This
week: Lawmakers work to avoid shutdown; NAFCU meets with FCC, Treasury
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
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
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."
2019 NAFCU Accomplishments
We are proud to
serve over 51% of the industry's assets! Thanks for joining us in our journey
of growth. See more of we achieved together this year.
How
payment choices influence CUs' products, services
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
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.
