NAFCU
outlines NCUSIF health to Congress, lack of need for premium, changes
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
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
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.
Build and Strengthen Your Core Compliance
Knowledge
Attend NAFCU's Virtual Spring Regulatory Compliance School
to understand credit union compliance from A to Z.
NAFCU
reiterates necessary CU tools as House considers COVID relief package
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
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
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
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."
