NCUA
proposes $316M in spending for 2020
The NCUA Tuesday released its proposed
budget for 2020 and 2021, which estimates $316.2 and $325.9 million, respectively,
for its operating budget. The 2020 budget also includes an increase of the number
of staff by three positions. The agency will hold a budget briefing Nov. 20, before its November Board meeting.
NAFCU, CFPB meet on GSE patch
NAFCU's Carrie Hunt, Ann Kossachev, and Kaley Schafer met Tuesday with representatives
at the CFPB to discuss the possible expiration of the temporary government-sponsored
enterprises (GSE) qualified mortgage (QM) patch (or GSE patch). NAFCU has engaged
with the bureau on the issue throughout the year; the bureau in July issued an
advance notice of proposed rulemaking (ANPR) to revise the general QM definition.
NAFCU
to CUs: Prepare for cyber threats year-round
As National Cybersecurity
Awareness Month comes to a close, NAFCU is reminding credit unions to effectively
prepare for and address cyber threats to keep institutions and members safe throughout the year.
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Hemp production rule released
The U.S. Department of Agriculture (USDA) released an interim final rule this
week that outlines provisions for legal hemp production. The NCUA in August released
interim guidance allowing federally insured credit unions to provide certain financial
services to legally-operating hemp businesses, and is expected to release additional
guidance taking into account the USDA's rule. NAFCU met with FinCEN recently
to discuss potential guidance related to hemp banking.
