NAFCU secures key wins in 2022, continues advocacy
As credit unions’ voice in Washington, NAFCU strives daily to provide the industry with unwavering federal advocacy, award-winning compliance assistance, and top-rated education resources. With the support of credit union members, the association secured several key wins in 2022 and continues to fight for more.
- Credit Union Governance Modernization Act: Congress passed this legislation as part of a larger spending package earlier this year that allows credit unions to more easily expel members who pose a threat to credit unions and their employees. NAFCU has long advocated for this modernization and the association continues to engage the NCUA on this issue as it works to implement the law.
- Community Development Financial Institutions (CDFIs): Noting the impact CDFI-certified credit unions have on local communities, NAFCU has called on Congress to provide more funding and a better CDFI certification process to help financial institutions, especially credit unions, better support underserved areas. The Biden Administration recently announced an investment of $8.28 billion in support of CDFIs and minority depository institutions (MDIs) and legislation to strengthen CDFIs’ access to long-term capital have been advanced in Congress. The association also provided testimony before the Senate Banking Committee on these issues and continues to raise awareness – including in a recent meeting with the White House Office of Public Engagement – on the need for better communication and a streamlined application process from the CDFI Fund.
- Defending against bad policies: Throughout 2022, the association fought back against bankers’ attacks continuing efforts under the award-winning Big Bank Bullies campaign to highlight the difference between community-focused credit unions and profit-seeking banks. NAFCU also continues to advocate against legislative efforts that would negatively impact credit unions, such as extending debit interchange routing requirements to credit cards, as well as granting the NCUA with third-party vendor authority.
- Supporting good policies: NAFCU’s advocacy has led to several bill introductions that would benefit the credit union industry, including the bipartisan Credit Union Board Modernization Act that would revise outdated requirements related to credit union board of directors meetings, legislation to allow all types of credit unions to add underserved areas to their fields of membership, the SAFE Banking Act to provide clarity for providing financial services to state-authorized marijuana-related businesses, and legislation to make permanent enhancements to the Central Liquidity Facility.
In addition to these advocacy accomplishments, the association’s Compliance Team has answered nearly 6,000 compliance questions this year and published more than 160 blog posts, articles, charts, guides, and tools totaling more than 1,200 pages of compliance resources. NAFCU also hosted 13 in-person and virtual events and provided more than 18,000 hours of content to more than 2,700 credit union professionals through its Online Training Center.
Read more about the association’s 2022 accomplishments and stay tuned to NAFCU Today for ongoing efforts to have credit union priorities addressed as Congress works to pass end-of-year legislation.
Add to Calendar 2023-12-07 14:00:00 2023-12-07 14:00:00 Breaking Down Silos: Collaborating to Combat Cyber Fraud About the Webinar With the rapidly evolving threat landscape, it is clear that operating in isolation is no longer a viable strategy for effective and proactive cyber risk management. The challenges presented by cyber threats demand a concerted effort within your credit union to break down silos and collaborate effectively. Your credit union’s information security and fraud teams must work together to develop a comprehensive and cohesive approach to managing cyber risks. In this session, we will explore how to leverage expertise and tools to be proactive in your fraud detection. Join DefenseStorm’s resident Fraud Geek and senior product manager, Adam Barrett where we will delve into how your credit union can: Evaluate edge data to better identify fraudsters hiding behind VPNs Cultivate effective relationships to combat fraud Efficiently engage with your red team Open up the dialogue around pain points or blind spots to improve your ability to stop cyber fraud Register Here Web NAFCU firstname.lastname@example.org America/New_York public
Add to Calendar 2023-12-07 14:00:00 2023-12-07 14:00:00 BSA Back to Basics: CTR and SAR Filings From identifying when Bank Secrecy Act (BSA) regulations require filing a currency transaction report (CTR) and suspicious activity report (SAR) to learning how to tactically complete those forms, in this back-to-basics webinar, you’ll evaluate how to apply BSA requirements to transactions to determine when filings are required and how to complete the forms associated with those filings. Key Takeaways Learn the basics of BSA/AML regulations for CTR and SAR filing requirements Understand how to implement BSA/AML regulations at your organization to detect transactions that require a CTR and/or SAR Discover how to use the CTR and SAR forms in FinCEN’s BSA E-Filing system Receive a step-by-step walkthrough of completing CTR and SAR forms. 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 December 7, 2024.Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCBSOs NCCOs NCRMs BSA, 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 NCBSOs will recieve 1.0 CEUs for participating in this webinar CPA credit information is below; recommended 1.0 CPE credits. CPA Certification Credit Information (Note: Webinars must be attended when aired to receive CPE credits.) Reviewer: Josie Collins, Senior 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: Reguatory Ethics – Technical About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, DC. 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
Add to Calendar 2023-12-06 09:00:00 2023-12-06 09:00:00 Navigating Student Lending: A 2023 Review and 2024 Outlook Listen On: Key Takeaways: [0:57] What were the biggest challenges and opportunities with regard to student lending and CUs in 2023? [2:55] We discuss the duality of education lending: in-school financing for younger individuals and post-graduation refinancing for lasting credit union engagement. [5:47] The credit union journey emphasizing its natural progression from student loans to auto and mortgage opportunities. [6:25] During the student loan repayment pause, credit unions benefited as borrowers saved money, but the impact upon resumption is expected to be manageable. [9:36] What were the most significant policy changes that impacted student lending and credit unions in 2023? [13:52] Predictions for student lending and CUs in 2024. [14:50] Long-term value in engaging young borrowers, highlighting lifetime financial opportunities. Web NAFCU firstname.lastname@example.org America/New_York public
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