NAFCU offers support for bipartisan bill that would strengthen CDFIs
NAFCU Vice President of Legislative Affairs Brad Thaler wrote to Housing, Transportation, and Community Development Subcommittee Chairwoman Tina Smith, D-Minn., and Ranking Member Mike Rounds, R-S.D., to thank them for the introduction of the CDFI Bond Guarantee Program Improvement Act. The newly introduced legislation aims to jumpstart economic development in economically distressed areas and address disparities in access to capital for underserved communities by strengthening and expanding community development financial institutions (CDFIs).
"Many credit unions are also CDFI’s, and as such are invaluable resources for the underserved areas they serve," wrote Thaler. "Congress has long recognized the importance of CDFIs and increased funding for both the CDFI Fund and the Community Development Revolving Loan Fund (CDRLF). In addition to these resources, the CDFI Bond Guarantee Program provides a valuable line of long-term capital to CDFIs through the Federal Financing Bank."
Thaler explained that the new legislation to reduce the minimum loan amount offered by the bond guarantee program would have an immediate and positive impact on CDFIs and the communities they serve.
The Senate Banking Committee Wednesday held a hearing to discuss how CDFIs support underserved communities where Chairwoman Smith detailed the importance of the bill.
View Thaler's full letter. NAFCU will monitor the legislation and continue to urge Congress to fully fund the CDFI and CDRLF, as they promote access to capital and local economic growth in low-income communities.
Can Credit Unions Purchase Participation Loans?
Add to Calendar 2023-03-28 14:00:00 2023-03-28 14:00:00 A Deep Dive into FedNow Service Features and 24/7/365 Operations Join part 2 of this FedNow webinar series to deepen your knowledge of FedNow Service features and capabilities to prepare your credit union for 24/7/365 operations. Join Director of FedNow Product Management, Stephanie Miracle, and you’ll explore important operational topics that are top of mind for credit unions including release 1 features, reconcilement, accounting changes, reporting, liquidity management, fraud and risk mitigation, ISO 20022, and how to work with your service provider. Operations, technology and business development staff will find this webinar particularly valuable as they consider tactical next steps to convert to always-on payment operations. Key Takeaways Examine specific FedNow operational topics including reporting, reconcilement, seven-day accounting, liquidity management, ISO 20022 and more. Learn about fraud and risk considerations that are inherent to instant payments, and the Federal Reserve’s fraud mitigation approach and tools. Discover how to best engage with your service provider partners as you embark on your instant payments implementation journey. Register Now Registration is Complimentary, but you must register to view.One registration gives your entire team access to the live webinar and on-demand recording until March 28, 2024.Go to the Online Training Center to access the webinar after purchase » Who Should Attend? Credit union accounting and finance management NCRMs and risk titles NCCOs and compliance 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 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
A Deep Dive into FedNow Service Features and 24/7/365 Operations
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Add to Calendar 2023-03-28 14:00:00 2023-03-28 14:00:00 SECURE 2.0: Creating a New Retirement Plan Foundation About the Webinar The SECURE 2.0 Act of 2022 was passed by Congress and signed into law by the President on December 26th 2022. The law contains 92 provisions, many of which are designed to expand retirement savings and coverage and simplify retirement plan rules. A number of these provisions will serve as the foundation for new plan formation among small businesses and may propel overall increased participation and savings rates. This is one of the largest pieces of retirement plan legislation in some time. This legislation has been anticipated for nearly a year, with key features contained in previously proposed bills presented over the last several years. While some of these features are identical to what was previously proposed, others have been modified to some extent in the final version of the law. Watch On Demand Web NAFCU email@example.com America/New_York public
SECURE 2.0: Creating a New Retirement Plan Foundation
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