House passes DEI package containing provisions both supported and opposed by NAFCU
The House Wednesday passed the Financial Services Racial Equity, Inclusion, and Economic Justice Act package, in a 215-207 vote, which includes the NAFCU-backed Expanding Financial Access for Underserved Communities Act. The bill would allow all types of federal credit unions to add underserved areas to their field of membership and adds "banking deserts," areas not within 10 miles of a branch of a financial institution, to the definition of an underserved area.
The CDFI Bond Guarantee Program Improvement Act, also included in the package, would permanently authorize the CDFI Bond Guarantee Program. The package also contained several CDFI reforms targeted at aiding financial institutions. Of note, NAFCU Vice President of Legislative Affairs Brad Thaler, ahead of yesterday’s votes, wrote to the House urging lawmakers to update a current provision in the package that adds women’s banks to the definition of minority depository institutions to also include credit unions.
Thaler shared concerns regarding certain provisions included in the package that would increase data reporting and disclosure requirement burdens on credit unions. In addition, Thaler shared concerns around provisions that would expand the CFPB’s authority.
"While they may be well-intentioned, we must caution against the burden they stand to place on community financial institutions," wrote Thaler. "We believe that these provisions may prove counterproductive to the goal of increasing access to capital as institutions spend resources to comply, rather than use them to aid members."
The package now moves to the Senate, where it is unlikely to be considered due to the limited days remaining in this Congressional session. NAFCU will continue to monitor the legislation and ensure credit union concerns are considered by lawmakers.
Examination & Enforcement
Add to Calendar 2022-06-28 14:00:00 2022-06-28 14:00:00 5 Ways You Can Help Older Members Avoid Fraud and Financial Exploitation In this webinar you’ll learn how to identify, prevent, respond, and report scams and fraud targeting older adults. Though anyone can experience fraud and financial exploitation, scammers and other bad actors often target older adults. Explore why your older members may be at risk, who the abusers are, and red flags to identify scams and fraud. You will also hear about steps that older adults, their caregivers and loved ones, and credit union staff can take to spot and report financial exploitation if it does occur. In 5 Ways You Can Help Older Members Avoid Fraud and Financial Exploitation, you will get a baseline understanding of elder financial exploitation and what you can do about it. Topics covered include: defining elder financial exploitation, common types of fraud and scams, a snapshot of data about scams, prevention and reporting resources, including financial caregiving and Trusted Contacts. Key Takeaways Learn the basics of elder financial exploitation, fraud, and scams. Review red flags and prevention resources for members, their caregivers and loved ones. Discover resources to help credit union staff spot, prevent, and report financial exploitation. Register NowRegistration is complimentary, but you must register to attend.One registration gives your entire team access to the live webinar and on-demand recording until June 28, 2023.Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCCOS NCBSOs NCRMs Compliance, BSA and risk staff Education Credits NCCOs will receive 1.0 CEUs for participating in this webinar NCRMs will recieve 1.0 CEUs for participating in this webinar NCBSOs will receive 1.0 CEUs for participating in the webinar CPA credit information is below; recommended 1.0 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, 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: Regulatory Ethics – 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 email@example.com America/New_York public
Credits: NCCO, NCRM, NCBSO, CPE
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