NCUA
flags pending NCUSIF invoices, offers appraisal, CIP relief
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
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
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's
Credit Union Compliance Roadmap is now available!
NAFCU's Credit
Union Compliance GPS is now the Credit Union Compliance Roadmap. Download a sneak
peek today!
NAFCU-sought
GLBA exemption expanded in ULC's draft data privacy law
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
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
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
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
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.
