NAFCU
highlights key provisions of American Rescue Plan Act in new resource
NAFCU is committed to ensuring credit unions have the resources they need to remain
informed of the ever-changing legislative and regulatory environment as they navigate
business operations through the coronavirus pandemic and beyond. To further this
mission, the association recently released a new complimentary resource summarizing
the key provisions of the American Rescue Plan Act of 2021.
CFPB
calls on FIs to ensure EIPs reach consumers
CFPB Acting Director Dave
Uejio released a statement yesterday calling on financial institutions to ensure
consumers receive the full amount of their economic impact payments (EIPs) provided
by the American Rescue Plan Act. NAFCU President and CEO Dan Berger and Executive
Vice President of Government Affairs and General Counsel Carrie Hunt spoke with
Uejio Tuesday to discuss the issue and how credit unions are working to get the payments into members' accounts.
FCC
takes actions against robocallers
Federal Communications Commission
(FCC) Acting Chairwoman Jessica Rosenworcel outlined several efforts to combat
illegal and unwanted robocalls during its open meeting Wednesday. NAFCU has actively
worked with the FCC on efforts to modernize the Telephone Consumer Protection
Act (TCPA) for many years to ensure credit unions aren't hindered from contacting
their members as the commission works to target bad actors.
NAFCU's Virtual Board of Directors &
Supervisory Committee Conference
The latest trends. Risk management
concerns for boards. "Worst" practices to avoid. Creating the growth mindset.
Today:
NCUA Board set to issue rules on CLF, asset thresholds
The NCUA Board
meets today and is expected to issue two interim final rules: One related to the
Central Liquidity Facility (CLF) and one on asset thresholds pertaining to large
credit unions. NAFCU will monitor the meeting, scheduled for 10 a.m. Eastern and
available via livestream, and provide credit unions with key updates afterward.
Fed
holds rates; NAFCU doesn't expect rate hike prior to 2024
The
Federal Open Market Committee (FOMC) Wednesday maintained the federal funds target
rate near its current range of 0 to 0.25 percent. The committee noted it will
run the economy above 2 percent inflation, stating they "aim to achieve inflation
moderately above 2 percent for some time so that inflation averages 2 percent
over time and longer‑term inflation expectations remain well anchored at 2 percent."
Senate
plans to take up PPP extension next week
During Wednesday's Senate
Small Business Committee hearing to review the paycheck protection program (PPP),
Committee Chair Ben Cardin, D-Md., indicated the Senate next week will work to
pass legislation to extend the PPP by two months. The House passed the bill Tuesday
evening; the PPP is currently set to expire March 31.
