NAFCU updates CUs on Washington’s response to bank failures
NAFCU Senior Vice President of Government Affairs Greg Mesack sent member credit unions an update on discussions and efforts underway in Washington, D.C., in response to recent bank failures.
Of note, Federal Reserve Chairman Jerome Powell addressed the failures during his statement after the Federal Open Market Committee’s (FOMC) meeting, acknowledging the bank’s poor risk management and the Fed’s commitment to learning from the events to prevent future failures. Treasury Secretary Janet Yellen also received questions during a budget hearing Wednesday and told lawmakers that raising deposit insurance limits is not currently under consideration.
Mesack noted that regulators’ initial response seems to have contained the impact of the failures to those banks, and officials have indicated deposits at regional and mid-size banks have stabilized.
The Senate Banking Committee and House Financial Services Committee are set to hold hearings next week with Federal Deposit Insurance Corporation (FDIC) Chair Martin Gruenberg, Federal Reserve Vice Chair of Supervision Michael Barr, and Treasury Department Under Secretary for Domestic Finance Nellie Liang.
Mesack said the discussions will likely focus on extending deposit insurance coverage, repealing regulatory relief for mid-size institutions, and changing compensation for bank executives; however, no immediate legislation is expected as committee leadership take a wait-and-see approach for investigations to reveal how these collapses happened prior to considering any legislation.
NAFCU will remain engaged with lawmakers and regulators on this issue, touting the credit union difference and strength of the industry.
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Board and Governance
Add to Calendar 2023-06-06 14:00:00 2023-06-06 14:00:00 Avoiding and Resolving Harassment Claims: A Primer for Board Members The #me-too movement may have receded from the front of public consciousness, but the need to prevent and resolve harassment claims remains a key function for any employer. As community-oriented organizations, credit unions more than most feel a responsibility for the well-being of their members, employees and volunteers. This webinar, Avoiding and Resolving Harassment Claims: A Primer for Board Members provides both an introduction to the subject for board members, as well as selected deep dives on particular issues of interest to credit union volunteer boards. Key Takeaways Learn to identify the hallmarks of a situation in which it is appropriate for the board to become involved, as opposed to permitting effective resolution through normal human resources procedures Recognize the breadth of current law governing harassment claims, including newly prominent protected categories, the nature and severity of conduct which may constitute harassment, and the fact that conduct that may not rise to the level of a state or federal law civil rights violation may still violate the credit union’s own internal policies, procedures, and ideals, and be subject to appropriate discipline and remedial action Discover appropriate oversight roles for board officers, committee members including supervisory committee members, and other Board members, particularly in the context of passing along a report or complaint of harassment or inappropriate conduct 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 June 6, 2024.Go to the Online Training Center to access the webinar after purchase » Who Should Attend Board of director titles NCVEs and volunteer titles HR titles Education Credits NCVEs will receive 1.0 CEUs for participating in this webinar Web NAFCU email@example.com America/New_York public
Avoiding and Resolving Harassment Claims: A Primer for Board Members
Add to Calendar 2023-06-06 09:00:00 2023-06-06 09:00:00 Fighting Fraud: The Role of Fraud Fusion Centers Listen On: Key Takeaways: [00:56] The concept of a Fraud Fusion Center is a collaboration among professional fraud fighters. Anyone that has been doing this for a while forms a network of trusted advisors and we all go to each other anytime we come across some new or complex case. [02:50] Scams have always been around but the emergence of AI has made them far more sophisticated than we have ever seen before. [05:55] Person-to-person payment apps like Zelle, Venmo, and CashApp are not protected like debit and credit cards. [08:30] Every single time that new technology comes out that makes our lives better, fraudsters will find a way to exploit it. The current state of cyber fraud points credit unions in a lose-lose situation. [20:04] By identifying the information at one credit union and getting it out to others they are getting ahead of these threats. [22:19] Fraud Fusion Centers are critical. Formalize it and make it happen. Web NAFCU firstname.lastname@example.org America/New_York public
Fighting Fraud: The Role of Fraud Fusion Centers
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Board and Governance
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