Also: NAFCU stresses prudent budget management to NCUA; CFPB finalizes amendments to records, info disclosure



NAFCU TODAY | The News You Need Daily.

October 30, 2020



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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 related to SBA loan programs, student lending, financial regulator supervisory guidance, and federal housing finance efforts.


NAFCU reiterates call for prudent budget management in response to CU fees proposal [ [link removed] ]
In response to the NCUA's notice of proposed rulemaking on fees paid by credit unions, NAFCU's Kaley Schafer shared the association's support for the proposal, highlighting that it "provides greater certainty to federal credit unions (FCUs) on operating fees owed and accurately portrays total assets." As proposed, the rule would exclude any loan an FCU reports under the paycheck protection program (PPP) or similar future programs from total assets.


CFPB amends rule related to records, information disclosure [ [link removed] ]
The CFPB Thursday issued a final rule to amend its Disclosure of Records and Information Regulation. In response to the bureau's request for comment on the proposed amendments in 2016, NAFCU sought clarification for the enhanced discretion to share information and how it would enable better cooperation with other agencies.






NAFCU Large CU Summit brings leaders together to discuss priorities [ [link removed] ]
NAFCU hosted a Large Credit Union Summit Thursday that brought together leaders from several member credit unions to discuss key issues affecting their institutions and industry as a whole. In addition, the group heard from NCUA representatives.


ECU Monitor: CFPB's small biz data collection proposals would raise CUs' costs [ [link removed] ]
The October edition of NAFCU's Economic & CU Monitor report – now available for download – found most credit unions expect they will need to charger higher fees on certain business products and credit products to manage compliance costs incurred if the CFPB’s Small Business Regulatory Enforcement Fairness Act (SBREFA) outline of proposals related to Section 1071 of the Dodd-Frank Act are finalized.


This week in compliance: FinCEN advisory, CFPB consent order, latest hemp banking guidance [ [link removed] ]
As credit unions work to meet the needs of more than 122 million Americans during the coronavirus pandemic, NAFCU's award-winning Regulatory Compliance Team continues to keep credit unions informed with new posts on the Compliance Blog every Monday, Wednesday, and Friday.


Litigation risks, SARs on agenda as Compliance Seminar concludes today [ [link removed] ]
NAFCU Virtual Regulatory Compliance Seminar attendees will remain focused on one of two tracks – Compliance or Bank Secrecy Act (BSA) – as the conference concludes today. New this year, attendees had the opportunity to choose between the tracks to dive deeper into specific issues related to their roles.


GDP Q3 estimate reveals 'undeniably encouraging' rebound [ [link removed] ]
The Commerce Department Thursday released its first estimate of economic activity for the third quarter, which showed a 33.1 percent rebound. A new NAFCU Macro Data Flash report highlighted that "the March to May dip was the most severe in history, while the recovery thereafter was also similarly record-breaking."



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