NAFCU shares support of NDAA, urges House to pass legislation
As the House prepares to consider the fiscal year 2021 National Defense Authorization Act (NDAA), NAFCU Vice President of Legislative Affairs Brad Thaler urged the chamber to support and pass the important piece of legislation.
Of note, the bill includes NAFCU-sought language to make Bank Secrecy Act (BSA)/anti-money laundering (AML) reforms and does not include changes to on-base leases sought by the banking industry.
In the letter, sent to House leadership, Thaler thanked the conference committee for recognizing the important role that defense credit unions play in providing servicemembers with "traditional financial services and protecting our troops from predatory lenders."
Thaler noted that while the Department of Defense (DoD) has chosen to afford space on military spaces at a nominal rate to credit unions, the department is not required to do so.
"DoD, like many others, recognizes the value that credit unions bring to our men and women in uniform, in good times and bad," wrote Thaler. "For example, during the partial government shutdown last year, many credit unions offered programs to assist those impacted by a lack of a paycheck, while other financial institutions did little or nothing."
In reference to BSA/AML reform, Thaler highlighted that the legislation would make critical improvements by requiring companies to disclose their true beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN) to create a new nonpublic database.
"NAFCU has consistently recognized the importance of FinCEN, BSA, and AML/countering the financing of terrorism (CFT) requirements in assisting in the prevention of tax evasion, money laundering and terrorist financing," wrote Thaler.
"Our members have a good working relationship with FinCEN, and they consistently inform us that the publication of periodic BSA/AML guidance is very helpful," Thaler added. "However, BSA/AML requirements remain a burden to implement, and the system is in need of improvements and reform."
NAFCU's NDAA advocacy began early this year to ensure the bank-sought provision was not included. The association worked in coordination with the Defense Credit Union Council (DCUC) and CUNA to build awareness and support on Capitol Hill.
Stay tuned to NAFCU Today for updates as the bill moves through the House and Senate.
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Add to Calendar 2021-02-25 14:00:00 2021-02-25 14:00:00 Fundamentals of Credit Union Subordinated Debt This webinar will cover NCUA’s new rule authorizing the issuance of subordinated debt by natural person credit unions for purposes of regulatory capital treatment. Previously only low-income credit unions could issue subordinated debt that can count toward their net worth requirement. Under the rule, complex credit unions and new credit unions, as well as low-income credit unions, may issue subordinated debt that can count toward their risk-based capital requirement. The webinar will address material terms of the rule and the subordinated debt instrument. We’ll also cover the regulatory approval process, eligible investors, the offering process, reasons to issue subordinated debt and the current interest rate environment. Key Takeaways Understand managing the regulatory approval process. Gain familiarization with key terms of the subordinated debt note. Review the issuance and marketing process. Discuss current market dynamics for credit union sub debt. Purchase Now$295 Members | $395 Nonmembers (Additional $50 for CD)One registration gives your entire credit union access to the on-demand recording until February 25, 2022.Already registered? Go to the Online Training Center to view live. Who Should Attend? NAFCU Certified Compliance Officers (NCCOs) NAFCU Certified Risk Managers (NCRMs) Chief Executive Officers Executive Vice Presidents Chief Financial Officers Education Credits 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: Understand managing the regulatory approval process. Gain familiarization with key terms of the subordinated debt note. Review the issuance and marketing process. Discuss current market dynamics for credit union sub debt. 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: Finance - Technical 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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