From NAFCU Today <NAFCUToday@nafcu.org>
Subject Refinance fee, NDAA, more on NAFCU's advocacy agenda
Date November 23, 2020 12:01 PM
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Also: NCUA expands virtual meetings flexibilities; IRS reiterates no tax deductions for PPP loans



NAFCU TODAY | The News You Need Daily.

November 23, 2020



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This week: FHFA's refinance fee, NDAA, more on NAFCU's advocacy agenda [ [link removed] ]
While the House and Senate are not in session this week due to the Thanksgiving holiday, NAFCU's award-winning advocacy team is continuing to work with key lawmakers and officials to obtain more credit union relief before the end of the year. Issues NAFCU is continuing to push on: The Federal Housing Finance Agency's (FHFA) adverse market refinance fee, the National Defense Authorization Act (NDAA), paycheck protection program (PPP), and government funding.


NCUA extends, expands flexibility for virtual meetings [ [link removed] ]
The NCUA Friday announced that it is extending its flexibility for virtual annual meetings to include meetings held at any point in 2021 and expanding the authority to permit credit unions to hold board of directors meetings virtually throughout the year. NAFCU has continuously advocated for the expansion of virtual meetings to help protect the health and safety of credit union volunteers.


Tax deductions not allowed for PPP loans, reiterates IRS [ [link removed] ]
The IRS last week published a revenue procedure providing a safe harbor for taxpayers to deduct eligible 2020 expenses from this year's taxes under certain circumstances. The agency reiterated that taxpayers who received a paycheck protection program (PPP) loan cannot deduct otherwise tax-deductible expenses if the payment of the expense results in forgiveness of a covered PPP loan.






NAFCU, trades reiterate need for transparent charter process to OCC [ [link removed] ]
As the Office of the Comptroller of the Currency (OCC) embraces a novel bank licensing approach that has won the attention of non-depository applicants, NAFCU joined with other financial services industry trades and consumer advocacy groups to call for a longer public comment period on the applications to ensure proper oversight.


FinCEN, FI regulators issue guidance on serving charities and non-profits [ [link removed] ]
The Financial Crimes Enforcement Network (FinCEN), along with the NCUA and other financial institution regulators, issued a fact sheet clarifying Bank Secrecy Act (BSA) due diligence expectations for charities and non-profit customers. The sheet, issued last week, reminds financial institutions that the charitable sector is not viewed as having unacceptable risk; however, charities vary in risk profile and should be treated accordingly.


New Compliance Monitor tackles fidelity bond coverage, CFPB debt collection rule, more [ [link removed] ]
The new edition of NAFCU's Compliance Monitor – available now in its digital format – features a breakdown of fidelity bond coverage and explains what the CFPB's recently finalized debt collection rule means for credit unions, including where additional resources on the rule can be found. In addition, the Monitor answers some recent questions the Compliance Team has received.


NAFCU's MLI equips future CU leaders with tools needed to succeed [ [link removed] ]
Looking for an educational opportunity to advance your career as a credit union leader? NAFCU's Virtual Management and Leadership Institute is an intensive, four-day program designed to help credit union professionals take their careers to the next level – all from the comfort of their homes or offices.



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