Newsroom
NAFCU, member CUs meet with Senate Banking's Ranking Member Brown
Several representatives from NAFCU-member credit unions Wednesday joined members of the association's advocacy team for a videoconference meeting with Senate Banking Committee Ranking Member Sherrod Brown, D-Ohio. The group thanked Brown for his work with committee Chairman Mike Crapo, R-Idaho, on reforms to the Bank Secrecy Act (BSA)/anti-money laundering (AML) regime, leading the way for its inclusion in the 2021 National Defense Authorization Act (NDAA), and discussed a number of industry issues.
NAFCU President and CEO Dan Berger, Vice President of Legislative Affairs Brad Thaler, and Associate Director of Legislative Affairs Sarah Jacobs attended the meeting, alongside leadership from Ohio-based credit unions, including:
- Atomic Credit Union President and CEO Tom Griffiths;
- CSE Federal Credit Union President and CEO Stan Barnes;
- CINFED Credit Union President and CEO Jay Sigler; and
- Superior Credit Union President and CEO Phil Buell.
The Senate is expected to vote on the House-passed NDAA today, which includes the NAFCU-sought language to make BSA/AML reforms and would require companies to disclose their true beneficial ownership information.
On coronavirus relief, the credit unions shared their experiences helping their members through the pandemic and the paycheck protection program (PPP). The PPP's authorization expired Aug. 8 with roughly $134 billion of allotted funds remaining and NAFCU has been working with Congress on improvements, including reopening the program and simplified forgiveness.
The group also discussed issues related to housing finance reform – another top priority for NAFCU.
NAFCU and its member credit unions will remain engaged with administration officials, lawmakers, and regulators to advocate for additional regulatory relief for the industry. See the 12 issues NAFCU has urged policymakers to take immediate action on.
Share This
Related Resources
Add to Calendar 2024-03-26 09:00:00 2024-03-26 09:00:00 Ensuring Safety and Soundness with AI Listen On: Key Takeaways: [03:48] The regulators are very focused on fairness in lending especially when it comes to using AI and outside models. The industry is moving very fast. [08:25] Articulating a business use case and how partnering with a Fintech can support it is the first step in having a successful conversation with your board. [10:30] Talk to your account executive at your Fintech and have them help you overcome objections. [15:01] Plan for oversight. It is not set and forget it. Your regulators are going to want to know how you are overseeing that from a 3rd party risk management standpoint. [15:47] Have a handle on your reserves and capacity for lending and start small and grow slowly. Web NAFCU digital@nafcu.org America/New_York public
Ensuring Safety and Soundness with AI
preferred partner
Upstart
Podcast
Help Ease Your Members' Loan Payment Concerns
Planning, Auto Loans, Research
preferred partner
TruStage
Blog Post
The Value of Risk Management in Cybersecurity
preferred partner
DefenseStorm
Video
Add to Calendar 2024-03-13 14:00:00 2024-03-13 14:00:00 Digital Assets in Credit Unions: What Are the AML Risks? The digital asset boom is upon us. Like it or not, you have to deal with it effectively with your members, credit unions are on the frontlines of crypto adoption. Even the NCUA has been providing more and more guidance on different aspects of digital assets. You need to be prepared. How? By understanding the core basics of digital assets (specifically cryptocurrencies) the risks that it poses to credit unions and how you can be better prepared to handle issues when they arise. In this webinar, Understanding the Digital Assets Boom, you’ll focus on the basics of digital assets, a background of cryptocurrencies and types, the regulations that are established and the proposals that are being considered and how to position yourself to understand all of these components and include them in your day-to-day roles. Key Takeaways Comprehend the basics of digital assets including cryptocurrencies Understand currently established regulations and what the future has in store, specifically in 2024 Identify and remediate issues that arise in your credit union Register Now $295 Members | $395 Nonmembers(Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until March 13, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCCOs NCRMs Compliance and risk titles Education Credits NCCOs will receive 1.0 CEUs for participating in this webinar NCRMs will recieve 1.0 CEUs for participating in this webinar Web NAFCU digital@nafcu.org America/New_York public
Digital Assets in Credit Unions: What Are the AML Risks?
Credits: NCCO, NCRM
Webinar
Get daily updates.
Subscribe to NAFCU today.