CU
trades defend nominal leases in Military Times op-ed
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
"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
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.
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Bold
advocacy lifts NAFCU, CUs in 2019
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
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
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
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
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
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.
