ECU Monitor highlights CU data portability concerns
As economic progress sputtered in the closing months of 2020, the January edition of NAFCU's Economic & CU Monitor report – now available for download – details how current economic conditions could affect the credit union industry. Through the report, NAFCU's research team also shared credit unions' opinions on consumer data portability in relation to the CFPB's recent advance notice of proposed rulemaking (ANPR) gathering input on how it should implement section 1033 of the Dodd-Frank Act.
Survey respondents indicated that many credit unions are already providing some degree of enhanced data portability, with nearly half stating they have provided their members with some mechanism to download electronic records. Few respondents shared that their credit union had any data sharing agreements with third parties, and those who had indicated that their arrangements were limited in scope.
In addition, credit unions expressed concerns related to data security due to the scope of data access rights considered in section 1033. NAFCU has previously recommended that the CFPB explore questions around permissioned data access by focusing on the security of consumers' information and should not create new data-collection burdens and costs for credit unions.
Also included in the latest Economic & CU Monitor are results from the Credit Union Sentiment Index (CUSI), an index based on NAFCU member responses to eight questions on growth and earnings outlook, lending conditions and regulatory burden.
The CUSI continued to decline in December following a sharp drop in the previous month. Of note, the index is now sitting on the threshold of dropping into the "pessimistic" range.
Of note, among the four index components the biggest drop was in earnings, followed by growth. Credit unions' outlook on regulation over the next 12 months fell to its lowest reading in the history of the survey, while lending was the only index component to improve.
NAFCU relies on survey responses to provide its members a glimpse of trends affecting the credit union industry as a whole and inform its advocacy efforts. Next month's survey is focused on capital; responses are due Feb. 10.
For more on NAFCU's award-winning research team, check out the association's Macro Data Flash reports for insights into interest rates, auto sales, home market.
Add to Calendar 2021-02-26 14:00:00 2021-02-26 14:00:00 The CDFI Rapid Response Program With the recent COVID-19 relief legislation, unprecedented levels of funding are being directed to underserved communities, especially communities of color. Community Development Financial Institution (CDFI) certified credit unions have a critical role to play in deploying these funds. The CDFI Fund's Rapid Response Program (RRP) opens by February 25th, making available $1.25 billion in grants to CDFIs. This webinar will help you to prepare for the RRP and other CDFI applications. All first-time CDFI Fund grant applicants are urged to attend. Don’t miss this unique opportunity to learn more about how your credit union can tap into these resources for the benefit of the members and communities you serve. CDFI certification is an essential credential for credit unions with a focus on financial inclusion today. If you have never applied for a CDFI grant, don’t miss this critical webinar. Key Takeaways Review updated information about the RRP opportunity and application process Walk through critical first steps to complete before you apply for CDFI Fund grant Register NowRegistration is complimentary, but you must register to attend.One registration gives your entire credit union access to the on-demand recording until February 26, 2022.Already registered? Go to the Online Training Center to view live. Who Should Attend? Chief Executive Officers (CEOs) Chief Lending Officers (CLOs) 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 email@example.com America/New_York public
Add to Calendar 2021-02-25 14:00:00 2021-02-25 14:00:00 Fundamentals of Credit Union Subordinated Debt This webinar will cover NCUA’s new rule authorizing the issuance of subordinated debt by natural person credit unions for purposes of regulatory capital treatment. Previously only low-income credit unions could issue subordinated debt that can count toward their net worth requirement. Under the rule, complex credit unions and new credit unions, as well as low-income credit unions, may issue subordinated debt that can count toward their risk-based capital requirement. The webinar will address material terms of the rule and the subordinated debt instrument. We’ll also cover the regulatory approval process, eligible investors, the offering process, reasons to issue subordinated debt and the current interest rate environment. Key Takeaways Understand managing the regulatory approval process. Gain familiarization with key terms of the subordinated debt note. Review the issuance and marketing process. Discuss current market dynamics for credit union sub debt. Purchase Now$295 Members | $395 Nonmembers (Additional $50 for CD)One registration gives your entire credit union access to the on-demand recording until February 25, 2022.Already registered? Go to the Online Training Center to view live. Who Should Attend? NAFCU Certified Compliance Officers (NCCOs) NAFCU Certified Risk Managers (NCRMs) Chief Executive Officers Executive Vice Presidents Chief Financial Officers Education Credits NCCOs will receive 1.5 CEUs for participating in this webinar. 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 managing the regulatory approval process. Gain familiarization with key terms of the subordinated debt note. Review the issuance and marketing process. Discuss current market dynamics for credit union sub debt. 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 firstname.lastname@example.org America/New_York public
Credits: NCRM, NCCO, CPE
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