Also: FHLBs to stop entering into LIBOR-based transactions; Get key updates in member call Oct. 15



NAFCU TODAY | The News You Need Daily.

September 30, 2019



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This week: Congress in recess; advocacy focused on NDAA, tax exemption [ [link removed] ]
The House and Senate are in their home districts and states as they begin a two-week recess. Amid ongoing attacks from bankers trying to discredit credit unions and the industry's mission, NAFCU is encouraging members to stay in contact with lawmakers to ensure they understand the real credit union difference.


FHLBs to stop entering into LIBOR-based transactions [ [link removed] ]
The Federal Housing Finance Agency (FHFA) is instructing the Federal Home Loan Banks (FHLBs) to soon stop investing in and entering into transactions that are tied to the London Interbank Offered Rate (LIBOR). LIBOR is set to stop publishing after 2021 and will be replaced by the Secured Overnight Financing Rate (SOFR).


The latest on housing finance reform, NDAA efforts, more in member call Oct. 15 [ [link removed] ]
As credit unions prepare to enter into the last quarter of the year, NAFCU's award-winning advocacy team will give members an update on the latest in Washington – including housing finance reform and the association's efforts to defend credit unions against the onslaught of banker attacks – during the association's Q3 Member Call-In Oct. 15.






How would 'tech sprints' benefit reg oversight? [ [link removed] ]
NAFCU is seeking comment from members regarding "tech sprints," which the CFPB has proposed using to encourage innovation and address regulatory compliance challenges. A tech sprint involves small teams of regulators, technologists, financial institutions, and subject matter experts working together to develop solutions to clearly identified problems in a collaborative environment.


NAFCU supportive of NCUA's hiring reform; requests additional details [ [link removed] ]
NAFCU offered its support for the NCUA's proposed guidance that would allow credit unions to more easily hire job candidates with minor criminal records as it "ensures the safety and soundness of credit unions while extending opportunities to qualified candidates."


Supervisory committee audits, verifications in Compliance Blog [ [link removed] ]
Following the NCUA Board's decision to retire its Supervisory Committee Guide, NAFCU Regulatory Compliance Counsel Reginald Watson discusses the recently issued Final Rule on Supervisory Committee Audits and Verifications. As recommended by NAFCU, the original Supervisory Committee Guide will remain on the NCUA's website as an additional resource for credit unions.


Banks get relief for residential real estate appraisals; NCUA rule planned [ [link removed] ]
Three federal banking agencies issued a joint final rule to increase the threshold for residential real estate appraisals to $400,000. The NCUA is expected to propose a rule to increase the threshold for credit unions this year, which will likely provide parity with banks.



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