NCUA's Hood visits NAFCU HQ
NCUA Board Chairman Rodney Hood met with NAFCU President and CEO Dan Berger at the association's headquarters Tuesday to discuss credit union issues and agency priorities.
Berger was joined by NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt and Director of Regulatory Affairs Ann Kossachev. The group shared NAFCU member feedback on a number of key industry issues, including:
Following NAFCU's calls for a subordinated debt rule that allows all credit unions to grow, the NCUA Board proposed a rule during its January board to allow low-income credit unions, complex credit unions, and newly-formed credit unions to issue subordinated debt for the purpose of regulatory capital treatment. Ahead of the subordinated debt proposal, the NCUA in December voted to approve a NAFCU-sought delay to its risk-based capital (RBC) rules until Jan. 1, 2022.
NAFCU has led efforts to ensure credit unions and their members benefit from a modern capital regime, working closely with policymakers on Capitol Hill and at the NCUA.
Last year, the Financial Accounting Standards Board (FASB) made final a delay to its current expected credit loss (CECL) standard, pushing credit unions' compliance date to 2023. Following FASB's decision to move forward with the delay, federal financial regulators – including the NCUA – issued a proposed interagency policy statement for CECL and proposed guidance on credit risk review systems.
The NCUA Board is expected to finalize an interagency policy statement on CECL during a Board meeting later this week.
NAFCU has shared credit unions' concerns about the negative impacts of CECL, and continues to push for more guidance and relief for credit unions under the standard with the NCUA and FASB.
NAFCU has previously urged lawmakers to consider a national data security standard for institutions that collect and store consumer information and has resources available to ensure credit unions can effectively identify and address cyber security concerns.
In December, the association unveiled its six principles for data privacy legislation and stressed the importance of a national standard to reduce confusion and regulatory burden stemming from a patchwork of state laws. The association also has myriad resources available to ensure credit unions can effectively identify and address cybersecurity concerns.
NAFCU continues to engage with the NCUA on important issues and will monitor Thursday's NCUA Board meeting, during which the board will also receive a briefing on the NCUSIF and credit union mortgage rates, a supervisory priority for this year. The association has previously met with board members Todd Harper and Mark McWatters.
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 firstname.lastname@example.org America/New_York public
Credits: NCCO, NCRM, NCBSO, CPE
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 email@example.com America/New_York public
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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