Also: Top 5 things CU CEOs need to know this week; Advocate now on NDAA
NAFCU TODAY | The News You Need Daily.
September 27, 2019
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Bipartisan BSA/AML bill introduced in the Senate [ [link removed] ]
A bipartisan group of senators – led by Sens. Mark Warner, D-Va., and Tom Cotton, R-Ark. – introduced the Illicit Cash Act (S.2563) yesterday to require companies to register their owners with the Treasury Department's Financial Crimes Enforcement Network (FinCEN) and seek to modernize and improve the Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) efforts. Similar NAFCU-backed bills are also being considered in the House.
5 things CU leaders need to know [ [link removed] ]
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 need-to-know news bits.
CUs: Advocate now for NDAA [ [link removed] ]
As selected members of the House and Senate work to reconcile differences in the chambers' FY2020 National Defense Authorization Act (NDAA), NAFCU President and CEO Dan Berger and Defense Credit Union Council (DCUC) President and CEO Anthony Hernandez took Capitol Hill this week to keep attention on a credit union-opposed provision that could allow big banks to receive free rent on military bases.
Senate passes bill to fund gov't until Nov. 21 [ [link removed] ]
The Senate Thursday passed a short-term funding bill that would fund the government through Nov. 21. The House passed the continuing resolution last week; while the president previously indicated he would sign the bill, NAFCU's advocacy team is monitoring closely for any potential changes.
House task force examines benefits of real-time payments [ [link removed] ]
The House Financial Services Committee's Task Force on Financial Technology stressed the need for competition with the private sector in faster payments, referring to the Federal Reserve's development of the FedNow Service. Members of the task force noted that a real-time payments system would benefit small financial institutions, including credit unions, and consumers who might live paycheck to paycheck.
NAFCU economist: Consumers key in fragile economy [ [link removed] ]
NAFCU's Curt Long attributed the 2 percent economic growth during the second quarter to "a standout performance from U.S. consumers." However, he acknowledged that "there is an undeniable fragility in the economy, and any slippage from the consumer would almost certainly mean a recession is nigh."
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