NAFCU watching issues related to CU capital, liquidity
With chances of another stimulus package and economic impact payments (EIPs) to consumers increasing due to the results of the Georgia runoff elections, NAFCU is watching movement on legislation that could impact credit unions. Of note, the association is closely monitoring discussions related to rising concerns surrounding the impact economic relief efforts could have on credit union share growth.
In light of this, NAFCU has voiced its concerns to the NCUA and previously urged the agency for additional capital flexibility for credit unions to manage unexpected share growth, including more specialized and flexible parameters for meeting certain supervisory requirements and regulatory asset thresholds. In a previous post on the NAFCU Compliance Blog, Senior Counsel for Research and Policy Andrew Morris broke down a recent interim final rule issued by banking regulators seeking to mitigate the costs to banks of crossing asset-based regulatory thresholds.
The association has also consistently called for lawmakers to provide capital flexibility to credit unions on par with what community banks received in the CARES Act, which allowed banking regulators to temporarily lower the Community Bank Leverage Ratio (CBLR) from 9 percent to 8 percent.
A recent NAFCU Compliance Blog post also highlighted several items for credit unions to keep in mind as they work to process another round of EIPs.
Additionally, in an email to member credit unions last week, NAFCU Vice President of Legislative Affairs Brad Thaler provided an update on the 117th Congress.
In the message, Thaler noted that while Democrats are poised to take control of a 50-50 split Senate when Vice President-elect Kamala Harris is sworn in on Jan. 20, details on how the Senate will organize have not been announced.
"Regardless of the details, the practical impact of a 50-50 Senate is that Democrats will control the agenda as the majority party and chair Senate committees," wrote Thaler. "This will allow them to consider President Biden’s agenda and House-passed legislation."
Thaler also highlighted that lawmakers with whom NAFCU has long-standing and strong relationships with, Senators Sherrod Brown, D-Ohio., and Ron Wyden, D-Ore., will chair the Senate Banking Committee and Senate Finance Committee, respectively.
As a bipartisan organization, NAFCU works closely with members on both sides of the aisle. The association will continue to build its strong relationships on Capitol Hill to advance credit union priorities and achieve a legislative and regulatory environment in which the industry can thrive.
Credit unions are encouraged to join NAFCU in its advocacy by using the association's Grassroots Action Center to build relationships with lawmakers from their home districts and states, and advocate on behalf of the industry.
Add to Calendar 2021-04-20 14:00:00 2021-04-20 14:00:00 Driving Auto Loan Success: 3 Risk Challenges Credit Unions Are Facing About the Webinar The auto industry continues to show signs of growth and opportunity even through the pandemic. But new risks have also emerged in the last year. During this webinar we'll explore the latest trends and future prospects in the auto market, the risks you need to be aware of, and how to update your strategy for growth. We'll discuss how your credit union can get in the best position possible to monitor and mitigate future risk. Key Takeaways: How risk management changed in the face of a pandemic Strategies to anticipate and prepare for risk vulnerabilities and exposure Practical tactics for credit unions to implement in 2021 Watch the Webinar On-Demand Web NAFCU email@example.com America/New_York public
Add to Calendar 2021-04-20 14:00:00 2021-04-20 14:00:00 A Death in the Family: Working with Deceased Accounts Daniel Defoe was clearly correct when he noted that “nothing is certain but death and taxes.” Fortunately, credit unions don’t have many questions regarding taxes. Death, however, is another issue. Every credit union needs to make sure their operational processes are properly coordinated in the event of a member’s death. From the disposition of deposited funds to the collection of loan balances, is your credit union prepared? This webinar will review the essential elements of successfully navigating the credit union and the member’s family through the deceased member account process. Join industry veteran attorney David Reed as he takes you on a carefully coordinated tour of the process your credit union needs to master to ensure you are honoring the member’s requests, following applicable laws, and not putting the credit union at risk to pay a claim twice. Key Takeaways: Review account notations and declarations Gain a clear understanding of probate Discuss the impact on credit union deposit accounts and loans Walk through deceased account claims and remedies Register Now $295 Members | $395 Nonmembers (Additional $50 for CD)One registration gives your entire team access to the live webinar and on-demand recording until April 20, 2022Already registered? Go to the Online Training Center to view. Who Should Attend? NAFCU Certified Compliance Officers (NCCOs) NAFCU Certified Risk Managers (NCRMs) Legal Staff Compliance staff 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: Review account notations and declarations. Gain a clear understanding of probate. Discuss the impact on credit union deposit accounts and loans. Walk through deceased account claims and remedies. 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: Specialized Knowledge – Technical National Association of Federally-Insured 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
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Add to Calendar 2021-04-19 14:00:00 2021-04-19 14:00:00 CU Insurance Agency Builds Record Non-Interest Income About the Webinar Join us for this panel discussion about how Michigan First’s Insurance Agency generates non-interest income well ahead of their original 5 year plan. Hear how their agency was built to increase member share and create barriers to competitive advantage. Watch the Webinar On-Demand Web NAFCU email@example.com America/New_York public
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