NAFCU advocacy sees MBL relief bill introduced in Senate
Sen. Ron Wyden, D-Ore., today introduced legislation – the Access to Credit for Small Businesses Impacted by the COVID-19 Crisis Act of 2020 – to provide credit unions with relief under the member business lending (MBL) cap. NAFCU has been working closely with Wyden on the bill, which is similar to legislation introduced in the House, to achieve this relief for the industry in the next coronavirus relief package.
"We appreciate Senator Ron Wyden for working with NAFCU to introduce legislation that would provide credit unions with relief from the MBL cap as they help small businesses recover from the economic impacts of the pandemic," said NAFCU President and CEO Dan Berger. "The MBL cap unnecessarily limits credit unions' ability to serve small businesses in their communities, and the coronavirus pandemic will only exacerbate the need for small business lending. Senator Wyden's bill, along with similar, bipartisan proposals in the House, offers a smart, proactive solution that will help our economy get from crisis to recovery by allowing credit unions to provide greater service to many of our nation’s smallest businesses faced with tough economic challenges ahead. We urge Congress to include this reform in upcoming relief packages."
Wyden's bill mirrors legislation introduced last week by Rep. Brad Sherman, D-Calif., and would allow credit unions with CAMEL rating of 1 or 2 to exempt from their MBL cap loans made within the year from when the national emergency that was declared on March 13, 2020, expires to small businesses to aid in their recovery of the coronavirus pandemic.
House Speaker Nancy Pelosi, D-Calif., is expected to release House Democrats' proposal for the Phase 4 package – dubbed CARES 2 – this week. Sherman introduced his revised MBL relief bill in an effort to get it included in the package. Ten other lawmakers representing both parties signed on as cosponsors, including House Financial Services Committee Chairwoman Maxine Waters, D-Calif.
NAFCU has long sought relief for credit unions from the arbitrary MBL cap and, amid the coronavirus pandemic, has urged Congress to amend the Federal Credit Union Act to provide credit unions with greater flexibility and relief from the MBL cap so they can increase access to lending to the nation's small businesses that are in need. The association has also worked to garner support from the NCUA Board on this issue.
Add to Calendar 2021-05-06 14:00:00 2021-05-06 14:00:00 BSA Update: The Anti-Money Laundering Act of 2020 The House and Senate voted to override former President Trump’s veto of the National Defense Authorization Act, which included the Anti-Money Laundering Act of 2020 (the “AML Act”). The AML Act makes significant changes to the Bank Secrecy Act, including enhanced whistleblower protections, new requirements for business entities to file information with FinCEN regarding beneficial ownership, and new penalties. This session will explain these changes and discuss next steps for credit unions to consider. Key Takeaways: Learn about the comprehensive revisions to the Bank Secrecy Act (BSA) Discuss the likely impacts on credit unions Understand the various effective dates and next steps for implementation for different changes 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 May 6, 2022Already registered? Go to the Online Training Center to view. Who Should Attend? NAFCU Certified Compliance Officers (NCCOs) NAFCU Certified Risk Managers (NCRMs) NAFCU Certified Bank Secrecy Officers (NCBSOs) Compliance staff Legal staff HR staff Education Credits NCBSOs will receive 1.5 CEUs for participating in this webinar. NCCOs will receive 1.5 CEUs for participating in this webinar. 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: Learn about the comprehensive revisions to the Bank Secrecy Act (BSA). Discuss the likely impacts on credit unions. Understand the various effective dates and next steps for implementation for different changes. 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 Federally-Insured 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
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