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.
Add to Calendar 2023-03-30 14:00:00 2023-03-30 14:00:00 Hold, Please: TCPA and State Law Compliance After Autodialers The Supreme Court’s decision in Duguid v. Facebook dramatically altered the risks for autodialed calls under the Telephone Consumer Protection Act (TCPA). But just how far did the decision go? Join us for, Hold, Please: TCPA and State Law Compliance After Autodialers, as you’ll examine the basics of informational and marketing telecommunications following Facebook, including compliance pointers, risks, and overall trends in TCPA litigation and enforcement. Plus, you’ll explore the “new frontier” for telemarketing – increased regulation at the state level. Key Takeaways Understand the Facebook decision radically changed the landscape for calls and texts, but did not change liability for prerecorded messages Learn the best defense is consistent compliance strategies for opt-in/opt-out, DNC registries, and the federal Reassigned Number Database Recognize that state regulation of telemarketing is becoming more and more complex, with more potential exposure than the TCPA Purchase 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 March 30, 2024.Go to the Online Training Center to access the webinar after purchase » Who Should Attend? NCCOs and compliance titles NCRMs and risk titles Legal staff Education Credits NCCOs will receive 1.0 CEUs for participating in this webinar NCRMs will recieve 1.0 CEUs for participating in this webinar CPA Certification Credit Information Reviewer: Josie Collins, 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, 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 firstname.lastname@example.org America/New_York public
Hold, Please: TCPA and State Law Compliance After Autodialers
Credits: NCCO, NCRM, CPE
Add to Calendar 2023-03-30 14:00:00 2023-03-30 14:00:00 Preparing for the NCVE Exam Deciding to take the NAFCU Certified Volunteer Expert (NCVE) exam is a great step in the right direction as a credit union volunteer director! Not only does the NCVE designation prove a board member’s dedication to the role; it also helps enhance expertise. From growing regulatory concerns, to running a healthy and successful organization, join us for Preparing for the NCVE Exam, which will walk you through the NCVE designation and how it’ll help prepare your entire credit union board for their roles ahead. Don’t miss this free opportunity to learn more about the NCVE designation, its benefits and best practices in preparing for the exam. Register NowRegistration is complimentary, but you must register to attend.One registration gives your entire team access to the live webinar and on-demand recording until March 30, 2024.Go to the Online Training Center to access the webinar after purchase » Who Should Attend? Any conference attendee registered for the pre-conference webinar for the Board and Supervisory Committee Conference who does not already have the NCVE Anyone who has purchased the NCVE self-study bundle but who has yet to receive their NCVE Education Credits This webinar doesn't qualify for any continuing education credits recognized by NAFCU or NASBA. Web NAFCU email@example.com America/New_York public
Preparing for the NCVE Exam
Can Credit Unions Purchase Participation Loans?
Get daily updates.
Subscribe to NAFCU today.