Newsroom
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.
Democrats prep leadership for 118th Congress
Wednesday, House Democrats elected Rep. Hakeem Jeffries, D-N.Y., to succeed House Speaker Nancy Pelosi, D-Calif., and serve as the House Minority Leader in the 118th Congress. Of note, Jeffries will become the first Black lawmaker to lead a party in Congress when he assumes his role in January.
In November, Pelosi, Majority Leader Steny Hoyer, D-Md., and Majority Whip Jim Clyburn, D-S.C., announced they would step down from leadership next session. Jeffries was the projected front runner for the Minority Leader role, while Rep. Katherine Clark, D-Mass., and Rep. Pete Aguilar, D-Calif., were elected to the other two open leadership positions of Whip and Caucus Chair.
Fed’s Powell talks inflation, labor market during speech
Federal Reserve Chair Jerome Powell Wednesday cited workers’ wages as the top barrier to taming inflation during a speech given at the Brookings Institution. Powell said risings costs for services might be “the most important category for understanding the future evolution” of prices – and wages are the largest cost within that category. “To be clear, strong wage growth is a good thing,” said Powell. “But for wage growth to be sustainable, it needs to be consistent with 2 percent inflation.”
Powell detailed where the labor market stands and explained that the economy would need to add about 100,000 jobs per month to accommodate the pace of population growth, as opposed to the average 290,000 over the past three months. He noted that, despite promising developments, “we have a long way to go in restoring price stability.” Read his full speech.
FHFA announces conforming loan limit values for 2023
The Federal Housing Finance Agency (FHFA) Tuesday announced the 2023 conforming loan limit values for mortgages to be acquired by Fannie Mae and Freddie Mac, the government-sponsored enterprises (GSEs). In most of the United States, the 2023 value for one-unit properties will be $726,000, representing a $79,000 increase from the 2022 value.
The conforming loan limit value is higher in all but two U.S. counties or county equivalents due to rising home values. In addition, the maximum loan limit for some parts of the country will be more than $1 million in 2023. Of note, home prices in the third quarter of 2022 were up 12.4 percent compared to last year. Read the FHFA’s full release.
Senate Banking Chairman seeks assistance from Treasury Secretary on crypto legislation
Senate Banking Chairman Sherrod Brown, D-Ohio, has sought assistance from Treasury Secretary Janet Yellen to help write cryptocurrency legislation that would give regulators more power over digital asset exchanges like the failed FTX. Brown’s letter to Yellen indicates his plans to use his role on the Senate Banking Committee – where he is expected to stay on as chair in the next Congress – to push for stricter rules around digital currency marketplaces.
NAFCU will closely monitor any movement on digital currency and is committed to ensuring a level playing field for credit unions in the financial services landscape.
House subcommittee on coronavirus says fintechs facilitated PPP fraud
The House Select Subcommittee on the Coronavirus Crisis Thursday released a report detailing how fintech companies facilitated fraud within the Small Business Administration’s (SBA) paycheck protection program (PPP). The report states fintech companies performed poorly when administering the relief program, resulting in the approval of large numbers of fraudulent applications.
The report notes that many of the fintech companies investigated were tasked with processing PPP applications and screening out those with signs of fraud; however, these companies abdicated this responsibility “recklessly.” The report was sent to the SBA, SBA Office of Inspector General, and the Department of Justice to call for further investigations. View the full report for additional insights.
Share This
Related Resources
Add to Calendar 2024-03-26 09:00:00 2024-03-26 09:00:00 Ensuring Safety and Soundness with AI Listen On: Key Takeaways: [03:48] The regulators are very focused on fairness in lending especially when it comes to using AI and outside models. The industry is moving very fast. [08:25] Articulating a business use case and how partnering with a Fintech can support it is the first step in having a successful conversation with your board. [10:30] Talk to your account executive at your Fintech and have them help you overcome objections. [15:01] Plan for oversight. It is not set and forget it. Your regulators are going to want to know how you are overseeing that from a 3rd party risk management standpoint. [15:47] Have a handle on your reserves and capacity for lending and start small and grow slowly. Web NAFCU digital@nafcu.org America/New_York public
Ensuring Safety and Soundness with AI
preferred partner
Upstart
Podcast
Help Ease Your Members' Loan Payment Concerns
Planning, Auto Loans, Research
preferred partner
TruStage
Blog Post
The Value of Risk Management in Cybersecurity
preferred partner
DefenseStorm
Video
Add to Calendar 2024-03-13 14:00:00 2024-03-13 14:00:00 Digital Assets in Credit Unions: What Are the AML Risks? The digital asset boom is upon us. Like it or not, you have to deal with it effectively with your members, credit unions are on the frontlines of crypto adoption. Even the NCUA has been providing more and more guidance on different aspects of digital assets. You need to be prepared. How? By understanding the core basics of digital assets (specifically cryptocurrencies) the risks that it poses to credit unions and how you can be better prepared to handle issues when they arise. In this webinar, Understanding the Digital Assets Boom, you’ll focus on the basics of digital assets, a background of cryptocurrencies and types, the regulations that are established and the proposals that are being considered and how to position yourself to understand all of these components and include them in your day-to-day roles. Key Takeaways Comprehend the basics of digital assets including cryptocurrencies Understand currently established regulations and what the future has in store, specifically in 2024 Identify and remediate issues that arise in your credit union 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 March 13, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCCOs NCRMs Compliance and risk 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 Web NAFCU digital@nafcu.org America/New_York public
Digital Assets in Credit Unions: What Are the AML Risks?
Credits: NCCO, NCRM
Webinar
Get daily updates.
Subscribe to NAFCU today.