House overrides NDAA veto, votes to increase stimulus check amounts
Following President Donald Trump's veto of the fiscal year 2021 National Defense Authorization Act (NDAA) last week, the House Monday, via a 322-87 vote, passed a measure to override the veto. The Senate is also expected to vote on overriding the veto as soon as today. Ahead of the vote, NAFCU Vice President of Legislative Affairs Brad Thaler wrote to congressional leadership to urge them to support the veto override.
In the letter, Thaler reiterated that the fiscal year 2021 NDAA highlights "the important role that defense credit unions play for our men and women in the military in providing traditional financial services and protecting our troops from predatory lenders by protecting credit union military base leases in this legislation."
"Additionally, the Conference Agreement made critical improvements to our Bank Secrecy Act (BSA)/anti-money laundering (AML) regime and requires companies to disclose their true beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN) for the purposes of a newly created nonpublic database of beneficial ownership information," Thaler added.
The final NDAA included several wins for credit unions and NAFCU had previously urged the House and Senate to swiftly pass the legislation after the conference committee released its report. It passed both chambers with large bipartisan margins.
Per the president's urging, the House Monday also voted, in a 275-134 vote, to increase the economic impact payments (EIPs) to adults to $2,000; the current bill provides up to $600 for individuals depending on income level. The House last week attempted to pass by unanimous consent an amendment to the package to meet the president's request, but the measure failed. The bill now moves to the Senate for consideration.
According to reports, Senator Bernie Sanders, D-Vt., has indicated that he will filibuster a vote to override the NDAA veto unless the Senate holds a vote on the increase to the economic impact payments.
The disbursement of EIPs will likely be delayed to at least next week as Congress works to address this issue and the IRS and Treasury ready the payments to go out.
Stay tuned to NAFCU Today for the latest as the bills move through both chambers.
Add to Calendar 2021-01-21 14:00:00 2021-01-21 14:00:00 Recovering Smartly & Strategically from the Pandemic In response to the pandemic and its many ramifications, including a post-COVID exit, credit unions are taking steps to maintain the continuity of their previous operations. But what is often missing, or lacking is addressing the strategic implications of the crisis – of which, depending on how well you accurately assess, anticipate and act – will ultimately determine how your institution fares in your recovery from the business impacts, as well as how you are positioned in a post-COVID environment. Also important is to recognize the two distinctive phases in recovering smartly and strategically from the pandemic. In this presentation, we will help you separate fact from fiction about the virus and shift from reaction to effective action. We will then share with you a step-by-step process to conduct within your credit union, to remake the institution for the “new normal” needs of your members, employees, communities and other stakeholders. Finally, we will share ideas for identifying and seizing new opportunities to become a more profitable and efficient institution at the conclusion of the crisis. By attending this presentation, you will the acquire the needed information and insights to achieve a much better recovery and outcome for your institution. Key Takeaways Identify when you need to shift from a reactive, continuity of operations focus, to proactive action and positioning, even when uncertainty persists. Understand several scenarios as to how the virus is likely to play out, and when we might be returning to “normal.” Recognize the opportunities this event has created for credit unions, how to resist the temptation to return to the “old ways.” Register NowRegistration is complimentary, but you must register to attend.One registration gives your entire credit union access to the on-demand recording until January 21, 2022.Already registered? Go to the Online Training Center to view live. Who Should Attend? NAFCU Certified Risk Managers (NCRMs) Chief Executive Officers (CEOs) Chief Operating Officers (COOs) Chief Lending Officers (CLOs) Chief Financial Officers (CFOs) Risk Titles 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: Identify when you need to shift from a reactive, continuity of operations focus, to proactive action and positioning, even when uncertainty persists. Understand several scenarios as to how the virus is likely to play out, and when we might be returning to “normal.” Recognize the opportunities this event has created for credit unions, how to resist the temptation to return to the “old ways.” 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: Specialized Knowledge – 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
Add to Calendar 2021-01-19 09:00:00 2021-01-19 09:00:00 3 Routes to Create Lift in Payments Vendor Agreements Listen On: For more on this topic, check out 5 COVID-19 Savings and Revenue Strategies. Key Takeaways: [01:43] Interchange is a big component of a credit union’s overall income. There are means to optimize that revenue. [09:51] Be prepared for credit. The credit unions have credit card portfolios and they need to have those positioned properly. Credit is a big revenue opportunity. [10:31] Credit is an opportunity that everybody needs to be looking at. Web NAFCU firstname.lastname@example.org America/New_York public
Strategic Resource Management
Get daily updates.
Subscribe to NAFCU today.