POTUS signs $1.5 trillion omnibus spending package
President Joe Biden signed the massive 1.5 trillion omnibus spending package to fully fund the federal government into law Tuesday. Of note, the package includes the NAFCU-sought Credit Union Governance Modernization Act (CUGMA), which modernizes 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.
The Senate voted 68-31 on Thursday to pass the legislation.
“NAFCU applauds President Biden for signing this important funding package, which contains substantial legislation aimed at strengthening the credit union industry,” stated NAFCU President and CEO Dan Berger. “This spending package grants protections and clear guidance for credit unions and their members who have endured hardships from the pandemic and has important support for programs like the Community Development Financial Institutions (CDFI) Fund.
“As we find ways to adapt to the changing economic landscape, the credit union industry remains steadfast in offering financial support for families and Main Street small businesses,” added Berger.
As previously reported by NAFCU, the omnibus bill also contains the Adjustable Interest Rate 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. 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 CDFI 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 via NAFCU Today.
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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 firstname.lastname@example.org 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 email@example.com America/New_York public
Fighting Fraud: The Role of Fraud Fusion Centers
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