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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. 

NCUA awards over $1.5M in CDRLF grants in 2022, hosts webinar on application process

The NCUA awarded more than $1.5 million in Community Development Revolving Loan Fund (CDRLF) grants to help 90 low-income credit unions expand outreach to underserved communities, participate in mentoring relationships, receive training, and improve digital services and security.

In addition, registration is now open for the agency’s upcoming webinar, “How to Get a Winning Grant/Loan,” where staff from the NCUA’s grants team will cover CDRLF eligibility requirements, the components of a grant or loan application, compliance requirements, and examples of successful grant and loan applications. The webinar is scheduled for Wednesday, Sept. 14 from 2:00-3:00 p.m. Eastern.

CU member reimbursed after being defrauded in Zelle scam 

A credit union member at Blue Federal Credit Union in Denver, Colo. has been reimbursed after falling victim to a fraudulent scam on Zelle. A recent CU Today article reported that the refund comes after numerous financial institutions have found themselves facing proposed class action lawsuits over fraud in Zelle’s person-to-person payments solution. In these cases, plaintiffs argue that financial institutions have not properly informed account-holders that they will not be reimbursed for financial losses due to fraud on Zelle.

NAFCU has asserted opposition to any expansion of Regulation E that would hold credit unions accountable for reimbursing fraudulently induced transfers that are initiated by a consumer. In August, NAFCU President and CEO Dan Berger recommended that instead of issuing new interpretations of Regulation E or its commentary, the CFPB should redirect its focus to investigating technologies and solutions that can help prevent fraud before it occurs.

Fed Chairman Powell alludes to another large rate hike at next FOMC meeting

Federal Reserve Chairman Jerome Powell spoke Thursday morning in a virtual question-and-answer session with the Cato Institute, a Washington, D.C., based think tank. Markets are betting on a third consecutive 0.75 percentage point interest rate increase when the Federal Open Market Committee meets again Sept. 20-21, and Powell did not push back on that expectation, reiterating the need to “act now, forthrightly, strongly as we have been doing.” 

NAFCU’s Lending Conference early bird registration ends next week   

Early bird registration for NAFCU’s Lending Conference, happening in-person in Greenville, S.C. from Nov. 8-11, ends Friday, Sept. 16. Prospective attendees can register now using the code LENDSAVINGS to save $200 on registration. Attendees of the lending conference will learn the latest trends, best practices, strategies, and tactics needed to build a flourishing credit union lending portfolio. 

Latest Compliance Blog highlights the Military Lending Act  

Regulatory Compliance Counsel JaMonika Williams dives into the Military Lending Act (MLA) and how it covers active-duty service members. Williams explains the key provision of MLA and why it is important for credit unions. Read the full blog here.

Sign up to receive the latest Compliance Blog post in your inbox. Access additional compliance resources, including a compliance calendar, numerous final regulation summaries and more here.