Also: Long urges NCUA to reduce NOL, return more money to CUs; FI regulators comment on alternative data use



NAFCU TODAY | The News You Need Daily.

December 4, 2019



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NAFCU outlines 6 data privacy principles in new white paper [ [link removed] ]
As lawmakers – at both the federal and state level – consider new privacy legislation regarding consumers' data privacy, NAFCU has developed a new white paper that outlines six principles to support its leading advocacy efforts on the issue.


NAFCU to NCUA: Return NOL to 1.3% [ [link removed] ]
NAFCU Chief Economist and Vice President of Research Curt Long Tuesday urged the NCUA to reset the National Credit Union Share Insurance Fund's (NCUSIF) normal operating level (NOL) to the historical level of 1.3 percent so that credit unions may realize the fullest distribution.


FI regulators issue statement on alternative data use [ [link removed] ]
Financial institution regulators, including the NCUA and CFPB, issued an interagency statement Tuesday on the use of alternative data in credit underwriting, including consumer protection implications and potential benefits and risks. NAFCU and its member credit unions have long advocated for the use of alternative models that more accurately capture creditworthy borrowers and permit them access to affordable credit.






NAFCU's Relfe shares data privacy principles with lawmakers [ [link removed] ]
NAFCU Associate Director of Legislative Affairs Janelle Relfe shared the association's newly published data privacy principles with lawmakers ahead of today's Senate Commerce Committee hearing to examine legislative proposals to protect consumer data privacy. Last week, Democrats on the committee unveiled a comprehensive data privacy and security proposal, which include new data security protections and enforcement and accountability measures.


NAFCU outlines priorities for NCUA as Hood testifies before Congress [ [link removed] ]
NCUA Chairman Rodney Hood is among the financial regulators testifying today before the House Financial Services Committee. Ahead of the hearing, NAFCU's Brad Thaler sent a letter to the committee outlining the association's priorities and issues it would like addressed to provide credit unions with regulatory relief.


CFPB proposes increase to remittance safe harbor [ [link removed] ]
The CFPB Tuesday issued a proposal related to its remittance rule that includes a NAFCU-sought increase to the safe harbor threshold under the rule, though it is not as high as NAFCU recommended. NAFCU has expressed concerns about its highly burdensome compliance costs that have caused many credit unions to stop offering these services and urged the bureau to exempt credit unions from the rule.


Take advantage of NAFCU's HOLIDAY savings [ [link removed] ]
It's the season of giving and to ensure credit unions are equipped for growth and to meet members' needs, NAFCU is giving $300 off its premier educational offerings. Available through Jan. 10, 2020, credit unions can use the code HOLIDAY to save on all 2020 conference registrations and online training subscriptions.



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