Venture, crypto-based banks fail

Friday, the California Department of Financial Protection and Innovation placed Silicon Valley Bank (SVB) into receivership, marking the second largest bank failure since the financial crisis in 2008. The $209 billion asset bank was taken over by the California regulator, citing "inadequate liquidity and insolvency.” Late Sunday afternoon, the $110 billion New York-based Signature Bank was closed by the New York Department of Financial Institutions.

This week: Senate starts review of Biden’s budget; NCUA Board meets

The Senate is in session on Capitol Hill this week while House members work in their home districts. After President Joe Biden released his proposed 2024 budget last week – which included increased funding for several credit union priority areas – some Senate committees will hold hearings to begin sorting through the president’s requests.

New BSA Blast discusses AML whistleblower awards, Russian sanctions

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 first quarter issue features articles from NAFCU’s award-winning Compliance Team on implementation of whistleblower awards and Russian oligarchs’ attempts to evade sanctions.

CEOs and Senior Executives Conference

Charleston, SC | May 17 – 19, 2023  
You’ll explore winning the member experience, the state of lending—risks and opportunities, business and commercial lending trends, success in the post digital age and more! Charleston has been voted America’s #1 small city by Condé Nast “2022 Readers’ Choice Awards.” 

Hurry! $200.00 savings with code CEOSAVINGS ends this week! 

February jobs report could lessen next rate hike, says NAFCU Chief Economist

The Bureau of Labor Statistics (BLS) issued the latest jobs report Friday, which revealed that the unemployment rate rose to 3.6 percent in February. NAFCU Chief Economist and Vice President of Research Curt Long noted the report “was a positive one overall.”  

CFPB seeking comments on Reg Z’s mortgage loan originator rule

As part of the CFPB’s required review of the mortgage loan originator rule under Regulation Z, the bureau is seeking public feedback on the rule’s impact on small entities.

Lawmakers support NFIP reauthorization, extension

During a House Financial Services Subcommittee on Housing and Insurance hearing Friday on flood insurance coverage, lawmakers overall offered support for extending and reauthorizing the National Flood Insurance Program (NFIP). NAFCU has supported the long-term reauthorization and continued modernization of the NFIP.