HFSC drops NAFCU-opposed Overdraft Protection Act from markup
The House Financial Services Committee pulled the NAFCU-opposed Overdraft Protection Act during its rescheduled markup Wednesday. NAFCU has long advocated against the bill, as it would significantly limit overdraft protection programs and the ability to assess nonsufficient fund fees (NSF).
Of note, prior to the markup, NAFCU Vice President of Legislative Affairs Brad Thaler wrote to the Committee reiterating that credit unions have a focus on the financial health and well-being of their members through many alternative products and services, while cautioning that any legislative efforts to eliminate or limit overdraft protection programs would likely result in significant negative impacts on borrowers and credit unions.
The Committee also discussed the Close the Industrial Loan Company (ILC) Loophole Act, bipartisan legislation introduced by Reps. Chuy Garcia, D-Ill., and Lance Gooden, R-Texas. Of note, in the letter Thaler also referenced NAFCU’s ongoing support for this legislation, as it would help stop ILCs from taking advantage of the current ILC charter that helps them gain more access to the U.S. financial system. The association also joined a coalition letter to the Committee from various financial organizations and consumer groups in support of the bill. The Committee plans to vote on this legislation today.
NAFCU will continue to monitor these bills and will work with Congress to ensure credit unions and their members retain the right to use overdraft protection programs.
Add to Calendar 2022-09-29 14:00:00 2022-09-29 14:00:00 Coming Soon: CECL This is a deep-dive refresher into the requirements of the Current Expected Credit Losses (CECL) standard. ASC 326 (CECL) is the most significant accounting standard to impact credit unions in many years. Your credit union should be prepared to adopt CECL in 2023 – this will be an effort to make sure you have a sound calculation, appropriate accounting policies and sufficient disclosures. In this Coming Soon: CECL webinar, you’ll get a baseline understanding of the accounting decisions required by the standard, with a focus on those that have tripped up earlier adopters; lessons learned from previous adopters; best practices and key items to consider for your model on a go-forward basis. Key Takeaways Understand requirements of the CECL standard Analyze lessons learned and best practices from previous adopters Evaluate key items to consider for future maintenance of the CECL model(s) Register Now$295 Members | $395 Nonmembers(Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until September 29, 2023.Go to the Online Training Center to access the webinar after purchase » Who Should Attend Presidents and CEOs CFOs Accounting titles NCRMs Risk titles Education Credits NCRMs will receive 1.0 CEUs for participating in this webinar CPA credit information is below; recommended 1.0 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Senior Associate Director of Education, NAFCU Learning Objectives: See key takeaways Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.0 credits Recommended Field of Study: Accounting – Technical About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, DC. 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
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