Also: Treasury releases CECL study; This week's top need-to-know news



NAFCU TODAY | The News You Need Daily.

September 18, 2020



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NCUA flags pending NCUSIF invoices, offers appraisal, CIP relief [ [link removed] ]
The NCUA Board took action Thursday to provide credit unions with some relief under real estate appraisal requirements, as well as Bank Secrecy Act (BSA) customer identification program (CIP) requirements. In addition, as the industry has seen strong share growth through the first half of 2020, the agency will soon be sending National Credit Union Share Insurance Fund (NCUSIF) invoices to more than 2,000 credit unions.


Treasury: More study needed on CECL's impact [ [link removed] ]
The Treasury Department this week released a study on the current expected credit loss (CECL) standard – as required by Congress – to determine if any changes are needed to financial institutions' regulatory capital requirements. CECL is set to take effect for credit unions in 2023; NAFCU has long held that credit unions should be exempt from the standard due to their unique capital framework.


5 things to know this week [ [link removed] ]
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 efforts to obtain PPP relief, an update on the CFPB's CUAC, and more.






NAFCU-sought GLBA exemption expanded in ULC's draft data privacy law [ [link removed] ]
NAFCU Senior Regulatory Counsel Elizabeth LaBerge Thursday attended the Uniform Law Commission's (ULC) livestream meeting – held in place of its 2020 Annual Conference – where the ULC's Collection and Use of Personally Identifiable Data Act was read by its drafting committee. The draft act includes a NAFCU-sought expansion of the exemption for financial institutions covered by the Gramm-Leach-Bliley Act (GLBA) – which would reduce the compliance burden on credit unions if the draft act is adopted in their state.


FinCEN moves to strengthen AML programs [ [link removed] ]
The Financial Crimes Enforcement Network (FinCEN) this week issued two notices related to anti-money laundering (AML) programs: One is a final rule to remove an AML program exemption for certain banks that lack a federal function regulator, and the other is an advance notice of proposed rulemaking (ANPRM) to gather public feedback on potential improvements to AML programs.


CUs: Gain skills to manage risk with NAFCU conference [ [link removed] ]
In light of the coronavirus pandemic, recognizing and tackling evolving credit unions risks is more important than ever. NAFCU's upcoming Virtual Risk Management Seminar is designed to equip credit unions with the skills and tools needed to better identify, assess and manage risk at an enterprise level.


NAFCU details proposed changes to interagency flood insurance Q&As in new Reg Alert [ [link removed] ]
In a new Regulatory Alert to members, NAFCU detailed the proposed updated flood insurance Q&As issued by the federal financial regulators – including the NCUA – that are intended to reduce lenders’ compliance burden under federal flood insurance laws. Credit unions are encouraged to submit feedback on the revisions to NAFCU by Oct. 19; comments on the proposal are due to the NCUA Nov. 3.


New on the Compliance Blog: Mortgage disclosures, HUD’s disparate impact rule, more [ [link removed] ]
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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