Bipartisan
BSA/AML bill introduced in the Senate
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
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
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.
NAFCU Credit
Union Compliance Advertising Guide
Resource for navigating the complex
federal regulatory framework that applies to advertising products
Senate
passes bill to fund gov't until Nov. 21
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
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
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."
