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.
House returns to vote on budget reconciliation package
After the Senate passed the Democrat budget reconciliation package in a 51-50 vote last week, the House is scheduled to return from its August recess today to vote on the package. While the package includes funds for increased IRS enforcement, it does not include a NAFCU-opposed provision that would have required new account information reporting by financial institutions.
FHFA announces mortgage servicer updates
The Federal Housing Finance Agency (FHFA) on Wednesday announced that starting March 1, 2023, mortgage servicers will be required to obtain and maintain fair lending data on their loans and transfer this data, which includes the borrowers’ age, race, ethnicity, gender, and preferred language, with servicing. Of note, in May, the FHFA announced that on March 1, 2023, lenders will also be required to use supplemental consumer information to collect language preference and housing counseling information.
CFPB takes action against fintech for faulty algorithm
The CFPB announced it would take action against the fintech, Hello Digit, LLC., for using a faulty algorithm that caused unnecessary overdrafts and overdraft penalties for customers. The CFPB states that the company falsely guaranteed its consumers no overdraft fees with its product and pocketed the money as interest instead. The CFPB’s order requires Hello Digit to pay redress to its harmed customers and fined the company $2.7 million for its actions.
“Hello Digit positioned itself as a savings tool for consumers having trouble saving on their own. But instead, consumers ended up paying unnecessary overdraft fees,” stated CFPB Director Rohit Chopra. “Companies have long been held to account when they engage in faulty advertising, and regulators must do the same when it comes to faulty algorithms.”
NCUA names Amber Gravius as Director of the Office of Business Innovation, Chief Data Officer
On Tuesday, the NCUA named Amber Gravius as the Director of the Office of Business Innovation and Chief Data Officer. Prior to her new role, Gravius served as Acting Business Innovation Director and Supervisory Special Assistant for Business Innovation representing stakeholders in the development of NCUA’s new Modern Examination and Risk Identification Tool.
“I am humbled and honored to be selected to lead the NCUA’s Business Innovation team,” stated Gravius. “I look forward to working with stakeholders to deliver improved business processes with secure, innovative, and reliable technology solutions and data to support the NCUA mission.”
NCUA hosts BSA webinar for small CUs
The NCUA announced it will hold a webinar to discuss Bank Secrecy Act (BSA) trends and challenges, as well as resources and updates on BSA compliance. The webinar, happening August 24 at 2:00 p.m. EST, will cover several topics including filing trends for suspicious activity reports (SARs), BSA violations and risk mitigations for small credit unions, as well as updates on the Anti-Money Laundering Act.
Add to Calendar 2022-09-29 14:00:00 2022-09-29 14:00:00 Coming Soon: CECL This is a deep-dive refresher into the requirements of the Current Expected Credit Losses (CECL) standard. ASC 326 (CECL) is the most significant accounting standard to impact credit unions in many years. Your credit union should be prepared to adopt CECL in 2023 – this will be an effort to make sure you have a sound calculation, appropriate accounting policies and sufficient disclosures. In this Coming Soon: CECL webinar, you’ll get a baseline understanding of the accounting decisions required by the standard, with a focus on those that have tripped up earlier adopters; lessons learned from previous adopters; best practices and key items to consider for your model on a go-forward basis. Key Takeaways Understand requirements of the CECL standard Analyze lessons learned and best practices from previous adopters Evaluate key items to consider for future maintenance of the CECL model(s) 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 September 29, 2023.Go to the Online Training Center to access the webinar after purchase » Who Should Attend Presidents and CEOs CFOs Accounting titles NCRMs Risk titles Education Credits NCRMs will receive 1.0 CEUs for participating in this webinar CPA credit information is below; recommended 1.0 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Senior Associate Director of Education, NAFCU Learning Objectives: See key takeaways Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.0 credits Recommended Field of Study: Accounting – Technical About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, DC. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU firstname.lastname@example.org America/New_York public
Credits: NCRM, CPE
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