Remittances, FFIEC guidance on NAFCU committee agenda
NAFCU's Cybersecurity and Payments Committee is set to meet today to discuss the latest developments affecting the credit union industry, including new regulations and guidance from regulators. As credit unions work toward restoring normal operations, the committee will also discuss lessons learned from implementing teleworking policies and distributing economic impact payments.
Also on the agenda:
CFPB's Remittance Transfer Rule
Last month, the CFPB issued a final rule increasing the safe harbor threshold under its remittance rule from 100 transfers in the previous and current calendar year to 500 transfers.
NAFCU continuously worked with the bureau to obtain relief for credit unions under the rule and, although the association had advocated for a larger threshold increase, Director of Regulatory Affairs Ann Kossachev called the increase a step in the right direction.
The committee will discuss the extent credit unions provide remittance transfers above the threshold and how the new framework for providing estimates could impact operations.
Federal Financial Institutions Examination Council's (FFIEC) Statement on Risk Management for Cloud Computing
The FFIEC recently released a statement clarifying how risk when using cloud computing services can be managed, suggesting that financial institutions may choose to leverage managed security services. While the statement does not contain new regulatory expectations, it highlighted that management should not assume that effective security and resilience controls exist when technology systems are operating in a cloud computing environment.
During the meeting, NAFCU staff will ask how the statement helped inform vendor due diligence requirements and explore elements of the statement that may be unclear.
Economic Impact Payment (EIPs)
Although most EIPs, allocated under the CAREs Act, have been distributed by the Treasury Department, NAFCU staff will outline the potential for a second round of stimulus payments in future legislation and technical issues related to the screening of EIPs.
Additionally, the committee will discuss the NCUA's recent Letter to Credit Unions on examination procedures and the agency's Risk Alert that provided cybersecurity best practices for credit unions with employees working remotely due to the coronavirus pandemic.
NAFCU President and CEO Dan Berger previously called on the NCUA provide additional examination flexibility and make other regulatory adjustments to ensure credit unions can focus on helping members during the pandemic.
The committee will next meet Sept. 1.
Add to Calendar 2021-01-22 14:00:00 2021-01-22 14:00:00 Paycheck Protection Program - What Credit Unions Need to Know About Round 3 This webinar will provide a detailed overview of all of the changes to the Paycheck Protection Program (PPP) as a result of the Economic Aid Act and the two new interim final rules issued by the Small Business Administration (SBA) on January 6, 2020. We will discuss key issues to consider when originating first time and second draw PPP loans, as well as the corresponding lender obligations. There will also be a discussion on how to handle requests to increase existing PPP loans as a result in changes to the rules and how to properly document loan increases. Finally, there will be a brief Q&A session at the end so that you can pose your most pressing questions. Key Takeaways Review changes to the PPP rules Discuss Second Draw PPP Loans Understand PPP Loan Increases Register NowRegistration is complimentary, but you must register to attend.One registration gives your entire credit union access to the on-demand recording until January 22, 2022.Already registered? Go to the Online Training Center to view live. Who Should Attend? NAFCU Certified Risk Managers (NCRMs) NAFCU Certified Compliance Officers (NCCOs) Presidents and Chief Executive Officers Chief Lending Officers Chief Financial Officers Lending and finance staff Risk titles Compliance and risk staff Education Credits NCRMs will receive 1.5 CEUs for participating in this webinar. NCCOs 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 changes to the PPP rules. Discuss Second Draw PPP Loans. Understand PPP Loan Increases. 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: Regulatory Ethics National Association of Federal 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 email@example.com America/New_York public
Credits: NCRM, NCCO, CPE
Fraud, Cybersecurity, Risk Management, Security, Web/Tech
NCUA , Examination & Enforcement
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