Also: NAFCU-sought PCA relief on NCUA agenda; Roundups of fintech advocacy, climate change efforts, more to know
NAFCU TODAY | The News You Need Daily.
April 16, 2021
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NAFCU-rep Pacheco: CU regs need to keep pace with fintech, members' needs [ [link removed] ]
During his testimony on behalf of NAFCU before a House Financial Services subcommittee yesterday, Carlos Pacheco – CEO of Premier Members Credit Union in Boulder, Colo. – highlighted ways in which credit unions utilize technology partnerships to better serve members and the need for a level playing field as more fintech companies begin offering traditional banking products and services.
NCUA agenda includes NAFCU-supported PCA rule, cybersecurity briefing [ [link removed] ]
The NCUA Board next week is set to issue a NAFCU-sought interim final rule (IFR) on prompt corrective action (PCA). Also on the agenda, the board will receive a briefing on cybersecurity.
5 things to know this week [ [link removed] ]
In addition to testifying before Congress on the need to find the proper regulatory balance for credit unions, other traditional financial institutions, and fintechs, NAFCU President and CEO Dan Berger shared the association's concerns on Fox Business. The Biden Administration and lawmakers are considering ways to address climate-related financial risks. And congressional committees are gearing up to hold hearings with big bank leaders. See details on these issues and more to know from this week.
CUs encouraged to offer insights on beneficial ownership reporting, BSA risk management guidance [ [link removed] ]
In a new post on NAFCU's Compliance, Risk, & BSA Network, NAFCU's Kaley Schafer seeks feedback from credit unions on two rulemaking efforts regarding the Bank Secrecy Act (BSA) that are currently underway: the Financial Crimes Enforcement Network’s (FinCEN) advance notice of proposed rulemaking (ANPR) related to the implementation of the beneficial ownership information reporting provisions, and an interagency request for information (RFI) on risk management guidance as it relates to compliance with BSA/anti-money laundering (AML) requirements.
New on the Compliance Blog: Reg X changes, beneficial ownership reporting, ADA website decision [ [link removed] ]
As credit unions work to meet the needs of more than 124 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.
Retail sales rebound to 2nd highest gain in history in March [ [link removed] ]
After falling in February, retail sales "soared" in March, rising 9.8 percent. NAFCU's Curt Long, in a new NAFCU Macro Data Flash report, noted that "this gain is the second-largest in history, only surpassed by May 2020's gain" and predicted that GDP growth will benefit as a result this year.
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