NAFCU, CUs pushed forward in 2020 despite unprecedented challenges
The credit union industry has seen unprecedented challenges this year. Despite the uncertainty, the association and its member credit unions have achieved some great wins in 2020 as NAFCU moved forward with its mission of strengthening credit unions and remained hard at work advocating for industry priorities.
Here are a few key NAFCU and industry highlights to mark this year:
According to the most recent NCUA call report data, the credit union industry now serves more than 122 million Americans – representing 2.4 percent growth over the year – with new members joining each day. As the industry grew, so did NAFCU: The association now represents 54 percent of the industry's assets.
As lawmakers worked on coronavirus relief legislation, NAFCU worked to keep credit union priorities top of mind, ensuring the paycheck protection program (PPP) included credit unions as lenders and securing set-aside funding to meet credit union members' small business loan needs.
The NAFCU team also led legislative efforts related to the Financial Accounting Services Board's (FASB) current expected credit loss (CECL) standard. Legislation eliminating CECL was introduced in the House and the NCUA proposed a rule to phase-in the rule and exempt credit unions under $10 million.
On the advocacy front, NAFCU worked with stakeholders on a number of issues, including:
- the Federal Reserve lifting its six-per-month transfer limit on consumers' savings accounts under Regulation D;
- establishing a four-month limit on the number of principal and interest payments credit unions must cover on behalf of their borrowers in forbearance for government-backed mortgage loans;
- greater Central Liquidity Facility access and flexibility for credit unions to help alleviate liquidity concerns;
- troubled debt restructuring flexibility via legislative provisions; and
Additionally, NAFCU entered into a partnership with the United States Export-Import Bank to promote small business lending.
Compliance and Education
NAFCU's compliance team continued to provide credit unions with award-winning compliance assistance, answering more than 9,000 member questions via the association's direct compliance assistance program, including more than 1,600 questions related to the coronavirus pandemic.
In addition, the team published more than 160 blog posts, articles, charts, guides and tools in efforts to assist credit unions in overcoming challenges.
In efforts to keep the credit union community connected while social distancing practices remained a part of day-to-day life, NAFCU continued to expand its member-only networks designed to connect credit union professionals to their peers to share knowledge and solve challenges.
Senior members of NAFCU's advocacy team reached hundreds of credit union executives during a virtual 50-state, cross-country roadshow to discuss regulatory challenges posed by the pandemic – bringing the information credit union professionals needed directly to their homes or offices.
Add to Calendar 2021-01-26 14:00:00 2021-01-26 14:00:00 Preparing Your Board for the Coming Decade About the Webinar The average board member is now in the midst of, at least, their third major governance challenge. Most board members today played critical roles during the Great Recession, have overseen a change in CEOs, and now find themselves navigating an increasingly complex and unpredictable confluence of external variables. The potential role and capability of boards in the 2020s will undoubtedly be informed by the last ten years of governance practices. Many credit unions are preparing for a continued need to evolve their governance practices to meet the future needs of their more strategically capable organization. The pace of change will continue, one way or another. During this webinar, we will outline how several credit unions are preparing themselves today for the required governing role tomorrow. Who should attend: Board members Board Chairs CEOs Watch the Webinar On-Demand Web NAFCU email@example.com America/New_York public
Strategy, Marketing, Growth & Retention, Customer Engagement
CUNA Mutual Group
Add to Calendar 2021-01-22 14:00:00 2021-01-22 14:00:00 Paycheck Protection Program - What Credit Unions Need to Know About Round 3 This webinar will provide a detailed overview of all of the changes to the Paycheck Protection Program (PPP) as a result of the Economic Aid Act and the two new interim final rules issued by the Small Business Administration (SBA) on January 6, 2020. We will discuss key issues to consider when originating first time and second draw PPP loans, as well as the corresponding lender obligations. There will also be a discussion on how to handle requests to increase existing PPP loans as a result in changes to the rules and how to properly document loan increases. Finally, there will be a brief Q&A session at the end so that you can pose your most pressing questions. Key Takeaways Review changes to the PPP rules Discuss Second Draw PPP Loans Understand PPP Loan Increases 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 January 22, 2022.Already registered? Go to the Online Training Center to view live. Who Should Attend? NAFCU Certified Risk Managers (NCRMs) NAFCU Certified Compliance Officers (NCCOs) Presidents and Chief Executive Officers Chief Lending Officers Chief Financial Officers Lending and finance staff Risk titles Compliance and risk staff Education Credits NCRMs will receive 1.5 CEUs for participating in this webinar. NCCOs 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 changes to the PPP rules. Discuss Second Draw PPP Loans. Understand PPP Loan Increases. 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 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 firstname.lastname@example.org America/New_York public
Credits: NCRM, NCCO, CPE
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