Newsroom
Hood to update senators on NCUA efforts today
NCUA Chairman Rodney Hood will appear before the Senate Banking Committee today alongside other financial regulators. Ahead of the hearing, NAFCU Vice President of Legislative Affairs Brad Thaler outlined a number of NAFCU priorities for the NCUA and regulatory relief in general.
NAFCU will monitor today's hearing and continue to advocate for a strong, independent NCUA as the credit union industry's sole regulator.
The hearing, "Oversight of Financial Regulators," is set to begin at 9:30 a.m. Eastern. In addition to Hood, the committee will hear from Comptroller of the Currency Joseph Otting, FDIC Chairman Jelena McWilliams and Federal Reserve Vice Chair for Supervision Randal Quarles. The same panel is set to appear before the House Financial Services Committee tomorrow.
In addition to NAFCU's priorities, Thaler shared the association's position on:
- providing the NCUA with more flexibility in setting loan maturity limits through legislation (H.R. 1661);
- reducing credit unions' burden in implementing the current expected credit loss (CECL) standard; and
- transaction limitation requirements for savings deposits under Regulation D.
NAFCU continues to work diligently with regulators and lawmakers to obtain more guidance and relief for credit unions under the CECL standard. Last week, the association met with the NCUA to better understand the NCUA's approach to CECL examinations and share credit unions' compliance concerns. As a result of NAFCU's advocacy efforts, some CECL relief has been achieved; read more about the ongoing efforts here.
Hood met at NAFCU headquarters last week to discuss priorities for the agency. After being sworn in as chair, Hood identified several issues he plans to address during his tenure, many of which overlap with NAFCU priorities, including:
- reducing regulatory burdens – Hood has said he wants "effective but not excessive regulation";
- modernizing the federal credit union charter;
- addressing cybersecurity issues; and
- creating opportunities for credit unions to serve more communities.
Other regulatory priorities NAFCU has previously outlined for Hood: field of membership reforms, CECL, risk-based capital (RBC), payday alternative loans and more.
Share This
Related Resources
Add to Calendar 2024-05-03 14:00:00 2024-05-03 14:00:00 Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing About the Webinar In January 2024, Pentegra conducted a survey of retirement plan sponsors and their perspectives on retirement plan management and fiduciary outsourcing. The survey measured how sponsors are using fiduciary outsourcing to help better manage their retirement plans. It also captured their perspectives on what outsourcing does to help them better position their plans and drive improved retirement plan outcomes. Key Takeaways: What is the full scope of your responsibilities as a plan sponsor? What is fiduciary outsourcing and how does it work? How does fiduciary outsourcing help reduce workloads and minimize risk? How can a credit union best position its plan to drive improved outcomes? Register Here Web NAFCU digital@nafcu.org America/New_York public
Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing
preferred partner
Pentegra
Webinar
Turning Lemons into Lemonade: Capitalizing in a Post-Banking Crisis Era
Strategy
preferred partner
Allied Solutions
Blog Post
Ensuring Safety and Soundness with AI
Management, Consumer Lending, FinTech
preferred partner
Upstart
Blog Post
Add to Calendar 2024-05-02 14:00:00 2024-05-02 14:00:00 Mastering Resilience in Incident Response Plans About the Webinar An Incident Response (IR) plan is crucial for guiding credit unions through major incidents efficiently and effectively. However, many IR plans lack resilience, making them less adaptable to the evolving threat landscape. Join us for our webinar Mastering Resilience in Incident Response Plans where DefenseStorm cyber experts Elizabeth Houser and James Bruhl will delve into the importance of resiliency within cybersecurity IR plans. Don’t miss out on the opportunity to learn how to: Ensure IR plan accessibility so that all team members with assigned roles are prepared for effective incident response. Conduct efficient and regular reviews to ensure roles and responsibilities are current, tools are relevant, and compliance requirements are met. Implement and utilize tabletops to regularly test the effectiveness of your IR plan. Enhance preparedness, efficiency, and confidence among responders. View On-Demand Web NAFCU digital@nafcu.org America/New_York public
Mastering Resilience in Incident Response Plans
preferred partner
DefenseStorm
Webinar
Get daily updates.
Subscribe to NAFCU today.