Newsroom
4 things to know this week
NAFCU's widely-read NAFCU Today is credit union leaders' go-to source for the latest on issues impacting the credit union industry. For those short on time, here's a roundup of this week's top need-to-know updates and resources.
NAFCU meets with CFPB to discuss Section 1071
Members of NAFCU's award-winning advocacy team met with the CFPB on Wednesday to discuss ongoing rulemaking efforts related to small business data collection and Section 1071 of the Dodd-Frank Act.
The bureau in September released its Small Business Regulatory Enforcement Fairness Act (SBREFA) outline of proposals related to Section 1071. In response, NAFCU reiterated its call to exclude credit unions from the rulemaking noting the member business lending constraints credit unions face and the increased costs to implement the data collection. NAFCU will continue to be engaged on this topic; for more information on this topic, NAFCU sent members a Regulatory Alert to break down the CFPB's outline.
Leg Committee tackles current legislative landscape during monthly meeting
The NAFCU Legislative Committee met Wednesday and were updated on several key credit union industry issues currently pending in Congress. Of note, the group was briefed on the association's proactive advocacy on the fiscal year 2022 National Defense Authorization Act (NDAA) and discussed issues such as interchange and infrastructure.
Former CFPB Director Kathy Kraninger joins crypto risk monitoring firm
Kathy Kraninger, former director of the CFPB, has joined cryptocurrency start up Solidus Labs as its top regulatory official. Kraninger will lead and build out Solidus Labs' regulatory team and will work with regulators, lawmakers, and traditional institutions to increase education on digital markets.
Cryptocurrency has become a focus for both regulators and Congress as the digital currency industry has experienced a boom in recent months, with capitalization reaching a record $2 trillion in April according to Reuters. NAFCU will continue to monitor movement from regulators and on Capitol Hill on this topic.
CFPB celebrates 10-year anniversary
CFPB Acting Director Dave Uejio Thursday posted a new blog post to celebrate the bureau's 10th anniversary. In the post, Uejio details the bureau's history and accomplishments over the last decade and reflects on how the CFPB has worked to protect American families and consumers. In addition, the blog post notes the CFPB has handled 3.1 million consumer complaints since opening its doors in 2011.
"In the decade to come, we will continue to use all the tools at our disposal to empower American consumers and work to ensure the financial markets they interact with are fair, transparent, and competitive," writes Uejio.
Share This
Related Resources
Add to Calendar 2024-03-26 09:00:00 2024-03-26 09:00:00 Ensuring Safety and Soundness with AI Listen On: Key Takeaways: [03:48] The regulators are very focused on fairness in lending especially when it comes to using AI and outside models. The industry is moving very fast. [08:25] Articulating a business use case and how partnering with a Fintech can support it is the first step in having a successful conversation with your board. [10:30] Talk to your account executive at your Fintech and have them help you overcome objections. [15:01] Plan for oversight. It is not set and forget it. Your regulators are going to want to know how you are overseeing that from a 3rd party risk management standpoint. [15:47] Have a handle on your reserves and capacity for lending and start small and grow slowly. Web NAFCU digital@nafcu.org America/New_York public
Ensuring Safety and Soundness with AI
preferred partner
Upstart
Podcast
Help Ease Your Members' Loan Payment Concerns
Planning, Auto Loans, Research
preferred partner
TruStage
Blog Post
The Value of Risk Management in Cybersecurity
preferred partner
DefenseStorm
Video
Add to Calendar 2024-03-13 14:00:00 2024-03-13 14:00:00 Digital Assets in Credit Unions: What Are the AML Risks? The digital asset boom is upon us. Like it or not, you have to deal with it effectively with your members, credit unions are on the frontlines of crypto adoption. Even the NCUA has been providing more and more guidance on different aspects of digital assets. You need to be prepared. How? By understanding the core basics of digital assets (specifically cryptocurrencies) the risks that it poses to credit unions and how you can be better prepared to handle issues when they arise. In this webinar, Understanding the Digital Assets Boom, you’ll focus on the basics of digital assets, a background of cryptocurrencies and types, the regulations that are established and the proposals that are being considered and how to position yourself to understand all of these components and include them in your day-to-day roles. Key Takeaways Comprehend the basics of digital assets including cryptocurrencies Understand currently established regulations and what the future has in store, specifically in 2024 Identify and remediate issues that arise in your credit union Register Now $295 Members | $395 Nonmembers(Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until March 13, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCCOs NCRMs Compliance and risk titles Education Credits NCCOs will receive 1.0 CEUs for participating in this webinar NCRMs will recieve 1.0 CEUs for participating in this webinar Web NAFCU digital@nafcu.org America/New_York public
Digital Assets in Credit Unions: What Are the AML Risks?
Credits: NCCO, NCRM
Webinar
Get daily updates.
Subscribe to NAFCU today.