Also: Ranking lawmakers, Fox News added to Caucus; CU membership exceeds 118M in Q2



NAFCU TODAY | The News You Need Daily.

September 5, 2019



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Hood: NCUA to phase in FOM rule, propose rule for urban core issue [ [link removed] ]
Following the NCUA's recent victory in the lawsuit brought by the American Bankers Association (ABA) challenging the agency's 2016 field of membership (FOM) rule, NCUA Chairman Rodney Hood said the agency "will take a phased approach" to implement the rule and will propose a rulemaking to address concerns related to eliminating the urban-core requirement for local communities based on core based statistical areas.


NAFCU adds lawmakers to Caucus schedule; Fox's Stirewalt to close conference [ [link removed] ]
The countdown to NAFCU's Congressional Caucus is on, and House Financial Services Committee (HFSC) Chairwoman Maxine Waters, D-Calif., Senate Banking Committee Ranking Member Sherrod Brown, D-Ohio, and Representative Ed Perlmutter, D-Colo., have been added to the lineup of notable speakers. Fox News' Digital Politics Editor and Political Analyst Chris Stirewalt will be on hand to deliver the closing keynote.


CU members exceed 118M; assets total $1.52T [ [link removed] ]
Federally insured credit unions have added 4.3 million members over the year and total membership is now 118.3 million, according to the NCUA's second quarter call report data. In addition, assets grew $91 billion over the year resulting in $1.52 trillion in total assets.






Why safeguards rule proposal matters to CUs [ [link removed] ]
A new NAFCU Compliance Blog post explains why a proposal to update the Gramm-Leach-Bliley Act's (GLBA) safeguards rule matters to the industry – even though it doesn't specifically apply to federally-insured credit unions – following questions from credit union compliance officers.


Court dismisses OCC charter lawsuit [ [link removed] ]
The D.C District Court dismissed another challenge to the Office of the Comptroller of the Currency's (OCC) national charter for fintech companies. The Conference of State Bank Supervisors had argued that the OCC's national charter – which would apply to companies that provide target banking services but do not take deposits – goes beyond the agency's legal authority.


Beige Book: Economy expands in August; rate cut still expected [ [link removed] ]
The Federal Reserve's Beige Book revealed that the economy expanded at a modest pace throughout August, even in the face of uncertainty related to trade policy and tariffs. However, NAFCU's Curt Long indicated that, due to the threat of a recession, the association expects another 25-point rate cut from the Federal Open Market Committee later this month.



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