This week: NAFCU monitoring Hill efforts on CU issues
The Senate has a state work period this week, but the House is continuing committee work. In addition to engaging with lawmakers during hearings on issues impacting credit unions, NAFCU's award-winning advocacy is monitoring efforts as Congress and the Biden administration look to advance big proposals in the coming weeks.
After recently unveiling an infrastructure and jobs plan and his fiscal year 2022 discretionary funding proposal, President Joe Biden last week outlined his American Families Plan Act during his joint address to Congress.
The credit union industry could be impacted in several ways by each of the proposals. In the new American Families Plan Act, there is a potential new tax reporting burden on credit unions and banks as the administration looks to shore up unreported and misreported income. NAFCU will continue to analyze the plan and advocate against any provisions that would increase credit unions' compliance and reporting burdens.
The infrastructure plan includes provisions related to affordable housing, supporting underserved communities and rural areas, small business aid, and more. Relatedly, the House Small Business Committee Thursday is set to discuss ways to support job growth through infrastructure investment. Biden's could also make changes to the tax code to help raise revenue; NAFCU will monitor congressional efforts and ensure that lawmakers are informed of the benefits of the credit union tax exemption and the negative impacts it could have on the economy if the tax status were to be changed.
Of note in the FY2022 funding request, Biden is proposing to boost funding for the Community Development Financial Institution (CDFI) Fund and Small Business Administration (SBA) programs, as well as the Financial Crimes Enforcement Network (FinCEN) as it works to implement beneficial ownership reporting provisions. In addition, the House Financial Services Committee has proposed NAFCU-supported funding and set asides for the CDFI Fund and NCUA's Community Development Revolving Loan Fund (CDRLF) that would ensure credit unions have the resources needed to support members.
Some lawmakers have also proposed adding postal banking provisions to the FY2022 funding proposal. NAFCU consistently advocates against postal banking efforts and instead urges Congress to allow all credit unions to add underserved areas to their fields of membership to achieve the goals of such proposals.
NAFCU will continue to engage with administration officials and Congress to ensure credit union priorities are included in these packages and any concerns are addressed.
NAFCU is also watching for any developments with The American Housing and Economic Mobility Act, which was reintroduced recently by Sen. Elizabeth Warren, D-Mass. NAFCU has concerns about a new CRA-lite burden the legislation would impose on some credit unions. The association has an updated analysis of the legislation available to members available here.
Hearings happening on Capitol Hill this week include:
- a House Financial Services subcommittee hearing tomorrow on ensuring housing resilience in the face of climate change;
- a House Homeland Security subcommittee hearing Wednesday on ransomware and other cyber threats;
- Thursday, the House Financial Services Committee is holding another hearing on investment apps and stock trading; and
- Friday, the House Financial Services' Task Force on Artificial Intelligence will meet on using artificial intelligence and algorithms to address racism and racial equity in housing and financial services.
Stay tuned to NAFCU Today for the latest out of Washington.
Add to Calendar 2023-05-25 14:00:00 2023-05-25 14:00:00 Regulation E Compliance and Unauthorized Activity Payments fraud and claims of unauthorized transactions have been on the rise over the last few years. We are seeing more and more sophisticated fraud, in many forms. There’s growing concern that the existing regulatory landscape may fail to address certain types of fraud we’re seeing more frequently. Financial institutions and consumers alike look to the Electronic Funds Transfer Act, implemented by Regulation E, which establishes basic rights and liabilities for consumers that use electronic funds transfers. In this webinar, Regulation E Compliance and Unauthorized Activity you’ll get a high-level overview of the current regulatory landscape and how certain types of fraud are analyzed within that regulatory framework. Topics covered include: a review of Regulation E definitions and dispute resolution provisions, the impact of the Consumer Financial Protection Bureau’s (CFPB’s) Compliance Aid (FAQs), and the increase in scrutiny of negative option marketing, such as trial services and how that may violate the regulation. Key Takeaways Examine authorized and unauthorized electronic transfers Assess liability for unauthorized transfers Note legal scrutiny of negative option marketing plans Register Now$295 Members | $395 Nonmembers (Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until May 25, 2024.Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCCOs and compliance titles NCRMs and risk titles Education Credits NCCOs will receive 1.0 CEUs for participating in this webinar NCBSOs will receive 1.0 CEUs for participating in this webinar NCRMs 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, Senior 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, DC. 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
Regulation E Compliance and Unauthorized Activity
Credits: NCCO, NCBSO, NCRM, CPE
Regulatory Run Down: Reg II Impacts and Takeaways
Fraud, Credit Cards
CFPB Guide Helps Readers Parse Section 1071 Final Rule
Add to Calendar 2023-05-23 14:00:00 2023-05-23 14:00:00 Explore Benefits and Instant Payments Use Cases for Your Credit Union In part 3 of this FedNow webinar series, spend time workshopping use cases opportunities that the FedNow Service could enable for your credit union’s business and consumer clients. Join Director of FedNow Product Management, Stephanie Miracle, and you’ll explore the range of use cases that the FedNow Service could enable across B2B, B2C, C2B and P2P in different industry verticals that include entertainment, education, hospitality, lending, travel, healthcare, as well as value proposition scenarios. You’ll leave more confident in understanding the value and advantages that instant payments will provide your credit union and member base. Key Takeaways Engage with a FedNow Service expert on the types of use cases that your credit union wants to enable with instant payments. Better understand the range of instant payments use cases opportunities across various industries. Explore benefits that different use cases can offer to your members and to your own credit union. Register Now For On-Demand AccessRegistration is Complimentary, but you must register to view.One registration gives your entire team access to the live webinar and on-demand recording until May 23, 2024.Go to the Online Training Center to access the webinar after purchase » Who Should Attend Credit union accounting and finance management NCRMs and risk titles NCCOs and compliance titles Education Credits NCCOs will receive 1.0 CEUs for participating in this webinar NCRMs will receive 1.0 CEUs for participating in this webinar About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, DC. 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
Explore Benefits and Instant Payments Use Cases for Your Credit Union
Credits: NCCO, NCRM
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