Both the House and Senate are in session, with more hearings scheduled to review President Joe Biden’s 2024 budget proposal. Lawmakers are also expected to hold hearings in the coming weeks on recent bank failures and the state of the U.S. financial system in the aftermath – House Financial Services Chairman Patrick McHenry, R-N.C., announced Friday the first committee hearing in the issue will be held March 29. McHenry and Ranking Member Maxine Waters, D-Calif., also sent a letter to the Government Accountability Office (GAO) calling on the office to begin a study and an investigation into the Silicon Valley Bank and Signature Bank collapses. NAFCU, as well as the NCUA, has continued to reiterate that these were not systemic issues and that the credit union industry remains strong.
NAFCU Regulatory Affairs Counsel Aminah Moore wrote to the Financial Crimes Enforcement Network (FinCEN) Friday in response to the agency’s request for comment on the report that will be used to collect beneficial ownership information (BOI). Moore urged the agency to ensure reporting companies are effectively answering questions required by the Corporate Transparency Act (CTA) and the beneficial ownership reporting requirements final rule.
A group of bipartisan lawmakers led by Senate Housing, Transportation, and Community Development Subcommittee Chair Tina Smith, D-Minn., and Ranking Member Mike Rounds, R-S.D., last week introduced the CDFI Bond Guarantee Program Improvement Act. This NAFCU-supported legislation would spur economic development in underserved, economically distressed areas. It would also strengthen community development financial institutions (CDFIs), including credit unions’, ability to serve these communities.
Our online training subscriptions have industry experts covering the hottest topics in a fast, convenient way. Plus, they allow your entire credit union staff access to online training 24/7/365.
Louisville, KY has it all PLUS BSA School August 15 – 17, 2023. You’ll get a solid foundation of core BSA knowledge, and you can earn your NAFCU Certified Bank Secrecy Officer (NCBSO) credential when you pass the exams.
