Last week, President Joe Biden signed a short-term funding bill to avoid a government shutdown and extend funding through this Friday, Dec. 23. Lawmakers remain in Washington to finalize the omnibus spending package to fund the government through 2023, with the Senate expected to vote first, leaving the House to finalize the package before the deadline.
The Federal Reserve Board Friday adopted a final rule that identifies benchmark rates based on the Secured Overnight Financing Rate (SOFR) to replace the London Interbank Offered Rate (LIBOR) in certain financial contracts after June 30, 2023. NAFCU supported the Fed’s decision to use SOFR-based benchmark rates as the replacement but had asked for the board to reduce implementation costs and complexities.
NAFCU's latest Economic & CU Monitor – now available for download – examines survey respondents’ perspectives on NCUA examination trends and recent focus areas.
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A new edition of NAFCU’s BSA Blast is now available on the association’s website in its user-friendly digital format with direct links to each section. The fourth quarter issue features articles from NAFCU’s award-winning Compliance Team on ransomware trends and efforts to combat terrorist financing.
The Financial Stability Oversight Council (FSOC) released its annual report Friday, noting that, “amid heightened geopolitical and economic shocks and inflation, risks to the U.S. economy and financial stability have increased even as the financial system has exhibited resilience.” The report includes details on risks related to digital assets, climate, cybersecurity, and more, and recommendations to mitigate them.
NAFCU, CUNA, and the American Bankers Association Friday submitted a letter to the Federal Financial Institutions Examinations Council (FFIEC), an interagency body composed of five banking regulators including the NCUA, asking for guidance and additional flexibility for financial institutions to implement changes to Home Mortgage Disclosure Act (HMDA) requirements, set forth by a technical amendment issued earlier this month.
Credit union professionals can gain all the latest tools and strategies they need to help their credit union grow at next year’s Strategic Growth Conference, happening March 21-23 in Nashville, Tenn. During the conference, attendees will learn how to accelerate member growth and engagement through digitization.
Back for the first time in 4 years! Get the latest updates on the future of banking. Member experience. Economy. And so much more—all in beautiful southern California.
