CUs, NAFCU meet with regulators on payday lending
NAFCU met with the CFPB and NCUA yesterday to discuss issues related to payday lending, including the bureau's proposal to delay and change some requirements of its payday lending rule and credit unions' payday alternative loans (PALs) programs. NAFCU's advocacy efforts led the bureau to take into account credit unions' concerns in the final 2017 rule and create a safe harbor for PALs.
NAFCU Director of Regulatory Affairs Ann Kossachev and Regulatory Affairs Counsel Kaley Schafer were joined by member credit unions at both meetings.
Earlier this year, the bureau issued proposals to remove the payday lending rule's mandatory underwriting requirements, including ability-to-repay (ATR) provisions, and delay those provisions' implementation date by 15 months. NAFCU offered its support of a delay as it would allow the bureau more time to expand the rule's PALs safe harbor.
The NCUA is expected to issue a final rule this year that would provide federal credit unions with additional options under PALs. NAFCU has recommended the NCUA allow even more flexible parameters than what the agency proposed and continues to urge the bureau to expand the safe harbor to all future iterations of PALs. By doing so, credit unions will be more likely to adopt PALs programs and consumers will have greater access to safe, short-term, small-dollar loans.
NAFCU will continue to engage with the bureau and NCUA as they consider changes that will impact credit unions' abilities to offer these types of loans.
Add to Calendar 2020-08-13 14:00:00 2020-08-13 14:00:00 What Internal Auditors Have Learned from the Pandemic and What They Should Do Going Forward Just a few months ago, it would have been unfathomable that we would be living in a pandemic crisis today. The pandemic has impacted nearly every organization and every person. Sometimes as quickly as daily, risks change and new risks emerge. We have experienced changes in the market economy, supply of goods and services, serving members, practices to maintain safety and the health of employees and members, and challenges of working remotely. Join us for an hour of information sharing of what internal auditors have learned from the pandemic so far and how internal auditors can continue to add value and participate in decision making in this relatively uncertain, risk emerging time. Key Takeaways Understand how to communicate with management and the supervisory committee Identify emerging risks and participate in decision making Review risk topics currently impacting credit unions Learn how to reset and redefine internal audit efforts Resurge internal audit’s role as trusted business advisor Register NowRegistration is complimentary, but you must register to attend.One registration gives your entire credit union access to the on-demand recording until August 13, 2021.Already registered? Go to the Online Training Center to view live. Who Should Attend? NAFCU Certified Risk Managers (NCRMs) Chief Financial Officers (CFOs) Finance staff Risk staff Education Credits NCRMs will receive 1.5 CEUs for participating in this webinar. CPA credit information is below; recommended 1.5 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Associate Director of Education, NAFCU Learning Objectives: Understand how to communicate with management and the supervisory committee. Identify emerging risks and participate in decision making. Review risk topics currently impacting credit unions. Learn how to reset and redefine internal audit efforts. Resurge internal audit’s role as trusted business advisor. Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.5 credits Recommended Field of Study: Finance - Technical National Association of Federal Credit Unions (NAFCU) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. Learn more. 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 email@example.com America/New_York public
Credits: NCRM, CPE
Consumer Lending , Consumer Lending
Add to Calendar 2020-08-10 14:00:00 2020-08-10 14:00:00 CDFI Certification: A Door to external resources to expand your credit union’s capacity to serve its community There currently are 312 credit unions certified as a Community Development Financial Institution (CDFI), with combined assets of almost $134 billion and serving more than 12 million predominantly low income and minority consumers across the nation. Many more credit unions are eligible as they operate in CDFI target markets and offer products and services relevant to those communities. Nearly 700 credit unions are in what we call the “CDFI zone” Are you one of them? This certification makes credit unions eligible to participate in and/or to receive financial assistance and technical assistance awards as well as to receive deposits from institutions participating in the Bank Enterprise Award Program. In addition, the certification provides access to a growing number of programs offered by other agencies, such as participation in the loan guarantee program offered by the Bureau of Indian Affairs. Certification also provides certain regulatory exemptions, such as NCUA’s MBL limit and CFPB’s Ability to Repay and QM requirements. The CDFI Fund is the single largest source of external resources for credit unions, providing since its inception, more than $370 million in technical and financial assistance grants to increase access to affordable lending options and responsible financial services for low and moderate income and financially underserved populations. Key Takeaways Discuss building blocks of community finance Identify tools available to credit union Review eligibility requirements Understand the process for achieving CDFI certification Learn how to leverage the benefits of this credential 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 August 10, 2021.Already registered? Go to the Online Training Center to view live. Who Should Attend? Chief Executive Officer (CEO) Chief Lending Officer (CLO) Business Lending Staff Lending Staff 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
CDFI Certification: A Door to external resources to expand your credit union’s capacity to serve its community
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