Also: NAFCU asks CUs about impact of proposed FOM changes, offers areas that could benefit from CFPB's tech sprints



NAFCU TODAY | The News You Need Daily.

November 12, 2019



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This week: Lawmakers work to avoid shutdown; NAFCU meets with FCC, Treasury [ [link removed] ]
Lawmakers in the House are expected to begin work on a stopgap spending measure this week with a goal of passing it before current federal government funding expires Nov. 21. The White House said it will support a month-long extension. Members are also continuing discussions on a dozen fiscal year 2020 spending bills along with continuing conference negotiations on the National Defense Authorization Act.


CUs: Comment now on FOM proposal, added flexibility [ [link removed] ]
NAFCU is seeking comment from member credit unions on the NCUA's proposed changes to its field of membership (FOM) rule. The changes aim to make it consistent with the U.S. Court of Appeals for the D.C. Circuit's decision in the lawsuit brought against the agency by the American Bankers Association.


NAFCU to CFPB: CUs will benefit from modernized supervisory processes [ [link removed] ]
Providing feedback to the CFPB on its proposed use of "tech sprints" in order to encourage innovation and address regulatory compliance challenges, NAFCU's Andrew Morris said "all credit unions stand to benefit from regulatory efforts to modernize and streamline supervisory processes."






How payment choices influence CUs' products, services [ [link removed] ]
As more payment options become available to consumers, credit unions' products and services must keep up. "Knowing which payment methods your members prefer can help a credit union predict member behavior, allowing it to better assess the risks associated with that behavior and allocate the resources necessary to manage the associated fraud and compliance risks," writes NAFCU's Jennifer Aguilar in a new Compliance Blog post.


Consumer credit growth slows in September [ [link removed] ]
Total consumer credit rose 2.8 percent in September (seasonally-adjusted, annualized) and is up 4.9 percent versus a year ago. NAFCU Chief Economist and Vice President of Research Curt Long credited these results to continuous growth in the non-revolving credit sector, despite the slowdown.



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