Also: Bylaws, BOD changes in new Compliance Blog; Amex alerts customers to data breach



NAFCU TODAY | The News You Need Daily.

October 10, 2019



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Thaler to CUs: Keep up engagement with lawmakers on NDAA [ [link removed] ]
As lawmakers prepare to return to Washington, NAFCU's Brad Thaler updated member credit unions on efforts to reconcile the final version of the FY2020 National Defense Authorization Act (NDAA). NAFCU's Legislative Affairs team remains active on Capitol Hill to ensure an industry-opposed provision that would allow big banks to be treated the same as a military installation's local not-for-profit credit union is not included in the final version of the bill.


More bylaws, BOD changes explained in Compliance Blog [ [link removed] ]
The NCUA recently finalized a rule to update the Federal Credit Union model bylaws and makes amendments to board of director requirements under Article VI. The changes – detailed in a new Compliance Blog post – include an option to appoint a director emeritus, increased flexibility to remove board and committee members who fail to regularly attend board meetings, clarifications on the composition of the board, and more.


Amex announces data breach amidst cybersecurity month [ [link removed] ]
A former American Express (Amex) employee potentially accessed the personally identifiable information – including names, card numbers, addresses, and Social Security numbers – of an undisclosed number of customers with the intent to open accounts at other financial institutions. Amex began notifying costumers of the data breach last week.






NAFCU's Kossachev to lead exercise at NCUA's diversity summit [ [link removed] ]
NAFCU Director of Regulatory Affairs Ann Kossachev will lead a portion of the NCUA's upcoming Credit Union Diversity, Equity, and Inclusion Summit. Kossachev will facilitate a think-tank exercise to generate conversation and solutions to existing and emerging challenges in advancing diversity, equity and inclusion in the credit union industry.


Big bank regulations loosened [ [link removed] ]
The Federal Reserve announced this week that an interagency rule to loosen Volcker rule requirements on big banks has been finalized. NAFCU had urged the agencies to withdraw their proposed rulemaking, arguing that relaxing the requirements could undermine financial stability.


Money market volatility highlighted in FOMC minutes [ [link removed] ]
The Federal Open Market Committee's (FOMC) September meeting minutes provided details of the committee's decision to reduce cut rates by 25 basis points. The group also addressed recent volatility in money markets, which led to the recent announcement of a planned expansion of the Federal Reserve's balance sheet.


Real-world leadership tips wrap up MLI [ [link removed] ]
Today is the last day of sessions for future credit union leaders attending NAFCU's sold-out Management and Leadership Institute (MLI) and will provide attendees with real-world examples to establish positive workplace cultures, develop office policies, and become decisive decision-makers.



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