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.
Add to Calendar 2019-11-19 14:00:00 2019-11-19 14:00:00 SAFE ACT: Training on the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 Learn the purpose of the Nationwide Mortgage Licensing System (“NMLS”) and the SAFE Act, as well as the key elements of the “mortgage loan originator” (“MLO”) position. Gain a working knowledge of what activities define a MLO, the requirements to become a MLO and the use of “MLO” as a unique identifier. Key Takeaways: Identify which credit union employees must register as MLOs Learn the ins and outs of MLO registration Analyze how MLO registration impacts other aspects of your credit union Review SAFE Act regulations requirements Understand SAFE Act exceptions 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 November 19, 2020Already registered? Go to the Online Training Center to view. Who Should Attend? NAFCU Certified Compliance Officers (NCCOs) NAFCU Certified Risk Managers (NCRMs) Mortgage Loan Originators (MLOs) NMLS titles Compliance staff Risk staff Education Credits NCCOs will receive 1.5 CEUs for participating in this webinar. NCRMs will receive 1.5 CEUs for participating in this webinar. CPA credit information is below; recommended 1.5 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Associate Director of Education, NAFCU Learning Objectives: Identify which credit union employees must register as MLOS. Learn the ins and outs of MLO registration. Analyze how MLO registration impacts other aspects of your credit union. Review SAFE Act regulations requirements. Understand SAFE Act exceptions. Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.5 credits Recommended Field of Study: Regulatory Ethics - Technical National Association of Federal Credit Unions (NAFCU) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. Learn more. 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 email@example.com America/New_York public
Credits: NCCO, NCRM, CPE
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