Also: House sends short-term funding deal to Senate; GAO recommends FinCEN expand access to BSA reports
NAFCU TODAY | The News You Need Daily.
September 23, 2020
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NAFCU advises NCUA against NCUSIF premium, calls for more investment opportunities [ [link removed] ]
Following last week's NCUA meeting during which the agency discussed the impact of the coronavirus pandemic on credit unions' share growth and the National Credit Union Share Insurance Fund's (NCUSIF) equity ratio, NAFCU's Curt Long advised the NCUA Board to consider measures to allow credit unions additional investments – even on a temporary basis – rather than assess a premium to lower the ratio.
House passes deal to avert gov't shutdown [ [link removed] ]
After House Democrats' short-term funding proposal released earlier this week received pushback, Speaker of the House Nancy Pelosi, D-Calif., and Treasury Secretary Steven Mnuchin – who's leading the administration's funding negotiations – continued negotiations and reached a bipartisan deal Tuesday evening to fund the government through Dec. 11. The House passed the measure last night; the Senate is expected to approve it later this week.
New report calls for greater law enforcement access to BSA reports [ [link removed] ]
The Government Accountability Office (GAO) Tuesday released a new report reviewing law enforcement agencies' use of Bank Secrecy Act (BSA) reports and the cost of BSA compliance for financial institutions. NAFCU is an ardent advocate for BSA/anti-money laundering (AML) modernization, and has previously shared with the Financial Crimes Enforcement Network (FinCEN) ways to improve information sharing between financial institutions and law enforcement.
NAFCU's Thaler outlines data privacy principles, urges national standard ahead of hearing [ [link removed] ]
Ahead of today's Senate Commerce Committee hearing reviewing the need for federal data privacy legislation, NAFCU Vice President of Legislative Affairs Brad Thaler reiterated NAFCU's call for national data privacy and security standards and explained the urgent need to protect consumer information.
Mnuchin, Powell discuss PPP issues during testimony [ [link removed] ]
Treasury Secretary Steven Mnuchin and Federal Reserve Board Chairman Jerome Powell Tuesday addressed concerns related to the paycheck protection program (PPP) during a House Financial Services Committee hearing to examine the agencies' response to the pandemic.
Register now: Reg Compliance Seminar offers advanced training in BSA, existing trends, more [ [link removed] ]
As regulatory trends continue to evolve, credit union compliance professionals can sharpen Bank Secrecy Act (BSA) and compliance knowledge with advanced training at NAFCU’s Virtual Regulatory Compliance Seminar happening Oct. 27-30.
Existing-home sales continue rise in August, reach highest level since 2006 [ [link removed] ]
Existing-home sales continued to rise in August, reaching a seasonally-adjusted rate of six million units and marking its highest level on record since December 2006. This represents a 10.5 percent increase in sales versus a year ago.
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