This
week: FHFA's refinance fee, NDAA, more on NAFCU's advocacy agenda
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
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
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's Virtual Management and Leadership
Institute: Only a few seats left
This popular event has sold out
the last 3 years!
NAFCU,
trades reiterate need for transparent charter process to OCC
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
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
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
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.
