This
week: Congress in recess; advocacy focused on NDAA, tax exemption
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
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
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.
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How
would 'tech sprints' benefit reg oversight?
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
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
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
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.
