Senate leaders reach a deal to push back debt ceiling deadline
Senate leaders on Thursday reached an agreement on a measure that would extend the debt ceiling until December and the Senate cleared the measure last night. The House is expected to pass the measure next week, pushing off any chance of U.S. default until December.
The agreement sets up a potentially busy December for Congress, as lawmakers will have to deal with not only the new expiration of the debt ceiling, but also an expiration of the continuing resolution for funding the government on Dec. 3. Congress could also still be considering the Democratic budget reconciliation package, the Build Back Better Act (BBBA), at that time, which could become a vehicle for addressing the debt ceiling if another bipartisan agreement is not reached.
NAFCU has been steadfast in its efforts against the inclusion of burdensome new IRS reporting requirements for financial institutions (FIs) in the BBBA. The new reporting requirement would require FIs to submit information to the IRS for all accounts with over $600 in inflow or outflow transactions on an annual basis. In addition, the association has urged members to urge Congress to oppose the requirements through various grassroots campaigns.
NAFCU also engaged in advocacy against this provision when Congress considered the fiscal year 2022 Budget Resolution.
Additionally, NAFCU continues to voice its concerns against a proposal included in the BBBA granting the Small Business Administration (SBA) direct-lending abilities. Under the provisions, the SBA could generate and distribute 7(a) loans of $150,000 or less, directly to borrowers or “through partnerships with third parties.”
NAFCU has noted specifically that the provision would not require the SBA to work with lenders as they do with other 7(a) loan products and would inherently allow them to make these new loans on their own.
The association remains alert on these issues to ensure their exclusion from the BBBA and will continue to advocate against provisions that would further complicate credit union compliance. Stay tuned to NAFCU Today for the latest on the legislation as it moves through Congress.
Add to Calendar 2021-10-21 14:00:00 2021-10-21 14:00:00 FFIEC IT Examination Handbook Update - Deconstructing the Architecture, Infrastructure & Operations Booklet If you have ever wanted to know what’s new in the Federal Financial Institutions Examination Council (FFIEC) IT Examination Handbook, this is the session for you. In this webinar we will deconstruct the Architecture, Infrastructure & Operations (AIO) booklet by comparing the AIO booklet to the Operations booklet which it replaces. We dig into what’s new to AIO, including how the principles, design and content could impact your credit union during future IT exams. If you are a CISO, ISO, responsible for IT governance, or just want to stay on top of changes to IT regulatory guidelines, this session is for you. Key Takeaways Discover the key differences between the AIO booklet and the Operations booklet it replaces. Identify new principles in the AIO booklet as they relate to IT safety and soundness. Compare and contrast principles and concepts that overlap with the IT Security booklet. Review ideas on how to implement the AIO into your credit union’s Information Security Program. Purchase Now$295 Members | $395 Nonmembers (Additional $50 for CD)One registration gives your entire team access to the live webinar and on-demand recording until October 21, 2022.Go to the Online Training Center to access the webinar after purchase » Who Should Attend? NAFCU Certified Compliance Officers (NCCOs) NAFCU Certified Risk Managers (NCRMS) Chief Executive Officers Chief Financial Officers Chief Information Officers Chief Technology Officers Compliance, risk, and audit titles Education Credits NCRMs will receive 1.0 CEUs for participating in this webinar NCCOs will receive 1.0 CEUs for participating in this webinar CPA credit information is below; recommended 1.0 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, 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: Regulatory Ethics – Technical 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
FFIEC IT Examination Handbook Update - Deconstructing the Architecture, Infrastructure & Operations Booklet
Credits: NCRM, NCCO, CPE
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