Newsroom
This Week: NAFCU testifies on MDI support, meets with CFPB on innovation policies,UDAAP
Mara Falero, vice president of marketing and communications at JetStream Federal Credit Union, is set to testify on behalf of NAFCU this week before the House Financial Services Subcommittee on Consumer Protection and Financial Institutions. During her testimony, Falero will discuss supporting the credit union industry's more than 600 minority depository institutions (MDIs), including JetStream Federal Credit Union.
A credit union can self-designate as an MDI if more than 50 percent of its board members are minorities and more than 50 percent of current and potential members are minorities.
Ahead of a hearing last week, NAFCU's Brad Thaler shared with lawmakers credit unions' commitment to increase diversity, equity, and inclusion within the U.S. economy. Currently, there are three times as many minority-designated credit unions as banks, and there are 10 times as many female CEOs at credit unions than at banks.
Tuesday's hearing, focused on the decline of MDIs and the impact on underserved communities, is set to begin at 2:00 p.m. Eastern.
Additionally, the NCUA Board will meet Thursday and is expected to issue a final rule on public unit and nonmember shares, and a notice of public rulemaking on chartering and field of membership.
Members of NAFCU's Regulatory Affairs and Compliance teams will meet with the CFPB's Office of Innovation to discuss the bureau's recently finalized innovation policies, including the Trial Disclosure Policy. Relatedly, NAFCU previously raised concerns about assurances institutions may receive related to enforcement actions under the bureau's Unfair, deceptive, or abusive acts and practices standard. The Bureau is also recently held a symposium on defining the abusive standard, which NAFCU has asked the bureau to clarify.
The House of Representatives is also expected to consider a pair of NAFCU-backed bills to make improvements to Bank Secrecy Act and Anti-Money Laundering requirements for financial institutions and also provide easier access to beneficial ownership information of companies.
The bills, H.R. 2514, the Coordinating Oversight, Upgrading and Innovating Technology, and Examiner Reform Act (COUNTER Act), and H.R. 2513, the Corporate Transparency Act of 2019, passed the House Financial Services Committee with strong bipartisan support earlier this year.
The House Financial Services Committee will also hold hearings throughout the week to:
- examine Facebook, specifically its impact on the financial services and housing sectors; and
- review the Trump Administration's plans to change housing finance in America.
Also happening this week:
- Tomorrow, NAFCU's Regulatory Committee will meet and hear from the NCUA regarding the agency's final rule on federal credit union bylaws.
- Tomorrow, a Committee on Homeland Security subcommittee will assess emerging cyber threats;
- Tomorrow, a NAFCU-hosted webinar will explore structures of innovation;
- Wednesday, the CFPB's Credit Union Advisory Council will meet to discuss issues facing the industry;
- Wednesday, NAFCU will host another webinar, reviewing the requirements for investigating and resolving disputes for unauthorized transactions;
- The Senate Banking Committee Thursday will discuss implications for data privacy rights and data valuation; and
- Thursday, NAFCU will host a webinar exploring methods and implications for valuing CUSOs.
Share This
Related Resources
The Bottom Line on Insurance Tracking and Collateral Protection
Strategy
preferred partner
Allied Solutions
Blog Post
Resiliency In Your Incident Response Plan
Cybersecurity
preferred partner
DefenseStorm
Blog Post
Add to Calendar 2024-04-15 09:00:00 2024-04-15 09:00:00 Mergers and Acquisitions: Unifying Two Different Executive Total Compensation and Benefits Programs Listen On: Key Takeaways: [03:50] With the merger of a smaller credit union into a larger one you are really only dealing with integrating staff into the larger credit union. [05:53] When working with a merger of equals we start with a deep dive into the executive compensation and benefits of each organization. [09:09] If your current executive benefits provider doesn’t conduct regular plan evaluations, consider having a plan audit anyway. [13:46] Don’t overpay for these things if you don’t have to. When you have more options available that means the cost is more appropriate. [17:11] It is in a unified organization’s best interest to do tier timelines where we look at your top executives who are critical to the unified organization’s success today and then slowly add in the next levels. Web NAFCU digital@nafcu.org America/New_York public
Mergers and Acquisitions: Unifying Two Different Executive Total Compensation and Benefits Programs
preferred partner
Gallagher
Podcast
Add to Calendar 2024-04-11 14:00:00 2024-04-11 14:00:00 Regulation E: Impacts Across Your Institution Dive into regulatory excellence with, Regulation E: Impacts Across Your Institution. This webinar is tailored to empower you with the knowledge and strategies necessary to effectively implement the Electronic Funds Transfer Act (EFTA) and Regulation E within your operations. You’ll explore how to apply Regulation E across various business areas to ensure compliance obligations are met with precision. Key Takeaways Learn the basics of EFTA and Regulation E Understand how to apply Regulation E at your organization to detect processes and transactions that require Regulation E compliance Discover how Regulation E may apply to a large breath of areas in your institutions and functions for which you may rely on third-party vendors Review recent enforcement activity for non-compliance with EFTA and Regulation E 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 April 11, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCCOs NCRMs Compliance and risk titles Education Credits NCCOs will receive 1.0 CEUs for participating in this webinar NCRMs will recieve 1.0 CEUs for participating in this webinar Web NAFCU digital@nafcu.org America/New_York public
Regulation E: Impacts Across Your Institution
Credits: NCCO, NCRM
Webinar
Get daily updates.
Subscribe to NAFCU today.