4 things to know this week
NAFCU's widely-read NAFCU Today is credit union leaders' go-to source
for the latest on issues impacting the credit union industry. For those short
on time, here's a roundup of this week's top need-to-know news, including
NAFCU's participation at the Federal Housing Finance Agency's (FHFA)
listening session on its capital proposal, the Senate's failed vote on a
"skinny" relief package, and more.
Thaler
calls CU leaders to action ahead of NAFCU's Congressional Caucus
With NAFCU's Virtual Congressional Caucus kicking off on Monday, the association's
Vice President of Legislative Affairs Brad Thaler penned an op-ed in CU Today
calling credit union leaders to action to advocate for the nation's servicemembers.
Real
estate appraisals, BSA exemption among items on NCUA agenda
The NCUA
Board next week is set to issue a final rule related to real estate appraisals
and an exemption under the Bank Secrecy Act's (BSA) customer identification
program (CIP). The board will also receive a briefing on the National Credit Union
Share Insurance Fund's (NCUSIF) quarterly report and an update on the Modern
Examination and Risk Identification Tool (MERIT).
You still have time to save $250 on NAFCU's
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NAFCU:
More details needed to encourage CU adoption of FedNow Service
In response
to the Federal Reserve's recent update on the FedNow Service, NAFCU Senior
Counsel for Research and Policy Andrew Morris Thursday shared credit unions'
feedback with the board. Since the announcement of the program, NAFCU has continuously
worked with member credit unions to understand what they would like out of the system.
New
Compliance Monitor features flood insurance basics, FAQs
The new edition
of NAFCU's Compliance Monitor – available now in its digital format –
features a breakdown of flood insurance for originations as hurricane season remains
in full force. In addition, the Monitor flags recent guidance issued from the
Internal Revenue Service (IRS) on the implementation of a payroll tax deferment
and answers some recent questions the Compliance Team has received.
CUs
see strong share growth, 1st mortgage loan originations
Credit unions
saw share growth reach its highest level on record in the second quarter, according
to NAFCU's new CU Industry Trends report. In addition, loan growth remained
stable amid the first few months of the coronavirus pandemic, bolstered by first mortgage real estate loans.
New
on the Compliance Blog: RFPA exceptions, credit card penalty fees
As
credit unions work to meet members' needs during the coronavirus pandemic
and start to restore normal operations, NAFCU's award-winning Regulatory
Compliance Team will continue to keep credit unions informed with new posts on the
Compliance Blog every Monday, Wednesday, and Friday.
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