This week: CU priorities top of mind as NAFCU's bold advocacy continues
While the House and Senate are out this week, NAFCU's advocacy team continues to fight for industry priorities and the association will continue to keep credit unions informed of key regulatory and legislative updates. Of note this week, NAFCU plans to meet with the NCUA on several industry issues. Stay tuned to NAFCU Today for updates after the meetings.
The House Financial Services Committee issued its tentative hearing schedule for April, which includes several hearings tackling topics of interest in the coming weeks, including:
- a hearing on Wednesday, April 14, where the committee will examine the need for investments in the housing and financial infrastructure;
- a hearing on Thursday, April 15, where the Subcommittee on Consumer Protection and Financial Institutions will explore trends in financial institution charters, such as fintech banks; and
- a hearing on Thursday, April 15, where the Subcommittee on Investor Protection, Entrepreneurship and Capital Markets will discuss how the transition away from the London Interbank Offered Rate (LIBOR) will affect mortgages, business borrowing, and other financial products.
NAFCU will monitor the hearings and prepare to engage on these topics.
Of note, Financial Crimes Enforcement Network (FinCEN) Director Kenneth Blanco announced that he will resign from the agency effective Friday. Michael Mosier, former FinCEN deputy director and current counselor to the Deputy Secretary of the Treasury, will return to FinCEN as acting director. NAFCU works closely with FinCEN on Bank Secrecy Act (BSA) issues and NAFCU President and CEO Dan Berger met with Blanco in April 2018 to discuss suspicious activity reporting, customer due diligence, and more. Mosier addressed credit unions at NAFCU's 2020 Virtual Congressional Caucus to provide updates on COVID-19 fraud trends and BSA requirements.
In addition, the association is preparing for the start of NAFCU’s Virtual Board of Directors and Supervisory Committee Conference, which will begin next week. Interested credit union volunteer officials will have the opportunity to acquire the NAFCU Certified Volunteer Expert (NCVE) certification during a pre-conference session, as well as obtain NAFCU training certificates in financial literacy, supervisory committee know-how, and the Bank Secrecy Act (BSA). View the full agenda for the conference and register now.
The association will also continue to mark Financial Literacy Month across all channels. Stay tuned to learn more about how credit unions help educate their members, youth, and communities on making smart financial decisions.
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