What do CUs want in Fed's real-time payments service?
NAFCU Tuesday sent a Regulatory Alert to member credit unions seeking feedback on the Federal Reserve's FedNow Service – a real-time gross settlement service that will feature integrated clearing functionality designed to process individual payments within seconds.
In the Regulatory Alert, NAFCU notes that although credit unions will have the ability to settle faster payments through the FedNow Service, "interoperability with existing, private sector systems is not guaranteed."
NAFCU would like credit unions to specifically consider:
- their support of the Federal Reserve's decision to develop the FedNow Service;
- features that are essential to incentivize use of the service; and
- desirable tools or support to minimize the risk of payments fraud in connection with irrevocable, real-time transactions through the FedNow Service.
Credit unions can submit comments to NAFCU until Oct. 18; comments are due to the Fed Nov. 7.
NAFCU continues to lead on this issue, having served on both the Fed's Faster Payments and Secure Payments Task Forces, and holding member meetings with St. Louis Federal Reserve Bank President James Bullard, Boston Federal Reserve Bank President Eric Rosengren and Minneapolis Federal Reserve Bank President Neel Kashkari in recent months.
The association has long pressed the Fed to play an operational role in efforts to modernize the nation's payment system and NAFCU President and CEO Dan Berger met with Federal Reserve Governor Lael Brainard to encourage the Fed to play an operational role in a future, faster payments system.
The association and its Board of Directors are set to meet with Fed Board Governor Michelle Bowman and senior Fed staff this fall to present findings from NAFCU's Annual Report on Credit Unions and to discuss issues critical to the industry.
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Add to Calendar 2021-02-25 14:00:00 2021-02-25 14:00:00 Fundamentals of Credit Union Subordinated Debt This webinar will cover NCUA’s new rule authorizing the issuance of subordinated debt by natural person credit unions for purposes of regulatory capital treatment. Previously only low-income credit unions could issue subordinated debt that can count toward their net worth requirement. Under the rule, complex credit unions and new credit unions, as well as low-income credit unions, may issue subordinated debt that can count toward their risk-based capital requirement. The webinar will address material terms of the rule and the subordinated debt instrument. We’ll also cover the regulatory approval process, eligible investors, the offering process, reasons to issue subordinated debt and the current interest rate environment. Key Takeaways Understand managing the regulatory approval process. Gain familiarization with key terms of the subordinated debt note. Review the issuance and marketing process. Discuss current market dynamics for credit union sub debt. Purchase Now$295 Members | $395 Nonmembers (Additional $50 for CD)One registration gives your entire credit union access to the on-demand recording until February 25, 2022.Already registered? Go to the Online Training Center to view live. Who Should Attend? NAFCU Certified Compliance Officers (NCCOs) NAFCU Certified Risk Managers (NCRMs) Chief Executive Officers Executive Vice Presidents Chief Financial Officers 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: Understand managing the regulatory approval process. Gain familiarization with key terms of the subordinated debt note. Review the issuance and marketing process. Discuss current market dynamics for credit union sub debt. 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: Finance - 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: NCRM, NCCO, CPE
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