Also: Berger, NAFCU stand with CUs against cybercrime; Public unit, nonmember shares final rule expected today



NAFCU TODAY | The News You Need Daily.

October 24, 2019



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CU trades defend nominal leases in Military Times op-ed [ [link removed] ]
In a Military Times op-ed published yesterday, NAFCU, the Defense Credit Union Council (DCUC), and CUNA blasted for-profit banks for seeking to end-run the Department of Defense (DoD) in an attempt to obtain nominal lease space on military bases and to be treated the same as not-for-profit credit unions.


NAFCU stands with CUs against cybercrime in new op-ed [ [link removed] ]
"Credit unions must remain vigilant as cyber thieves are constantly working to undermine security protocols through back channels and hacked systems," wrote NAFCU President and CEO Dan Berger in a new Credit Union Times op-ed.


Today: NCUA Board to discuss cybersecurity, FOM, and nonmember shares [ [link removed] ]
The NCUA Board today is expected to issue a notice of proposed rulemaking on chartering and field of membership (FOM), and a final rule on public unit and nonmember shares. In light of October being National Cybersecurity Awareness Month, the board is also set to receive a briefing on cybersecurity.






Bold advocacy lifts NAFCU, CUs in 2019 [ [link removed] ]
Together, NAFCU and the credit union industry have achieved some great wins in 2019 as the association continues its mission of strengthening credit unions. As the industry's Washington Watchdog, NAFCU has been hard at work advocating for credit union priorities with administration officials, lawmakers, and regulators – all while fighting back against relentless banker attacks and keeping members informed of trends and new regulations that could impact their operations.


Synthetic ID fraud detailed in new Fed white paper [ [link removed] ]
The Federal Reserve released a new white paper Wednesday on synthetic identity fraud in the U.S. payments system and how financial institutions can detect potential scams to prevent financial losses. NAFCU works closely with the Fed on ways to make the payments system more secure, and has kept credit unions informed of the danger of the fraud.


NAFCU's Thaler: National data security, privacy standards needed [ [link removed] ]
Ahead of today's Senate Banking Committee hearing on data privacy rights and data valuation, NAFCU Vice President of Legislative Affairs Brad Thaler urged lawmakers to consider a national data security standard for institutions that collect and store consumer information. In addition, Thaler recommended a national standard for data privacy to ensure consistency throughout the country.


Innovation policies focus of NAFCU, CFPB discussion [ [link removed] ]
NAFCU and the CFPB's Office of Innovation Wednesday discussed the bureau's new policies intended to promote innovation and facilitate compliance at financial institutions. Prior to finalizing the policies, the bureau took into account NAFCU's recommendation that participation in innovation programs should be made easier.


FHFA adds Chinese to Mortgage Translations clearinghouse [ [link removed] ]
The Federal Housing Finance Agency (FHFA) has added Chinese-language documents to its Mortgage Translations clearinghouse, a collection of translated documents and tools for lenders, servicers, housing counselors, and others to assist borrowers with limited English proficiency through the homebuying process. The clearinghouse also includes Spanish-language documents.


Consumer reporting requirements for CUs [ [link removed] ]
The CFPB, in its recently released supervisory highlights, detailed issues with consumer report information related to accuracy and dispute handling. In a new NAFCU Compliance Blog post, NAFCU Regulatory Compliance Counsel Loran Jackson reviews the requirements credit unions are subject to under the Fair Credit Reporting Act (FCRA) when furnishing consumer report information.



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