Hood: CU landscape has never been stronger
NCUA Chairman Rodney Hood lauded the credit union industry while discussing regulatory challenges and fintech pressures during a "Fireside Chat," hosted by the Cato Institute Wednesday. The chat – part of the 5th annual "Financial Inclusion: The Cato Summit on Financial Regulation" – featured other financial regulators, including FDIC Chairman Jelena McWilliams and representatives from the CFPB and Office of the Comptroller of the Currency.
Also Wednesday, reports indicated that Hood responded to recent banker attacks challenging the NCUA's oversight authority in light of the New York taxi medallion crisis. Hood said that ridesharing services are "a technological disruption whose impact was as severe as it was uncontrolled," and indicated that the NCUA will tighten supervision of credit unions who hold high concentrations of one particular type of loan. NAFCU defended the credit union industry to lawmakers following the banker attacks.
At the Cato event - attended by NAFCU's Sarah Jacobs, regulatory and legislative assistant - Hood noted that regulation needs to be "effective but not excessive," when asked about the agency's regulatory approach. He acknowledged that burdensome regulations can prevent credit unions from achieving their mission. He also discussed his individual regulatory agenda, which includes the need for infrastructure to protect credit union data while also encouraging credit unions to look at fintech and innovation as a framework.
In regards to fintech, Hood highlighted ways in which credit unions are using technology to reach underserved populations. NAFCU acknowledges that fintech can produce real benefits to consumers; however, the association has urged lawmakers and regulators to ensure a level playing field between fintech companies and financial institutions, from data security to consumer protection.
Hood was also asked about including credit unions under the Community Reinvestment Act (CRA). Hood stated that the CRA was a "punitive measure" put in place because of banks' redlining, and defended credit unions' efforts to help people without being forced to do so by Congress. NAFCU has strongly opposed extending CRA regulations to credit unions.
Hood also discussed charter modernization efforts, specifically mentioning that many credit unions are equipped to serve low income underserved areas but cannot due to chartering, as well as issues related to the Bank Secrecy Act and payday alternative loans.
NAFCU President and CEO Dan Berger met with Hood last month to discuss priorities for the agency and Berger has previously outlined several regulatory priorities that the association would like the board to consider.
CFPB Deputy Director Brian Johnson, who also spoke at yesterday's event, pledged that the agency will provide more guidance to both consumers and the market about its approach to the law.
The CFPB announced that it will host the first of a symposia series, to clarify "abusive" under unfair, deceptive or abusive acts or practices (UDAAP).
NAFCU has long advocated for the bureau to issue specific guidance on prohibited practices so financial institutions have more clarity on this issue. Last year, NAFCU again asked the bureau to provide guidance to clarify the UDAAP standard.
Add to Calendar 2020-07-09 14:00:00 2020-07-09 14:00:00 Cannabis Banking Issues The cannabis industry continues to pose a fascinating mix of competing opportunities and risks – particularly from an anti-money laundering (AML) perspective. Changing societal opinions and business opportunities can conflict with daunting legal landscapes and a spectrum of potential risks. Navigating the AML risks can be particularly difficult. Key Takeaways Review the current status of cannabis and hemp laws: the state vs. federal regimes Discuss recent enforcement actions involving cannabis Understand how to manage the specific AML risks presented to credit unions Walk through possible legislative reform for cannabis and financial services Register Now For On-Demand Access$295 Members | $395 Nonmembers (Additional $50 for CD)One registration gives your entire credit union access to the on-demand recording until July 9, 2021.Already registered? Go to the Online Training Center to view live. Who Should Attend? NAFCU Certified Compliance Officers (NCCOs) NAFCU Certified Risk Managers (NCRMs) Compliance staff Risk staff Audit staff Legal staff Education Credits NCCOs will receive 1.5 CEUs for participating in this webinar. NCRMs will receive 1.5 CEUs for participating in this webinar. NCBSOs 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: Review the current status of cannabis and hemp laws: the state vs. federal regimes. Discuss recent enforcement actions involving cannabis. Understand how to manage the specific AML risks presented to credit unions. Walk through possible legislative reform for cannabis and financial services. 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: Regulatory Ethics - 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: NCCO, NCRM, NCBSO, CPE
Add to Calendar 2020-07-08 11:00:00 2020-07-08 11:00:00 NAFCU Roadshow: Issues Facing Wisconsin & Illinois Credit Unions During COVID-19 Please join us on Wednesday, July 8 at 11:00 a.m. ET (1:00 p.m. CST) as we host a special webinar for Wisconsin and Illinois-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. 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 Wisconsin and Illinois-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 8, 2021.Already registered? Go to the Online Training Center to view live. Who Should Attend? Wisconsin and Illinois-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
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