Elevate your advocacy with new issue briefs
As credit unions gear up for NAFCU's Virtual Congressional Caucus – less than a week away – and the 2020 presidential election, the association has developed new, in-depth issue briefs on key industry issues to bolster advocacy efforts. The briefs cover coronavirus pandemic relief priorities, Bank Secrecy Act (BSA)/anti-money laundering (AML) regime reforms, defense credit union issues, and the credit union difference.

NAFCU-sought PPP forgiveness provision included in revised Senate relief package
Senate Republicans Tuesday introduced a revised version of its "skinny" proposal for a Phase 4 coronavirus relief package. The revised bill includes NAFCU-sought language from S. 4117, the Paycheck Protection Program Small Business Forgiveness Act, to help simplify the Small Business Administration's (SBA) paycheck protection program (PPP) forgiveness process for loans $150,000 and under. NAFCU has continuously urged the SBA and Congress to simplify the loan forgiveness process for smaller loans and called for additional clarity on provisions related to the PPP that would be necessary to help streamline any future rules.

NAFCU's new VP of Education talks redeveloped offerings on CUbroadcast
Joining CUbroadcast, NAFCU Vice President of Education Jennifer Beylard shared how the association pivoted nimbly and quickly amid the coronavirus pandemic to redevelop and improve its educational offerings. These changes provided credit unions with timely content and resources.

You still have time to save $250 on NAFCU's Online Training Subscriptions
Use code SUMMER before September 18 to take advantage of year-round compliance training for your entire staff.

Lawmakers discuss diversity issues with FI regulators
The House Financial Services Subcommittee on Diversity and Inclusion Tuesday held a hearing with representatives from various financial institution regulators, including the NCUA, and explored ways to ensure the financial services industry is representative of the U.S. population.

NAFCU Reg Committee discusses NCUA, CFPB proposed rules
NAFCU's Regulatory Committee met yesterday to discuss initiatives and rulemaking efforts underway at the NCUA, including the agency's proposed rule to create a three-year phase in of the Financial Accounting Standards Board's (FASB) current expected credit loss (CECL) standard and a proposal to exclude from total assets any loan a federal credit union reports under the Small Business Administration’s (SBA) paycheck protection program (PPP) for the purpose of calculating the annual operating fee, as well as important updates from other agencies.

HUD finalizes disparate impact rule
The Department of Housing and Urban Development (HUD) issued its final rule to amend the Fair Housing Act's disparate impact standard. Consistent with NAFCU's recommendation, the final rule aligns standards for disparate impact claims more closely with a 2015 Supreme Court decision. NAFCU supports strong and effective fair lending rules for credit unions that are responsive to technological change and will continue to work with HUD to ensure credit unions concerns are heard.

Deadline to apply for CFPB tech sprint Friday
The CFPB's first-ever tech sprint focused on electronic disclosures – part of its efforts to reduce financial institution regulatory burden and improve consumer understanding of financial services – is happening next month, but those interested in participating on a team have until Friday to apply.