This week, NAFCU is tracking House action on the Credit Union Board Modernization Act and will monitor the Federal Open Market Committee’s (FOMC) first meeting of 2023, which begins tomorrow and ends Wednesday. The association will also monitor the CFPB’s path towards implementing section 1033 of the Dodd-Frank Act as it proceeds with a required review of small business impact under the Small Business Regulatory Enforcement Fairness Act (SBREFA).
The Federal Reserve and White House offered insights into how they are working to mitigate cryptocurrency risks in the financial system with several releases Friday. The Fed issued a policy statement to promote a level playing field and announced it denied Custodia Bank’s application to become a member of the Federal Reserve, while the White House released a roadmap on crypto risks.
NAFCU’s mission is to provide its credit union members with the industry’s best advocacy, compliance assistance, and educational resources. The association’s award-winning Compliance Team demonstrates that member-focus daily – in 2022, the team answered 6,175 questions from credit unions, responding within one business day, for an average of 25.5 questions per day.
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NAFCU Senior Regulatory Affairs Counsel Aminah Moore Friday submitted a response to the Community Development Financial Institution (CDFI) Fund’s request for comment regarding its Annual Certification and Data Collection Report (ACR) Form and the Abbreviated Transaction Level Report (TLR). While NAFCU supports the submission of data to ensure certified CDFIs, including credit unions, are fulfilling their mission of serving the underserved, the association is against imposing burdensome reporting requirements on institutions already lacking sufficient resources.