Consumer privacy, Fed Bank update on NAFCU Cyber and Payments Committee agenda
NAFCU's Cybersecurity and Payments Committee will hear from the Federal Reserve Bank of Chicago's Tim Boike today on the Fed's efforts to make payments more secure. The committee will also discuss the latest developments in state consumer privacy legislation and the CFPB and Federal Reserve's proposed changes to remittances and same-day ACH.
Boike, vice president of industry relations at the Federal Reserve Bank of Chicago, is set to update the committee on the Fed's work to identify and mitigate payments fraud, including its recently-launched effort related to synthetic identity payments fraud. He will also discuss the Federal Reserve's Fraud Definitions Work Group, which is developing a more consistent and holistic view of the terminology used and other ongoing efforts to reduce fraud risk and advance the safety security and resiliency of the U.S. payment system.
Also on the agenda:
State Consumer Privacy Legislation
The California Department of Justice plans to publish a proposed rule on the California Consumer Protection Act (CCPA) this fall that would establish procedures to facilitate consumers' rights under the CCPA and provide guidance to businesses on how to comply with the law. At least 10 states have introduced draft bills to impose obligations on businesses to provide consumers with more control of their personal data. NAFCU staff will discuss these state-level developments as well as the European Union's General Data Protection Regulation (GDPR) and the likelihood of federal privacy law.
Last month, the CFPB published a request for information (RFI) to gather feedback on principle issues relating to its remittance transfer rule. Currently, credit unions and insured financial institutions are permitted to estimate certain costs or amounts that must be disclosed under the bureau's final remittance rule; however, the temporary exception that allows such estimates is set to expire on July 21, 2020. NAFCU's Regulatory Alert notes that some credit unions use the temporary exception to estimate fee and exchange rate information that cannot be known prior to sending a remittance transfer. The committee will consider credit unions' reliance on the temporary exemption to provide remittance services to members and how compliance costs scale with the volume of remittance transfers.
Enhancements to the National Settlement Service and Fedwire Fund Service
The Federal Reserve has proposed changes to its banks' payment services to facilitate the adoption of a later same-day ACH processing and settlement window. Under this proposal, daily operating hours of the National Settlement Service (NSS) would be extended by one hour to allow the private-sector ACH operator to settle its in-network transactions. The committee will discuss whether the proposed enhancements will benefit credit union members, and what credit union changes to internal processes or technologies would be needed to facilitate the reduced windows between NSS and Fedwire closings.
The committee will meet again September 3.
Add to Calendar 2020-07-06 14:00:00 2020-07-06 14:00:00 NAFCU Roadshow: Issues Facing Western Credit Unions During COVID-19 Please join us on Monday, July 6 at 2:00 p.m. ET (12:00 p.m. MST) as we host a special webinar for Colorado, Utah, Idaho, Montana and Wyoming-based credit unions. During the webinar, NAFCU President and CEO Dan Berger will discuss what credit unions should expect in the coming months amid the COVID-19 pandemic and what NAFCU is doing to help credit unions during this difficult time. COVID-19 isn’t stopping NAFCU from what we do best; engaging with credit unions. PROGRAM UNDERWRITTEN BY Key Takeaways Review the Small Business Administration’s Paycheck Protection Program; Discuss regulatory relief; Learn more about what’s happening on your behalf in meetings with the NCUA and CFPB; Walk through market specific performance trends; And more! Note: The information in this webinar is tailored to Colorado, Utah, Idaho, Montana and Wyoming-based credit unions. Register Now For On-Demand AccessRegistration is complimentary, but you must register to attend.One registration gives your entire credit union access to the on-demand recording until July 6, 2021.Already registered? Go to the Online Training Center to view live. Who Should Attend? Colorado, Utah, Idaho, Montana and Wyoming-based credit unions Education Credits This webinar doesn't qualify for any continuing education credits recognized by NAFCU or NASBA. 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 firstname.lastname@example.org America/New_York public
CO, UT, ID, MT and WY; Program underwritten by Allied Solutions
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