Newsroom
Hood: CU landscape has never been stronger
NCUA Chairman Rodney Hood lauded the credit union industry while discussing regulatory challenges and fintech pressures during a "Fireside Chat," hosted by the Cato Institute Wednesday. The chat – part of the 5th annual "Financial Inclusion: The Cato Summit on Financial Regulation" – featured other financial regulators, including FDIC Chairman Jelena McWilliams and representatives from the CFPB and Office of the Comptroller of the Currency.
Also Wednesday, reports indicated that Hood responded to recent banker attacks challenging the NCUA's oversight authority in light of the New York taxi medallion crisis. Hood said that ridesharing services are "a technological disruption whose impact was as severe as it was uncontrolled," and indicated that the NCUA will tighten supervision of credit unions who hold high concentrations of one particular type of loan. NAFCU defended the credit union industry to lawmakers following the banker attacks.
At the Cato event - attended by NAFCU's Sarah Jacobs, regulatory and legislative assistant - Hood noted that regulation needs to be "effective but not excessive," when asked about the agency's regulatory approach. He acknowledged that burdensome regulations can prevent credit unions from achieving their mission. He also discussed his individual regulatory agenda, which includes the need for infrastructure to protect credit union data while also encouraging credit unions to look at fintech and innovation as a framework.
In regards to fintech, Hood highlighted ways in which credit unions are using technology to reach underserved populations. NAFCU acknowledges that fintech can produce real benefits to consumers; however, the association has urged lawmakers and regulators to ensure a level playing field between fintech companies and financial institutions, from data security to consumer protection.
Hood was also asked about including credit unions under the Community Reinvestment Act (CRA). Hood stated that the CRA was a "punitive measure" put in place because of banks' redlining, and defended credit unions' efforts to help people without being forced to do so by Congress. NAFCU has strongly opposed extending CRA regulations to credit unions.
Hood also discussed charter modernization efforts, specifically mentioning that many credit unions are equipped to serve low income underserved areas but cannot due to chartering, as well as issues related to the Bank Secrecy Act and payday alternative loans.
NAFCU President and CEO Dan Berger met with Hood last month to discuss priorities for the agency and Berger has previously outlined several regulatory priorities that the association would like the board to consider.
CFPB Deputy Director Brian Johnson, who also spoke at yesterday's event, pledged that the agency will provide more guidance to both consumers and the market about its approach to the law.
The CFPB announced that it will host the first of a symposia series, to clarify "abusive" under unfair, deceptive or abusive acts or practices (UDAAP).
NAFCU has long advocated for the bureau to issue specific guidance on prohibited practices so financial institutions have more clarity on this issue. Last year, NAFCU again asked the bureau to provide guidance to clarify the UDAAP standard.
Share This
Related Resources
Add to Calendar 2024-04-25 14:00:00 2024-04-25 14:00:00 ChatGPT: What AI can do for you! ChatGPT has been created with one main objective – to predict the next word in a sentence, based on what's typically happened in the gigabytes of text data that it's been trained on. Did you ever hear of the saying, “People fear the unknown?” Artificial intelligence scares people, but it is the future, and you need to understand the tools and resources it offers. It’s also about saving time, that’s what technology and in this case, artificial intelligence can do for you. If you want to save time and have a better quality of life, this training is for you. Once you give ChatGPT a question or prompt, it passes through the AI model and the chatbot produces a response based on the information you've given and how that fits into its vast amount of training data. It's during this training that ChatGPT has learned what word, or sequence of words, typically follows the last one in a given context. During this webinar, ChatGPT: What AI can do for you, you’ll discover the background, purpose, usability, and the pros and cons. Don't miss this opportunity! Key Takeaways Learn the background of AI Understand the purpose of AI Identify the pros and cons 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 25, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCRMs Risk titles Education Credits NCRMs will recieve 1.0 CEUs for participating in this webinar Web NAFCU digital@nafcu.org America/New_York public
ChatGPT: What AI can do for you!
Credits: NCRM
Webinar
Add to Calendar 2024-04-25 14:00:00 2024-04-25 14:00:00 Unifying Two Different Executive Benefits Programs About the Webinar In part one we discussed how to retain key positions during a time of transition. In part two, we will look at how to combine executive benefits programs from two different organizations into a single high-performing program. Evaluating each program includes many different facets, from strategy and expense to performance and servicing. This session will provide important considerations, whether or not you have pending M&A activity. Key Takeaways: Is the plan design both retentive and efficient? Is the benefit expense properly mitigated? Does the legal agreement reflect the board’s intent? View On-Demand Web NAFCU digital@nafcu.org America/New_York public
Unifying Two Different Executive Benefits Programs
preferred partner
Gallagher
Webinar
Add to Calendar 2024-04-24 14:00:00 2024-04-24 14:00:00 Optimize Liquidity, Maximize Loan Growth: The Network Lending Advantage About The Webinar Join us to learn more about network lending, a cooperative model allowing credit unions to optimize liquidity and achieve loan growth. Discover how credit unions can participate in loan pools with other institutions, allowing them to diversify portfolios, access loans with potentially lower risk and higher yields, and expand lending capacity without necessarily needing a surge in deposits. Delve into how credit unions can pool their resources, set common underwriting and pricing standards, and collectively originate, buy, and sell loans to optimize liquidity management. Hear from your peers about best practices, case studies, and practical strategies to harness the full potential of network lending and how it's helped their credit unions. Don't miss this valuable opportunity to learn how to strengthen your credit union's position in today’s competitive environment. Key Takeaways: How network lending differs from traditional lending The benefits of participating in loan pools with other credit unions How credit unions can set common underwriting and pricing standards and collectively originate, buy and sell loans to optimize liquidity management Why network lending is critical to loan growth Watch On-Demand Web NAFCU digital@nafcu.org America/New_York public
Optimize Liquidity, Maximize Loan Growth: The Network Lending Advantage
preferred partner
LendKey
Webinar
Add to Calendar 2024-04-23 14:00:00 2024-04-23 14:00:00 Monitoring the Latest Litigation Risks Credit unions’ operations pose litigation risks, with more of these cases being filed as class action lawsuits. In this Monitoring the Latest Litigation Risks for Credit Unions webinar, you’ll review some of the specific kinds of lawsuits impacting credit unions and what potential claims could be on the horizon. You’ll also examine some options for mitigating risks. Key Takeaways Review the current lawsuit trends. Understand the potential claims risks Explore options for mitigating risks. 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 23, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCCOs NCRMs Compliance and risk titles Education Credits NCRMs will recieve 1.0 CEUs for participating in this webinar NCCOs will recieve 1.0 CEUs for participating in this webinar Web NAFCU digital@nafcu.org America/New_York public
Monitoring the Latest Litigation Risks
Credits: NCCO, NCRM
Webinar
Get daily updates.
Subscribe to NAFCU today.