Newsroom
Omnibus spending package heads to the President’s desk
Late Thursday, the Senate voted (68-31) to pass the massive $1.5 trillion omnibus spending package to fully fund the federal government. Passed by the House Wednesday evening, the package now heads to President Joe Biden’s desk to be signed into law. Of note, the package includes NAFCU-sought legislation, the Credit Union Governance Modernization Act (CUGMA), which will modernize the Federal Credit Union (FCU) Act’s provisions related to member expulsion in order to keep credit unions, their members, and staff safe from illicit behavior.
“NAFCU commends the passage of this package and applauds all the Congressional leaders who worked tirelessly to include legislation that is critical to protecting credit unions across the country,” said NAFCU President and CEO B. Dan Berger. “This omnibus package is a win not only for credit unions that have relentlessly helped their members navigate the financial insecurities brought on by the pandemic, but for Main Street small businesses and families who rely on credit unions for financial services.”
As previously reported by NAFCU, the omnibus bill also contains the Adjustable Interests Rate (LIBOR) Act, introduced by Representative Brad Sherman, D-Calif., which would provide clear guidance and a consistent federal standard for contracts with interest rates transitioning away from the London Interbank Offered Rate (LIBOR) index for financial products – which ends June 2023. Of note, the legislation would also direct the Federal Reserve to determine replacement rates that can be used for contracts lacking fallback language by providing a safe harbor should the contract not specify a non-LIBOR replacement rate.
Other key elements in the package include:
- new provisions on cybersecurity that require critical infrastructure entities and federal agencies to report cyber incidents within 72 hours to the Cybersecurity and Infrastructure Security Agency and any ransomware payments with 24 hours. The cyber legislation is similar to language that was originally included in the Senate version of the National Defense Authorization Act last year but ultimately dropped in the final package; and
- $295 million in annual appropriations for the Community Development Financial Institutions Fund and $1.545 million for the NCUA’s Community Development Revolving Loan Fund. The legislation also includes report language to prioritize those loans for minority depository institutions and smaller credit unions. It also includes report language to encourage the NCUA to look for ways to increase access to credit unions for the underserved.
NAFCU remains engaged with Congress as they work to implement the legislation passed in the Omnibus and will keep credit unions up-to-date on the movement of the bill via NAFCU Today.
Share This
Related Resources
Add to Calendar 2024-04-24 14:00:00 2024-04-24 14:00:00 Optimize Liquidity, Maximize Loan Growth: The Network Lending Advantage About The Webinar Join us to learn more about network lending, a cooperative model allowing credit unions to optimize liquidity and achieve loan growth. Discover how credit unions can participate in loan pools with other institutions, allowing them to diversify portfolios, access loans with potentially lower risk and higher yields, and expand lending capacity without necessarily needing a surge in deposits. Delve into how credit unions can pool their resources, set common underwriting and pricing standards, and collectively originate, buy, and sell loans to optimize liquidity management. Hear from your peers about best practices, case studies, and practical strategies to harness the full potential of network lending and how it's helped their credit unions. Don't miss this valuable opportunity to learn how to strengthen your credit union's position in today’s competitive environment. Key Takeaways: How network lending differs from traditional lending The benefits of participating in loan pools with other credit unions How credit unions can set common underwriting and pricing standards and collectively originate, buy and sell loans to optimize liquidity management Why network lending is critical to loan growth Register Here Web NAFCU digital@nafcu.org America/New_York public
Optimize Liquidity, Maximize Loan Growth: The Network Lending Advantage
preferred partner
LendKey
Webinar
Add to Calendar 2024-04-23 14:00:00 2024-04-23 14:00:00 Monitoring the Latest Litigation Risks Credit unions’ operations pose litigation risks, with more of these cases being filed as class action lawsuits. In this Monitoring the Latest Litigation Risks for Credit Unions webinar, you’ll review some of the specific kinds of lawsuits impacting credit unions and what potential claims could be on the horizon. You’ll also examine some options for mitigating risks. Key Takeaways Review the current lawsuit trends. Understand the potential claims risks Explore options for mitigating risks. 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 April 23, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCCOs NCRMs Compliance and risk titles Education Credits NCRMs will recieve 1.0 CEUs for participating in this webinar NCCOs will recieve 1.0 CEUs for participating in this webinar Web NAFCU digital@nafcu.org America/New_York public
Monitoring the Latest Litigation Risks
Credits: NCCO, NCRM
Webinar
The Bottom Line on Insurance Tracking and Collateral Protection
Strategy
preferred partner
Allied Solutions
Blog Post
Resiliency In Your Incident Response Plan
Cybersecurity
preferred partner
DefenseStorm
Blog Post
Get daily updates.
Subscribe to NAFCU today.