Also: Bills to eliminate CECL, extend TDR relief introduced; FinCEN answers FAQs on customer due diligence

NAFCU Today
The News You Need Daily
 

August 4, 2020

NAFCU to OCC: Don't impair FI trust, stability with unvetted charters
NAFCU's Andrew Morris Monday reiterated the association's concerns regarding the Office of the Comptroller of the Currency's (OCC) efforts to create specialized charters, arguing that regulators "should not give preference to fintech as a new model of banking ready to replace traditional institutions, but rather seek to modernize traditional supervisory frameworks."

Bills to eliminate CECL, extend TDR relief introduced in House; FFIEC releases statement on accommodations
House Financial Services Committee Member Blaine Luetkemeyer, R-Mo., has introduced two bills that would reduce credit unions' regulatory burdens: One would eliminate regulatory requirements to comply with the Financial Accounting Standards Board's (FASB) current expected credit loss (CECL) standard, and one to extend relief provided in the CARES Act for troubled debt restructurings (TDRs) to March 2021.

FinCEN releases additional customer due diligence FAQs
The Financial Crimes Enforcement Network (FinCEN) Monday issued three frequently asked questions on customer due diligence (CDD) requirements for covered financial institutions. The FAQs, released in collaboration with the federal functional regulators, cover issues related to risk-based procedures, the customer's risk profile, and on-going monitoring.


FREE Webinar: Export Financing for Your Small Business Members
Review best practices for leveraging the Export-Import Bank of the United States' (EXIM) Working Capital Loan Guarantee to support your small business member exporters while minimizing risk.

Register Now

NCUA chairman encourages CUs to participate in diversity self-assessment
In a Letter to Credit Unions issued Monday, NCUA Chairman Rodney Hood encouraged credit unions to complete the voluntary Credit Union Diversity Self-Assessment to show their commitment to diversity, equity and inclusion (DEI) efforts and evaluate diversity programs and practices.

NAFCU, trades flag underwriting concerns related to student loan debt
NAFCU Monday joined with more than a dozen other trade groups representing various housing market stakeholders to voice concerns about the Federal Housing Administration's (FHA) current calculation of student loan debt "disqualifying otherwise creditworthy borrowers by using a formulaic calculation in lieu of the actual monthly obligation that appears on the credit report."

NAFCU details concerns with CFPB's supplemental debt collection proposal
NAFCU Senior Regulatory Affairs Counsel Kaley Schafer yesterday sent the CFPB a letter in response to its supplemental notice of proposed rulemaking on debt collection practices pertaining to time-barred debt. Schafer urged the CFPB to exclude credit unions from any rulemaking and reiterated that credit unions are not debt collectors as defined in the Fair Debt Collection Protection Act (FDCPA), nor do they participate in abusive debt collection practices.

Virtual Reg School resumes with sessions on Reg Z, TILA, RESPA
NAFCU's Virtual Regulatory Compliance School resumes today, with sessions on a number of key issues, including Regulation Z and mortgage origination rules under TILA and RESPA. Of note, additional testing availability has been extended to Friday for those attendees working to earn the NAFCU Certified Compliance Officer (NCCO) designation.


Hear keynote Condoleezza Rice at NAFCU's Virtual Congressional Caucus
Plus advocate for CUs via conference call to help lawmakers understand why and how to fight on our industry's behalf. Learn more now.

The Evolution of Managed Retirement Accounts
Did you know that almost 70% of new participants elect target-date funds as their sole investment option? Watch now to learn about how managed accounts are changing retirement savings.

 
 NAFCU CALENDAR
AUG
4 - 7
Virtual Regulatory Compliance School
#ComplianceSchool
AUG
5
Export Financing for Your Small Business Members
Complimentary Webinar
AUG
6
Bankruptcy Essentials
Webinar
AUG
7
Comments Due to NAFCU: IRS - Tax on Excess Tax-Exempt Organization Executive Compensation
Important Regulatory Date
AUG
7
Comments Due to NAFCU: CFPB - Qualified Mortgage Definition (Extension of Sunset Date)
Important Regulatory Date

 
 

 

 

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