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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.
State regulators target AI scams
Regulators from Texas, Alabama, and Montana issued cease-and-desist orders against YieldTrust.ai. The orders allege that YieldTrust.ai is a Ponzi scheme using artificial intelligence to create investment returns in exchange for crypto.
YieldTrust.ai has taken down its website and social media channels as a result. The entity claimed its artificial intelligence program executed more trades for higher profits than a human.
FHFA announces equitable housing finance plans for GSEs
The Federal Housing Finance Agency (FHFA) announced that it will make updates to the government-sponsored enterprises’ (GSEs) – Fannie Mae and Freddie Mac – equitable housing finance plans for 2023. The agency noted the updates include, but are not limited to, the inclusion of the Latino Housing Journey, an enhanced focus on ensuring existing borrowers receive fair loss mitigation support and outcomes, the provision of financial capabilities coaching to build credit and savings, support for locally-owned modular construction facilities in communities of color, and increases to the reach of Enterprise Special Purpose Credit Programs.
Responses due soon for small business survey
This month’s Economic & CU Monitor survey is focused on small business lending. Responses are due to NAFCU Wednesday and will help inform the association’s ongoing advocacy in support of credit unions’ small business lending programs. The association continues to engage with the CFPB on its newly finalized Section 1071 rule related to small business lending data collection; a member representative testified before Congress last week on the consequences the rule will likely have on credit unions and their small business members.
NAFCU's Economic and CU Monitor is a NAFCU member-only monthly report of the latest macroeconomic and financial trends affecting today's credit unions, including trend data among NAFCU member credit unions.
Register for the NCUA’s free share insurance webinar
The NCUA will host a free webinar to help credit unions better understand share insurance and discuss how member accounts are covered. Registration is now open for the event, which will take place Thursday at 2 p.m. Eastern.
During the webinar, staff from the NCUA’s Office of Credit Union Resources and Expansion will discuss types of accounts covered by share insurance, what happens to share insurance coverage when credit unions merge, what happens to insurance of accounts if a member passes away, and general information about trusts.
Share your stories with #NAFCUNation for Financial Literacy Month
In April, NAFCU will share how credit unions help their members understand smart money habits and what it means to be financially literate. The association is soliciting stories for ways credit unions have helped their members successfully navigate their finances and effectively use financial skills as part of a social media campaign to celebrate Financial Literacy Month.
For credit unions interested in participating, visit the #NAFCUNation page and fill out the form. To be featured in the campaign, please submit responses by Wednesday.