NCUA
extends COVID relief, approves subordinated debt rule
The NCUA Board
Thursday approved all items on its agenda – including a final rule on subordinated
debt and a proposed rule related to overdraft policy that was tabled during the
board's May meeting – and received a briefing on the National Credit Union
Share Insurance Fund's (NCUSIF) normal operating level (NOL), during which
staff recommended it be kept at its current level of 1.38 percent.
Congress
continues work on relief, funding ahead of today's deadline
As
lawmakers work to finalize details of a Phase 4 coronavirus relief package with
the intent of passing it as part of an omnibus fiscal year 2021 funding measure,
Congress could pass another short-term funding bill today to give negotiators
a few more days to hash out details. However, with current federal government
funding set to expire at midnight tonight, a government shutdown is possible without
unanimous consent for a short-term measure.
FHFA
proposes GSE liquidity requirements
The Federal Housing Finance Agency
(FHFA) Thursday issued a proposed rulemaking to implement minimum liquidity and
funding requirements for the government-sponsored enterprises (GSEs), daily management
reporting of the GSEs' liquidity positions, monthly public disclosure reporting requirements, and more.
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4 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 a new report on small business sentiment, the U.S. Government Accountability
Office (GAO)'s Financial Stability Oversight Counsel (FSOC) recommendations, and more.
This
week on the Compliance Blog: 2 CFPB complaints, BSA changes included in the FY2021 NDAA
As credit unions work to meet the needs of more than 123 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.
