Also: FinCEN proposes access to beneficial ownership info; NY financial regulator issues guidance on virtual currency activity

December 16, 2022

Berger blasts NCUA for approving ‘egregious’ budget increases ([link removed] )

The NCUA Board met for their final meeting of 2022 to discuss the Share Insurance Fund (SIF), the proposed rule related to financial innovation, and the agency’s 2023-2024 budget. Notably, the NCUA unanimously approved a 7.5 percent operating budget increase for 2023.

FinCEN issues NPRM on beneficial ownership information access ([link removed] )

The Financial Crimes Enforcement Network (FinCEN) Thursday issued a notice of proposed rulemaking (NPRM) dictating who will be able to access beneficial ownership information under the Corporate Transparency Act (CTA). In September, FinCEN issued a final rule establishing the beneficial ownership information reporting requirement, effective January 1, 2024.

NY financial regulator puts guardrails on virtual currency activity ([link removed] )

The New York State Department of Financial Services (NYSDFS) issued an industry letter Thursday strongly encouraging covered financial institutions – which includes New York state-chartered credit unions – to receive prior approval from the department before engaging in virtual currency-related activity. Credit unions that are not New York state-chartered are exempted.

Engage 2023: NAFCU’s Annual Conference ([link removed] )

Join us in June in picturesque southern California. Engage with industry experts. Discuss the future of banking. Member experience and more!

View Agenda ([link removed] )

5 things to know this week ([link removed] )

NAFCU's widely read NAFCU Today is credit union leaders' go-to source for the latest on issues impacting the credit union industry. For those short on time, here's a roundup of this week's top need-to-know updates and resources.

Rep. Luetkemeyer introduces NAFCU-supported data breach notification bill ([link removed] )

Rep. Blaine Luetkemeyer, R-Mo., Thursday introduced the Consumer Information Notification Requirement Act, which would amend the Gramm-Leach-Bliley Act (GLBA) to require federal financial regulators to set forth rules requiring financial institutions to notify customers of breaches to better protect consumers’ financial information. This marks a welcome step forward in enacting comprehensive data security legislation.

Retail sales post largest monthly decline in nearly a year ([link removed] )

Total retail sales declined 0.6 percent in November after rising 1.3 percent in October. NAFCU Economist Noah Yosif analyzed the report in a new NAFCU Macro Data Flash report.

NAFCU Board and Supervisory Committee Conference ([link removed] )

NAFCU CALENDAR ([link removed] )

DEC

16
SBA - Small Business Lending Company Moratorium Rescission and Removal of the Requirement for a Loan Authorization ([link removed] )

Comments Due to NAFCU

MAR

13 - 17
Regulatory Compliance School ([link removed] )

Arlington, VA

MAR

21 - 23
Strategic Growth Conference ([link removed] )

Nashville, TN

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Our online training subscriptions have industry experts covering the hottest topics in a fast, convenient way. Save $300.00 with code HOLIDAY ([link removed] ) by 1/6/23.

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