June 24, 2022

5 things to know this week

ColumnsNAFCU'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.