Senate Committee examines digital currency
Yesterday, NAFCU’s award-winning advocacy team monitored a Senate Banking Subcommittee hearing to examine the digital dollar. The hearing largely focused on ensuring privacy, security, and countering China’s attempts to become the reserve currency.
During the hearing, Senators focused on the challenges and merits of a digital currency. Additionally, there was a discussion by the subcommittee on how a digital dollar could help unbanked people have access to digital dollars.
The witnesses all agreed on the need for a central bank digital currency and stressed that the digital dollar should also have the ability to be loaded on a card.
Witnesses at the hearing were the following:
- Dr. Neha Narula – Director, Digital Currency Initiative, MIT - Testimony
- Mr. Lev Menand - Academic Fellow And Lecturer In Law, Columbia Law School – Testimony
- The Honorable J. Christopher Giancarlo - Senior Counsel, Willkie Farr & Gallagher – Testimony
- Dr. Darrell Duffie - Adams Distinguished Professor Of Management And Professor Of Finance, Stanford University Graduate School of Business – Testimony
NAFCU remains committed to ensuring a level playing field for credit unions and continuously monitors the financial services landscape for potential changes that could impact the industry.
Management & Operations
Add to Calendar 2021-06-15 14:00:00 2021-06-15 14:00:00 CU Case Study: Growing Your Consumer Loan Portfolio and Gaining New Members About the Webinar According to the NCUA, credit unions experienced a 20% annual increase in total deposits in 2020. Meanwhile, current economic conditions have credit unions struggling to find qualified member borrowers, leading to a capital surplus without viable investment options. To buck the trend, many credit unions have partnered with fintech companies to grow their consumer loan portfolio by finding more creditworthy borrowers and gaining new members. Discover how your credit union can tap into this opportunity to quickly increase consumer lending to more creditworthy borrowers with minimal upfront costs. In this webinar, Brent McCoy, Vice President of Credit Administration, KEMBA Financial Credit Union, will share how KEMBA is putting its cash to work to grow its consumer loan portfolio while gaining new members. 3 Key Takeaways: Learn how KEMBA Financial Credit Union originates loans digitally as a complement to its existing offerings to acquire more borrowers, without disrupting its branch network or processes. Discover how KEMBA Financial Credit Union maintained control of its risk profile and monitored loan performance during the pandemic. Learn how credit unions can use sophisticated machine learning models to more accurately identify risk and approve more applicants than traditional, credit score-based lending models. Watch the Webinar On-Demand Web NAFCU email@example.com America/New_York public
Add to Calendar 2021-06-15 14:00:00 2021-06-15 14:00:00 BSA Training for Staff The Bank Secrecy Act (BSA) continues to be an area drawing increased scrutiny from examiners. Credit union staff need to understand the purpose of the BSA and its requirements. This webinar will address key components of BSA, Anti-Money Laundering (AML) and Office of Foreign Asset Control (OFAC) and address compliance requirements for your credit union. Key Takeaways Understand the basic requirements of the BSA Develop tools to help your credit union address member identification and due diligence Review the basic requirements of Office of Foreign Asset Control (OFAC) Discuss reporting and record-keeping Purchase Now$295 Members | $395 Nonmembers (Additional $50 for CD) One registration gives your entire credit union access to the on-demand recording until June 15, 2022.Already registered? Go to the Online Training Center to view live. Who Should Attend? NAFCU Certified Compliance Officers (NCCOs) NAFCU Certified Risk Managers (NCRMs) Compliance staff Legal staff HR 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. NCBSOs 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: Understand the basic requirements of the BSA. Develop tools to help your credit union address member identification and due diligence. Review the basic requirements of Office of Foreign Asset Control (OFAC). Discuss reporting and record-keeping. 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 - Technical 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 firstname.lastname@example.org America/New_York public
Credits: NCCO, NCRM, NCBSO, CPE
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