Also: Senate passes funding extension, NDAA; NAFCU outlines reg relief priorities for CFPB
NAFCU TODAY | The News You Need Daily.
December 14, 2020
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This week: NAFCU engaged as NCUA takes up key issues, Congress debates funding [ [link removed] ]
NAFCU's award-winning advocacy remains active in Washington as Congress and the NCUA are poised to address several issues before the end of the year. The association is keeping credit union priorities for additional relief amid the coronavirus pandemic – and beyond – top of mind with lawmakers and regulators.
Senate passes gov't funding extension, NDAA [ [link removed] ]
The Senate Friday passed two important pieces of legislation: A continuing resolution to extend federal government funding to Dec. 18 and the fiscal year 2021 National Defense Authorization Act (NDAA). While President Donald Trump signed the funding bill to avert a shutdown, he has threatened to veto the NDAA; however, the NDAA passed both chambers by veto-proof majorities.
NAFCU outlines priorities for CFPB [ [link removed] ]
To ensure credit unions have a healthy and appropriate regulatory environment in which they can thrive, NAFCU has outlined for the CFPB several opportunities ripe for reform. While NAFCU continues to urge the bureau to use its exemption authority to exempt credit unions from its rulemakings, the association acknowledges that CFPB regulations have significant impacts on the credit union industry and will keep fighting for relief.
FinCEN issues new fact sheet on information sharing [ [link removed] ]
The Financial Crimes Enforcement Network (FinCEN) last week issued a new fact sheet on section 314(b) of the USA PATRIOT Act to enhance utility of the program and make clarifications on information sharing between financial institutions. The fact sheet replaces an existing fact sheet that was previously issued in 2016.
New Compliance Monitor reviews 2020 reg compliance highlights, NCUA Board updates, more [ [link removed] ]
The new edition of NAFCU's Compliance Monitor – available now in its digital format – features a year-end review of federal regulatory compliance highlights and recent actions taken by regulators. In addition, the Monitor answers some recent questions the Compliance Team has received.
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