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September 26, 2022

This week: NAFCU hosts compliance seminar, Congress seeks to fund government

CapitolThis week, NAFCU will host its annual Regulatory Compliance & BSA Seminar from Sept. 27-29 in Louisville, Ky. Attendees will learn to develop advanced compliance skills while staying on top of evolving regulatory trends and hot topics.

Congress remains in session as the House and Senate work to pass a Continuing Resolution by the end of the week to keep the federal government funded. A measure extending current funding through Dec. 16 is expected to be considered by both chambers this week, but lawmakers are still working on details of anything else that may be included in that package.  If Congress does not act by midnight on Friday, the Federal government could face a shutdown.

On Thursday, at 10:00 a.m. Eastern, the Senate Banking Committee will hold a hybrid hearing titled, “Examining Outbound Investment.” Witnesses will be called from the Department of Treasury, Department of Commerce, and more.

Here’s a look at other items on this week’s calendar:

·       today, comments are due to NAFCU regarding the NCUA’s policy statement on prudent commercial real estate loan accommodations and workouts; 

·       Thursday, at 2:00 p.m. Eastern, NAFCU hosts a deep-dive refresher webinar into the requirements of the Current Expected Credit Losses (CECL) standard;

·       also Thursday, the NAFCU Housing Finance Working Group holds its third meeting, where member credit unions and NAFCU staff will review the latest regulatory updates regarding the housing finance system; and 

·       Friday, comments are due to NAFCU for the FHFA’s request for information on fintechs in housing finance. 

NAFCU also continues to oppose the Credit Card Competition Act (CCCA) of 2022. Last week, NAFCU President and CEO Dan Berger wrote to the House to express opposition to the legislation and more.  Credit unions are encouraged to contact their legislators to urge opposition to the effort via NAFCU’s Grassroots Action Center.

The association will also be participating in an FHFA listening session for the Federal Home Loan System on Thursday and Friday, with Senior Regulatory Affairs Council Aminah Moore speaking on Friday.

Stay tuned to NAFCU Today for the latest out of Washington.