5 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.
ICYMI: Berger shares his take on inflation
In a new op-ed for CUInsight, NAFCU President and CEO Dan Berger examines the latest reports on inflation and shares why credit unions are ultimately the best banking option for Americans, especially during challenging times. Citing the FOMC’s move to raise the federal funds target rate by 75-basis points, Berger reiterates the uneasiness many consumers feel as gas prices and costs of goods continue to soar.
“Credit unions, by nature, are more attuned to the needs of their local communities given their member-owned, not-for-profit, cooperative structure,” wrote Berger. “Because credit union leaders are so well-connected with families and small businesses in their local communities, they have a unique ability to educate their members and share relevant, critical resources, whether it’s guidance from the National Credit Union Administration or how to adhere to changes in policies and regulations as the economy shifts.”
Register for the 2022 NAFCU Congressional Caucus
NAFCU’s 2022 Congressional Caucus is now open for registration. This is the premier credit union lobbying event of the year, where attendees can hear directly from Members of Congress and credit union champions on important industry issues. The event, happening September 11-14, will be held in-person in Washington D.C. See the full agenda and register today. Save $200.00 with code CCSAVINGS through 7/15/202.
Join us at the 2022 CFO Summit
Shortly after the 2022 Congressional Caucus, NAFCU will also hold the sought-after 2022 CFO Summit, held in Annapolis, Md., from September 20-22. Attendees will be able to take advantage of actionable information, best practices and stronger connections needed to advance credit unions. See the full agenda and register today. Save $200.00 with code CFOSAVINGS through 7/29/2022.
FinCEN issues update on BSA due diligence for FIs
The Financial Crimes Enforcement Network (FinCEN) issued an updated statement for financial institutions operating in compliance with applicable Bank Secrecy Act (BSA)/anti-money laundering (AML) regulatory requirements. This statement provided clarity to banks and credit unions on how to apply a risk-based approach to conducting customer due diligence on independent ATM owners or operators consistent with the requirements set out in FinCEN’s 2016 Rule on the matter.
New on the Compliance Blog: Community Charters and Remote Access to a Community
Following the House passage of the Financial Services Racial Equity, Inclusion, and Economic Justice Act package, NAFCU Regulatory Compliance Counsel Keith Schostag examined the specifics regarding field of membership (FOM) in a new post on NAFCU’s Compliance Blog. In the post, Schostag defines a community-chartered federal credit union’s FOM and identifies if remote appearance in a community qualifies a person for membership.
NAFCU's award-winning regulatory compliance team continues to keep credit unions informed with new posts on the Compliance Blog, published every Monday and Wednesday.
CUNA Mutual Group
Add to Calendar 2022-08-18 14:00:00 2022-08-18 14:00:00 Credit Union Testimonial: How BCU is Accelerating Transformation & Expanding Financial Wellness with AI About the Webinar The global economic landscape is undergoing some major changes. High inflation, rising interest rates and uncertainties surrounding economic recession have caused some credit unions to scale back on digital transformation initiatives. This is a key time, however, for credit unions to seek new areas of opportunity to achieve their desired return targets while limiting losses. AI and machine learning models offer a more targeted approach for assessing member creditworthiness than traditional methods. Discover how your credit union can tap into personal lending opportunities and expand credit access to more borrowers quickly, with minimal upfront costs. In this webinar, Dave Brydun, SVP/Chief Lending Officer, will share how BCU grew its personal loan portfolio while limiting losses and gaining new members. This webinar will cover: How BCU originates loans digitally to acquire more borrowers, without disrupting its branch network or processes. How BCU expanded its footprint nationally while providing an optimized digital experience Discover how credit unions can use sophisticated machine learning models to more accurately identify risk and approve more applicants than traditional, credit score-based lending models. Watch the Webinar On-Demand Web NAFCU firstname.lastname@example.org America/New_York public
Credit Union Testimonial: How BCU is Accelerating Transformation & Expanding Financial Wellness with AI
Examination & Enforcement
Amazon Web Services
Get daily updates.
Subscribe to NAFCU today.