Also: FCC postpones part of TCPA order, more key developments from the week; FFIEC updates BSA exam manual



NAFCU TODAY | The News You Need Daily.

February 26, 2021



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NAFCU outlines NCUSIF health to Congress, lack of need for premium, changes [ [link removed] ]
As the NCUA Board analyzes the state of the National Share Insurance Fund (NCUSIF) and considers whether a premium will need to be assessed this year, NAFCU's Curt Long wrote leaders of the House Financial Services and Senate Banking Committees Thursday outlining the health of the fund, including why a premium is not warranted at this time, and urging against any amendments to the Federal Credit Union (FCU) Act that would change the way the NCUA manages the NCUSIF.


5 things to know this week [ [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 top need-to-know news, including the FCC's postponement of part of an order that NAFCU had raised concerns about, the opening of the CDFI Rapid Response Program, and more.


FFIEC updates BSA exam manual, adds new section [ [link removed] ]
The Federal Financial Institutions Examination Council (FFIEC), which includes the NCUA, Thursday released an update to its Bank Secrecy Act (BSA)/anti-money laundering (AML) examination manual. The manual guides examiners by providing instructions for assessing the adequacy of a financial institution's BSA/AML compliance program and its compliance with BSA-related regulatory requirements.






NAFCU reiterates necessary CU tools as House considers COVID relief package [ [link removed] ]
Ahead of today's expected House consideration of the American Rescue Plan Act, a $1.9 trillion coronavirus relief package, NAFCU Vice President of Legislative Affairs Brad Thaler outlined some key provisions in the bill that NAFCU supports, as well as several tools and flexibilities that will allow credit unions to continue to support their members and communities amid the coronavirus pandemic and beyond.


NAFCU to FHFA: Appraisal modernization will expand access, streamline process [ [link removed] ]
As the Federal Housing Finance Agency (FHFA) reviews the appraisal process for the government-sponsored enterprises (GSEs), NAFCU Regulatory Affairs Counsel Aminah Moore offered the association's support for the agency's efforts to modernize and streamline the process.


Compliance Blog tackles FinCEN PPP FAQs, share accounts, more [ [link removed] ]
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.


Q4 GDP sees slight upward revision; NAFCU expects 2021's Q1 GDP to reflect growth [ [link removed] ]
The Commerce Department released its revised estimate for 2020 fourth quarter economic growth, revealing the U.S economy grew 4.1 percent – an upward revision from the initial estimate. NAFCU Chief Economist and Vice President of Research Curt Long noted that growth was "strong by pre-coronavirus standards but slowed significantly as the recovery stalled and infections grew."



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