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.
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 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 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.
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.
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.
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.
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.
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