently underway. In new posts across several of the NAFCU Networks, NAFCU Senior Regulatory Counsel Elizabeth LaBerge asks participants to share their thoughts and suggestions on rules specifically relating to their roles.


New Compliance Roadmap helps CUs navigate complex regs [ [link removed] ]
NAFCU's Credit Union Compliance Roadmap – formerly the Credit Union Compliance GPS – has been redesigned with a new clean and modern look to ensure credit unions can easily navigate a complex regulatory environment. The resource, a must-have for credit union compliance professionals, is now available online.


FOMC minutes highlight value of existing fiscal support, indicate more guidance coming [ [link removed] ]
Members of the Federal Open Market Committee (FOMC) – the Federal Reserve's monetary policy-setting arm – agreed that recently enacted fiscal policy programs had been delivering valuable direct financial aid to households, businesses, and communities, and also provided relief to disadvantaged groups, according to minutes from the committee's June videoconference meeting.


NAFCU closed July 3 for Independence Day [ [link removed] ]
NAFCU will be closed tomorrow in observance of Independence Day, but members will still have access to the association's website for resources and upcoming events. NAFCU Today will resume publication Monday, July 6.



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