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 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
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
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.
Advance your career as
a credit union leader—fast
NAFCU's Virtual Management and
Leadership Institute sold out the last 3 years!
NAFCU
Large CU Summit brings leaders together to discuss priorities
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
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
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
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
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."
