Fed launches fintech innovation program
The Federal Reserve Board announced a new initiative – a series of fintech innovation office hours – to hear from financial institutions and financial technology companies on issues involving fintech.
In addition, the board launched a dedicated section of its website focused on fintech innovation meant to serve as a "central hub" of information for stakeholders interested in learning about and engaging with the board on matters related to innovation.
The section also features the latest Federal Reserve Consumer Compliance Supervision Bulletin, summarizing supervisory observations regarding fintech and practical steps for institutions to consider.
According to the release, the fintech innovation office hours sessions will be co-hosted with Reserve Banks across the country. Attendees will have the opportunity to meet on-on-one with Fed staff members and ask questions. Those interested may sign up via the Federal Reserve website.
Earlier this year, the Treasury Department's Financial Crimes Enforcement Network announced a similar program to better shape and inform the agency's ongoing engagement with anti-money laundering/countering the financing of terrorism innovators.
NAFCU remains committed to ensuring a level playing field for credit unions and will continue to monitor the financial services landscape for potential changes that could impact the industry.
The association, in September, shared with key agencies its new whitepaper intended to chart a path toward regulatory coordination between traditional financial institutions and fintech companies.
Members of NAFCU's Board of Directors also met with Federal Reserve Governor Michelle Bowman to share results from the 2019 NAFCU Report on Credit Unions, which details the latest issues and trends affecting credit unions, including fintech, as the industry continues to grow and strengthen.
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 firstname.lastname@example.org 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 email@example.com 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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