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

NAFCU advises NCUA against NCUSIF premium, calls for more investment opportunities
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
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
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 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!

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NAFCU's Thaler outlines data privacy principles, urges national standard ahead of hearing
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
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
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
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.


Must-attend lending event
Gain best practices, strategies and ideas for pushing your credit union's lending pipeline through the recession. Attend NAFCU's Virtual Lending Conference. View the agenda.

2 Life Insurance Myths Are Putting Your Members at Risk
COVID brings new urgency to the importance of Life Insurance Awareness Month, and Life Insurance Awareness Month is a great time to debunk them.

 
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Diversify Your Portfolio with Student Loan Refinancing and Participations
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Comments Due to NAFCU: CFPB - Seasoned Qualified Mortgage Definition
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The FraudClassifier Model: Better Fraud Data and Defense
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