Also: Data breaches cost companies average of $3.9M; CUs can enroll now for SSN verification database



NAFCU TODAY | The News You Need Daily.

July 24, 2019



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NAFCU encourages lawmakers to assess riskiness of big banks [ [link removed] ]
Ahead of today's hearing examining the proposed merger between SunTrust and BB&T, NAFCU encouraged members of the House Financial Services Committee to look at big bank riskiness and the impact a potential merger would have on consumers, community institutions and competition.


Report: Data breaches cost $3.9M on average [ [link removed] ]
A new report from IBM Security found that data breaches cost affected organizations $3.92 million on average worldwide, up 12 percent over the past five years. U.S. companies impacted by data breaches, however, lose $8.19 million on average.


SSN verification database enrollment underway [ [link removed] ]
As directed by the Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155), enrollment is underway for the Social Security Administration's (SSA) database to verify an individual's social security number (SSN).






Congress, White House reach debt ceiling, budget deal [ [link removed] ]
Congress and the White House this week reached a two-year, $1.37 trillion budget deal that would suspend the debt ceiling to July 2021 and increase various funding levels. Both chambers are expected to pass the deal before members leave for August recess, the House yet this week and the Senate next week.


Senators discuss marijuana banking concerns [ [link removed] ]
The Senate Banking Committee Tuesday discussed a number of concerns related to providing financial services to marijuana-related businesses (MRBs), including the lack of guidance and risk of criminal activity. Ahead of the hearing, NAFCU reiterated the need for greater clarity and legal certainty at the federal level for credit unions that serve MRBs.


House to vote on bill to stop bad robocalls today [ [link removed] ]
NAFCU's Brad Thaler, in a letter to House leadership ahead of the chamber's vote today on a bill to target illegal robocalls, praised the House Energy and Commerce Committee for its work in crafting a bill that seeks "to ensure consumers still receive wanted, time-sensitive information from their credit unions."


NAFCU's online communities see growth [ [link removed] ]
In the past year, NAFCU launched two exclusive member-only online communities to provide credit union professionals with platforms to have candid conversations on key issues and connect on strategies. These communities for CFOs and compliance, risk and BSA professionals have thousands of members and see daily engagement. Access the networks here.


'Flat' existing-home sales fall in June [ [link removed] ]
Existing-home sales fell 1.7 percent to a seasonally adjusted annual rate of 5.3 million units in June, a slight retreat from gains made in the previous month. NAFCU Chief Economist and Vice President of Research Curt Long described the sales trend as "flat."



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