Also: Biden proposes more funding for CDFIs, SBA, FinCEN; Members 1st of NJ offers virtual financial education



NAFCU TODAY | The News You Need Daily.

April 12, 2021



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This week: NAFCU readies advocacy on fintech chartering [ [link removed] ]
The House and Senate are back in session this week and lawmakers are set to discuss several key issues ranging from housing to the LIBOR transition and financial institution chartering. NAFCU last week launched a new campaign to bring awareness to chartering risks of fintech banks if lawmakers and regulators do not ensure proper oversight.


Biden proposes boosting CDFI, SBA, FinCEN funding [ [link removed] ]
President Joe Biden Friday released his fiscal year 2022 discretionary funding request, which the administration indicated "outlines a strategy for reinvesting in the foundations of our country's resilience and strength." Of note for credit unions, the proposal would boost funding for the Small Business Administration (SBA) and Community Development Financial Institution (CDFI) Fund compared to the 2021 enacted levels.


Financial Literacy Month: Members 1st of NJ takes educational seminars virtual [ [link removed] ]
April is Financial Literacy Month, and NAFCU is celebrating the resourceful and creative ways credit unions provide financial education to their members. This week, we’ll learn about Members 1st of New Jersey Federal Credit Union, a $73 million shop located halfway between Philadelphia and Atlantic City in Vineland, N.J.






CUs: Share insights on AI usage, beneficial ownership reporting [ [link removed] ]
NAFCU Friday sent two new Regulatory Alerts to members breaking down the federal financial regulators' request for information (RFI) seeking insights into financial institutions' use of artificial intelligence (AI) and the Financial Crimes Enforcement Network's (FinCEN) advance notice of proposed rulemaking (ANPR) related to the implementation of the beneficial ownership information reporting provisions included in the Anti-Money Laundering Act (AMLA).


FI regulators seek feedback on risk management guidance [ [link removed] ]
Federal banking regulators, including the NCUA, today published a request for information (RFI) to see if the principles included in interagency supervisory guidance on model risk management (MRMG) effectively support compliance with Bank Secrecy Act (BSA)/anti-money laundering (AML) requirements.


Explore new strategies for today's challenges at NAFCU's CEOs Conference [ [link removed] ]
Credit union CEOs and senior executives looking to discover best-in class strategies for adapting to members' needs and insider insights can look no further than NAFCU's CEOs and Senior Executives Conference. The hybrid conference, happening May 12-14, will take place both virtually and in-person in Key West, Fla.



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