Also: Sandra Thompson confirmed as FHFA Director

May 26, 2022

NCUA issues NAFCU-sought clarity on credit unions’ use of distributed ledger technologies ([link removed] )

The NCUA on Wednesday heeded NAFCU’s call and issued a Letter to Credit Unions regarding credit union use of distributed ledger technologies (DLT) in connection with permissible credit union activities.

Thompson confirmed as FHFA director ([link removed] )

The Senate Wednesday confirmed Sandra Thompson to serve a full five-year term as Director of the Federal Housing Finance Agency (FHFA). Thompson was appointed Acting Director of the FHFA in June of 2021.

NAFCU announces results of 2022 Board of Directors election ([link removed] )

NAFCU has announced the results of its 2022 Board of Directors election. New board member Eli Vazquez, President and CEO of Bank-Fund Staff FCU (Washington D.C.), will serve an At-Large seat for a two-year term, while incumbent Brian Schools, President and CEO of Chartway FCU (Va.), will serve an Eastern Region seat for a three-year term.

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NAFCU's 2022 Credit Union Compliance Roadmap is the must-have, electronic resource for credit union professionals. Download a sneak peek today!

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NAFCU to HFSC: Fed should ‘not proceed with further development activities’ regarding a CBDC ([link removed] )

NAFCU Vice President of Legislative Affairs Brad Thaler wrote to the House Financial Services Committee before its hearing today on the risks and benefits of an official Federal Reserve central bank digital currency (CBDC). In the letter, Thaler voices NAFCU’s concerns with a CBDC, urging the Fed to not proceed with its development.

Lawmakers share agreement on long-term authorization of the NFIP ([link removed] )

The House Financial Services Subcommittee on Housing, Community Development, and Insurance Wednesday held a hearing to discuss the reauthorization and reform of the National Flood Insurance Program (NFIP). There was general consensus among lawmakers and witnesses that stability is essential for the NFIP to function properly, and that long-term reauthorization with prudent reforms would be the right move.

NCUA Board to receive briefing on SIF quarterly report today ([link removed] )

Today, the NCUA Board will hold its May meeting and receive a briefing on the Share Insurance Fund's (SIF) quarterly report. The meeting, scheduled to begin at 10 a.m. Eastern, will be available via livestream on the agency’s website.

FOMC minutes reveal continued likelihood of a 50-basis point rate hike ([link removed] )

The Federal Open Market Committee (FOMC) Wednesday released minutes from its May meeting which revealed that although overall economic activity edged down in the first quarter, household spending and business fixed investment remained strong.

NAFCU Network insight post details CECL Phase-In Mismatch for Some CUs ([link removed] )

In a new insight post on NAFCU’s CFO Network, NAFCU Regulatory Affairs Counsel James Akin engaged with credit unions about an issue that has come to light regarding the NCUA’s CECL transition final rule from June 2021, which created a three-year phase-in of the day-one adverse impacts of the current expected credit loss (CECL) accounting standard on a federally-insured credit union’s net worth ratio.

Glia NT Ad_5.23 ([link removed] )

NAFCU CALENDAR ([link removed] )

MAY

26
BSA Training for Your Staff ([link removed] )

Webinar

JUNE

1
CU Research Survey Due ([link removed] )

Topic: Tech and Vendors

JUNE

9
How to Detect and Prevent Employee Fraud ([link removed] )

Webinar

JUNE

9
Bitcoin for Credit Unions: Essential Regulatory Considerations for Adopting Cryptocurrency ([link removed] )

Complimentary Webinar

VendorDirectoryAd_Risk Management ([link removed] )

NAFCU Regulatory Compliance School On-Demand ([link removed] )

Boost your compliance knowledge and earn your NAFCU Certified Compliance Officer designation, entirely from your home or office, and on your own time.

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