NAFCU Regulatory Affairs Counsel James Akin wrote to the Federal Reserve on Monday to offer support for implementation of the Adjustable Interest Rate (LIBOR Act), while noting that the Fed must be aware of “the impacts that complex or costly regulations will have on credit unions.” The LIBOR Act would provide clear guidance and a consistent federal standard for contracts with interest rates transitioning away from the London Interbank Offered Rate (LIBOR) index for financial products.
NAFCU Senior Vice President of Government Affairs Greg Mesack sat down with the Wall Street Journal last week to discuss the Federal Reserve’s new instant payment network, FedNow, which Fed Vice Chair Lael Brainard says is on track to launch by May 2023, in a speech delivered Monday.
In response to recent regulatory updates from the CFPB, NAFCU published two issue briefs: one on NAFCU’s CFPB advocacy priorities, and the other on recent CFPB actions.
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NAFCU Monday released a new issue brief detailing the essential work of community development financial institutions (CDFIs) and informing readers of NAFCU’s advocacy efforts underway to support CDFIs. In addition, the brief provides a summary of NAFCU’s legislative and regulatory priorities on CDFI issues.
The NCUA Monday announced it will distribute $313 million to the more than 400 membership capital account holders of the former Members United, Constitution, and U.S. Central corporate credit unions. In addition, the agency will distribute $82 million in dividends to more than 1,100 shareholders of Southwest Corporate.
