NAFCU-sought
items for CECL, FOM, more on NCUA's rulemaking agenda
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
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
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.
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
recommends PPP loan forgiveness improvements to SBA
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
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
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
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
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
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.
