House passes measure to extend debt ceiling to December
House leaders Tuesday passed a measure to extend the debt ceiling until early December by a 219-206 vote. The agreement, approved by Senate leaders late last week, sets up a busy December as Congress deals with the expiration of the debt ceiling, as well as the expiration of a continuing resolution for funding on Dec. 3. The measure comes less than a week before the Oct. 18 deadline to avoid a default, as indicated by Treasury Secretary Janet Yellen.
Congress is expected to consider the Build Back Better Act (BBBA) at the end of this year, which could be a medium for addressing the debt ceiling if a bipartisan agreement is not reached.
NAFCU has led the fight against two provisions in BBBA that have been a major concern for credit unions. The association continues to advocate against the inclusion of a burdensome new IRS reporting requirement for financial institutions to annually submit information to the IRS for all accounts with over $600 in inflow or outflow. NAFCU encourages members to urge Congress to oppose the requirements through a series of grassroots efforts. Yesterday House Speaker Nancy Pelosi (D-CA) indicated that the House still plans to try to include this provision in the final reconciliation package.
Also, the association continues to voice its concerns against another proposal included in the BBBA that would grant the Small Business Administration (SBA) direct-lending abilities. Under the provisions, the SBA could generate and distribute 7(a) loans of $150,000 or less, directly to borrowers or “through partnerships with third parties.”
Senate Republicans sent a letter to Senate Majority Leader Chuck Schumer, D -N.Y., House Speaker Nancy Pelosi, D-Calif., and the Senate and House Small Business Committee Chairs, Ben Cardin, D-Md., and Nydia Velasquez, D-N.Y., expressing the same concerns on the proposal noting that the program would be costly and inefficient, ultimately resulting in a detriment to both lenders and borrowers.
Stay tuned to NAFCU Today for the latest on the legislation as it moves through Congress.
Add to Calendar 2021-10-21 14:00:00 2021-10-21 14:00:00 FFIEC IT Examination Handbook Update - Deconstructing the Architecture, Infrastructure & Operations Booklet If you have ever wanted to know what’s new in the Federal Financial Institutions Examination Council (FFIEC) IT Examination Handbook, this is the session for you. In this webinar we will deconstruct the Architecture, Infrastructure & Operations (AIO) booklet by comparing the AIO booklet to the Operations booklet which it replaces. We dig into what’s new to AIO, including how the principles, design and content could impact your credit union during future IT exams. If you are a CISO, ISO, responsible for IT governance, or just want to stay on top of changes to IT regulatory guidelines, this session is for you. Key Takeaways Discover the key differences between the AIO booklet and the Operations booklet it replaces. Identify new principles in the AIO booklet as they relate to IT safety and soundness. Compare and contrast principles and concepts that overlap with the IT Security booklet. Review ideas on how to implement the AIO into your credit union’s Information Security Program. Purchase Now$295 Members | $395 Nonmembers (Additional $50 for CD)One registration gives your entire team access to the live webinar and on-demand recording until October 21, 2022.Go to the Online Training Center to access the webinar after purchase » Who Should Attend? NAFCU Certified Compliance Officers (NCCOs) NAFCU Certified Risk Managers (NCRMS) Chief Executive Officers Chief Financial Officers Chief Information Officers Chief Technology Officers Compliance, risk, and audit titles Education Credits NCRMs will receive 1.0 CEUs for participating in this webinar NCCOs 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, 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, 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
FFIEC IT Examination Handbook Update - Deconstructing the Architecture, Infrastructure & Operations Booklet
Credits: NCRM, NCCO, CPE
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