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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.
FHFA to establish a new Federal Advisory Committee
The Federal Housing Finance Agency (FHFA) on Tuesday announced their intent to establish the Affordable, Equitable, and Sustainable Housing Committee. The committee will provide input and advice regarding any policy or regulations that may be necessary or beneficial regarding affordable, equitable, and sustainable housing. The committee will focus on FHFA’s regulated entities: Fannie Mae, Freddie Mac, and the Federal Home Loan Banks. FHFA will solicit applications and nominations for membership in a subsequent notice in the Federal Register.
4 credit unions secure spot on Forbes top employers list
Forbes released its list of the top employers by state, which notably included four credit unions. Navy Federal Credit Union and their 13,500 employees ranked 42nd in Virginia and 7th in Florida. Golden 1 Credit Union was ranked 21st in California with 2,000 employees. America First Credit Union was listed as the 22nd largest employer in Utah, employing 2,862. BECU was ranked 18th in Washington with 2,485 employees.
POTUS announces student loan relief for low- to middle- income borrowers
President Joe Biden Wednesday announced a three-part plan to address student debt, which includes the cancellation of $10,000 in student debt for low- to middle-income borrowers. The plan, according to the White House, is to “provide more breathing room to America’s working families as they continue to recover from the strains associated with the COVID-19 pandemic.”
Of note, the President announced that the plan includes an extension of the pause on federal student loan repayment through December 31, cutting monthly payments in half for undergraduate loans, and working on reducing the coast of college for students by holding schools accountable when hiking up tuition prices.
Credit union auto loan market share jumps in Q1 of 2022
According to Experian’s “State of the Automotive Finance Market Report: Q1 2022,” mentioned in a recent Credit Union Times article, credit unions experienced their highest total market share in five years – reaching 22.06% in Q1 2022, up from 18.55% in Q1 2021. This represents a significant growth for credit unions, considering their market share has been declining over the last few years.
Second-Ranking Democrat on HFSC loses primary fight
The delayed New York primary elections took place this week, where primaries for the November elections and special elections were held to fill vancant House seats for the 19th and 23rd Congressional Districts of New York. Of note, in the special elections, Democratic candidate Pat Ryan is the frontrunner for District 19, and Republican candidate Joseph Sempolinski leads in District 23. Both would join the House this year after certification. In addition, in the newly formed 12th Congressional District, Representative Carolyn Maloney, D-N.Y., who was the second most senior Democrat on the House Financial Services Committee, along with being the Chairwoman of the House Oversight and Reform Committee, lost the primary election to fellow Representative Jerry Nadler, D-N.Y. who serves as Chairman of the House Judiciary Committee. The elections were delayed due to the courts redistricting the New York map. See updates on the election.
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Add to Calendar 2023-03-28 14:00:00 2023-03-28 14:00:00 A Deep Dive into FedNow Service Features and 24/7/365 Operations Join part 2 of this FedNow webinar series to deepen your knowledge of FedNow Service features and capabilities to prepare your credit union for 24/7/365 operations. Join Director of FedNow Product Management, Stephanie Miracle, and you’ll explore important operational topics that are top of mind for credit unions including release 1 features, reconcilement, accounting changes, reporting, liquidity management, fraud and risk mitigation, ISO 20022, and how to work with your service provider. Operations, technology and business development staff will find this webinar particularly valuable as they consider tactical next steps to convert to always-on payment operations. Key Takeaways Examine specific FedNow operational topics including reporting, reconcilement, seven-day accounting, liquidity management, ISO 20022 and more. Learn about fraud and risk considerations that are inherent to instant payments, and the Federal Reserve’s fraud mitigation approach and tools. Discover how to best engage with your service provider partners as you embark on your instant payments implementation journey. Register Now Registration is Complimentary, but you must register to view.One registration gives your entire team access to the live webinar and on-demand recording until March 28, 2024.Go to the Online Training Center to access the webinar after purchase » Who Should Attend? Credit union accounting and finance management NCRMs and risk titles NCCOs and compliance 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 About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, D.C. 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 digital@nafcu.org America/New_York public
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Add to Calendar 2023-03-28 14:00:00 2023-03-28 14:00:00 SECURE 2.0: Creating a New Retirement Plan Foundation About the Webinar The SECURE 2.0 Act of 2022 was passed by Congress and signed into law by the President on December 26th 2022. The law contains 92 provisions, many of which are designed to expand retirement savings and coverage and simplify retirement plan rules. A number of these provisions will serve as the foundation for new plan formation among small businesses and may propel overall increased participation and savings rates. This is one of the largest pieces of retirement plan legislation in some time. This legislation has been anticipated for nearly a year, with key features contained in previously proposed bills presented over the last several years. While some of these features are identical to what was previously proposed, others have been modified to some extent in the final version of the law. Watch On Demand Web NAFCU digital@nafcu.org America/New_York public
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