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NAFCU delivers up-to-the minute information on key legislative, regulatory and compliance issues facing credit unions. Browse and filter the news below to stay in the know.

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  • NAFCU, ICBA recommend GSEs rebuild capital buffers to bolster housing market (Friday, October 20, 2017)
    NAFCU and the Independent Community Bankers of America (ICBA) are urging the Federal Housing Finance Agency (FHFA) to do all it can to ensure government-sponsored enterprises (GSEs) - Fannie Mae and Freddie Mac - are able to maintain capital in order to provide stability in the event of short-term losses.
  • NCUSIF at 1.25%, adds $78M to reserves (Friday, October 20, 2017)
    The National Credit Union Share Insurance Fund (NCUSIF) ended September with an equity ratio of 1.25 percent, staff told NCUA's board during Thursday's open meeting. It also recorded a net loss of $74.6 million in the third quarter of 2017, which the NCUA attributed mainly to provision for insurance loss expense.
  • November webcasts: Sexual harassment prevention, ADA compliance, more (Friday, October 20, 2017)
    NAFCU is offering four webcasts in coming weeks to help credit unions learn how to prevent a hostile work environment, ensure website compliance under the Americans with Disability Act (ADA), create a business continuity plan and understand the impacts of the Consumer Financial Protection Bureau's payday lending rule.
  • NCUA approves NAFCU-backed exam appeals changes, proposes improvements to stress testing (Friday, October 20, 2017)
    The NCUA Board approved two NAFCU-supported proposals related to exam appeals, which the agency says will increase transparency and due process, yesterday during its open meeting. NAFCU President and CEO Dan Berger thanked the board for listening to credit unions' concerns and making appropriate appeals process changes.
  • CFPB releases nonbinding principles for consumer-led data sharing (Thursday, October 19, 2017)
    The CFPB on Wednesday released principles intended to help protect consumers when they allow third-party companies to access their financial data in exchange for certain products and services. As urged by NAFCU, these principles are not binding requirements and do not create new data sharing or formatting burdens.
  • NCUA Board to act on exam appeal rules, capital planning proposal today (Thursday, October 19, 2017)
    The NCUA Board today is slated to take up take up two final rules regarding credit union processes for appealing exams and issue a proposal on capital planning and supervisory stress testing during its open board meeting slated for 10 a.m. Eastern.
  • Fed reports increased economic activity nationally (Thursday, October 19, 2017)
    The Federal Reserve Beige Book, released Wednesday, showed increased economic activity in September and through the early part of this month in all 12 Fed districts. However, the Richmond, Atlanta and Dallas districts reported big disruptions from Hurricanes Harvey and Irma in the transportation, energy and agriculture sectors.
  • NAFCU seeks CUs' input on proposed advertising changes (Thursday, October 19, 2017)
    NAFCU is seeking credit unions' input on the NCUA's proposal to grant additional flexibility when using the agency's "official advertising statement." NAFCU made the request and provided an overview of the proposed changes in a Regulatory Alert issued yesterday.
  • NAFCU rep Zook commends NCUA budget transparency, urges increased efficiency (Thursday, October 19, 2017)
    The NCUA and credit union industry are headed in a positive direction, NAFCU representative Beverly Zook said yesterday during the NCUA Board's budget briefing. But as the agency proposes bigger budgets for 2018 and 2019, Zook testified NAFCU and its members will continue to push for increased efficiency.
  • NAFCU rep Zook to testify today on NCUA's budget, urge further efficiency (Wednesday, October 18, 2017)
    The NCUA Board will hold its budget briefing today, with Beverly Zook, president and CEO of Money One Federal Credit Union, testifying on behalf of NAFCU. The agency has proposed $298.2 million in spending for 2018, up modestly from its restated 2017 budget.
  • Fourth Corner CU sues Fed over account to serve marijuana advocates (Wednesday, October 18, 2017)
    Fourth Corner Credit Union last month asked a federal judge to have the Federal Reserve Bank of Kansas City issue the institution a master account so it could serve marijuana advocates and those groups that support the legalization of marijuana in Colorado.
  • CFPB issues reference chart for HMDA data collection points (Wednesday, October 18, 2017)
    The CFPB published a new chart this week - Reportable HMDA Data: A regulatory and reporting overview reference chart - that is intended to be used as a reference tool for those data points required to be collected, recorded and reported under the Home Mortgage Disclosure Act (HMDA).
  • NAFCU offering resources for CUs facing ADA website compliance litigation (Wednesday, October 18, 2017)
    As credit unions across the country continue to be the target of plaintiffs' attorneys' lawsuits challenging website compliance under the Americans with Disability Act (ADA), NAFCU is offering resources to help.
  • NAFCU webcasts target employee fraud, ALM measuring, e-signatures (Tuesday, October 17, 2017)
    In the coming weeks, NAFCU is offering three webcasts that will help credit unions detect and prevent employee fraud, better understand asset liability management (ALM) and adopt e-signature services.
  • CUs reminded of assistance during California wildfires (Tuesday, October 17, 2017)
    Credit unions are reminded that the NCUA stands ready to assist those institutions needing help after wildfires have burned up more than 213,000 acres in California during the past week. Around 40,000 people have been evacuated and some 5,700 homes and other buildings destroyed by these fires.
  • NAFCU active at tax reform, affordable housing events (Tuesday, October 17, 2017)
    NAFCU staff is actively engaged with policymakers, experts and industry leaders on tax reform and affordable housing, sharing the credit union industry's perspective at recent events.
  • NAFCU pushes need for national data security standard, greater regulation of credit bureaus (Tuesday, October 17, 2017)
    Ahead of today's Senate Banking Committee hearing on consumer data security at the credit bureaus, NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt sent a letter reiterating NAFCU's call for a stronger national data security standard under which companies that maintain consumers' financial records are incentivized to protect the data.
  • Consumer prices continue to rise, up 0.5% in September (Monday, October 16, 2017)
    Overall consumer prices rose 0.5 percent in September - the strongest growth since January. NAFCU Chief Economist and Vice President of Research Curt Long attributed the increase to soaring gasoline prices.
  • This week: NAFCU rep Zook set to testify on NCUA budget; NAFCU ramps up data security push (Monday, October 16, 2017)
    NAFCU this week will continue its efforts to create a strong national data security standard as the Senate Banking Committee holds a hearing on credit bureaus' data protection. Beverly Zook, president and CEO of Money One Federal Credit Union, will also testify in the NCUA's budget hearing and the association will monitor the NCUA Board's consideration of two proposals related to exam appeals.
  • Retail sales see large monthly gain, up 1.6% in September (Monday, October 16, 2017)
    Total retail sales surged 1.6 percent in September - the largest monthly gain since March 2015. NAFCU Research Assistant Yun Cohen said recent weather events, such as the hurricanes, will continue to impact retail sales in the coming months.
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