Newsroom
House passes measure to extend debt ceiling to December
House leaders Tuesday passed a measure to extend the debt ceiling until early December by a 219-206 vote. The agreement, approved by Senate leaders late last week, sets up a busy December as Congress deals with the expiration of the debt ceiling, as well as the expiration of a continuing resolution for funding on Dec. 3. The measure comes less than a week before the Oct. 18 deadline to avoid a default, as indicated by Treasury Secretary Janet Yellen.
Congress is expected to consider the Build Back Better Act (BBBA) at the end of this year, which could be a medium for addressing the debt ceiling if a bipartisan agreement is not reached.
NAFCU has led the fight against two provisions in BBBA that have been a major concern for credit unions. The association continues to advocate against the inclusion of a burdensome new IRS reporting requirement for financial institutions to annually submit information to the IRS for all accounts with over $600 in inflow or outflow. NAFCU encourages members to urge Congress to oppose the requirements through a series of grassroots efforts. Yesterday House Speaker Nancy Pelosi (D-CA) indicated that the House still plans to try to include this provision in the final reconciliation package.
Also, the association continues to voice its concerns against another proposal included in the BBBA that would grant the Small Business Administration (SBA) direct-lending abilities. Under the provisions, the SBA could generate and distribute 7(a) loans of $150,000 or less, directly to borrowers or “through partnerships with third parties.”
Senate Republicans sent a letter to Senate Majority Leader Chuck Schumer, D -N.Y., House Speaker Nancy Pelosi, D-Calif., and the Senate and House Small Business Committee Chairs, Ben Cardin, D-Md., and Nydia Velasquez, D-N.Y., expressing the same concerns on the proposal noting that the program would be costly and inefficient, ultimately resulting in a detriment to both lenders and borrowers.
Stay tuned to NAFCU Today for the latest on the legislation as it moves through Congress.
Share This
Related Resources
Add to Calendar 2024-05-16 14:00:00 2024-05-16 14:00:00 Spotting and Reporting Elder Financial Exploitation Elder financial abuse cases can often be difficult to investigate. Join us in learning more about the evolving red flags associated with this crime as well as the current regulatory landscape. In this webinar, Spotting and Reporting Elder Financial Exploitation, you’ll discover useful insights into performing an elder abuse investigation as well as reporting requirements. At the end, you and your team will feel confident in handling financial exploitation cases. Key Takeaways Identify changing red flags for financial exploitation Locate important resources for your investigations Draft eye-catching SARs 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 May 16, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCBSOs NCCOs NCRMs BSA, compliance and risk titles Education Credits NCRMs will receive 1.0 CEUs for participating in this webinar NCCOs will receive 1.0 CEUs for participating in this webinar NCBSOs will receive 1.0 CEUs for participating in this webinar Web NAFCU digital@nafcu.org America/New_York public
Spotting and Reporting Elder Financial Exploitation
Credits: NCCO, NCBSO, NCRM
Webinar
Add to Calendar 2024-05-14 14:00:00 2024-05-14 14:00:00 Navigating Fair Lending Compliance: Laws, Best Practices, and Regulatory Guidance Join our impactful webinar, Navigating Fair Lending Compliance: Laws, Best Practices, and Regulatory Guidance. This session is designed to enhance your understanding of federal fair lending and related laws, focusing on their interplay and including key statutes such as the Equal Credit Opportunity Act, the Home Mortgage Disclosure Act, and the Fair Credit Reporting Act. You’ll also delve into practical guidance and best practices to ensure your institution adheres to regulatory expectations and offers products and services in a fair and non-discriminatory manner. Key Takeaways Understand and identify various forms of discrimination in lending practices Review and interpret guidance from regulators to improve compliance strategies Get up to speed with the latest updates, including the new Regulation B rule on small business lending 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 May 14, 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
Navigating Fair Lending Compliance: Laws, Best Practices, and Regulatory Guidance
Credits: NCCO, NCBSO, NCRM, NCVE
Webinar
Add to Calendar 2024-05-13 09:00:00 2024-05-13 09:00:00 Covering Your Assets- The Bottom Line on Tracking and Collateral Protection Listen On: Key Takeaways: [04:23] Having access to policy and claim information is vitally important so you can mitigate your risks in that area. [06:39] Members are shopping and changing their insurance more than ever before. 41% of households with car insurance shopped for coverage at least once in the last 12 months. [10:05] One of the leading indicators of a default or a repossession situation is the dropping of insurance. [12:49] The most important thing from a tracking and risk management perspective is to make sure that the borrower lists the credit union as a lienholder. Web NAFCU digital@nafcu.org America/New_York public
Covering Your Assets- The Bottom Line on Tracking and Collateral Protection
Strategy & Growth, Consumer Lending
preferred partner
Allied Solutions
Podcast
Add to Calendar 2024-05-07 14:00:00 2024-05-07 14:00:00 BSA Training for the Board of Directors This webinar, BSA Training for the Board of Directors provides vital training with a comprehensive overview of the Bank Secrecy Act (BSA), anti-money laundering (AML) and combatting the financing of terrorism (CFT) compliance requirements. You’ll explore the ramifications of non-compliance and gain insights into the expectations and requirements set forth by the National Credit Union Administration (NCUA). This includes discovering how board engagement plays a pivotal role in fostering a robust BSA/AML compliance program within your credit union. Don’t miss this opportunity to equip your board with the knowledge and insights needed to navigate the regulatory landscape effectively. Key Takeaways Identify BSA/AML compliance requirements Review board member duties as it relates to BSA/AML compliance Examine current regulatory actions that may impact your credit union 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 May 2, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend Board members Board chairs and vice chairs Supervisory committee members Presidents/CEOs Executive assistants Education Credits NCRMs will recieve 1.0 CEUs for participating in this webinar NCCOs will recieve 1.0 CEUs for participating in this webinar NCBSOs will recieve 1.0 CEUs for participating in this webinar NCVEs will recieve 1.0 CEUs for participating in this webinar Web NAFCU digital@nafcu.org America/New_York public
BSA Training for the Board of Directors
Credits: NCCO, NCBSO, NCRM, NCVE
Webinar
Get daily updates.
Subscribe to NAFCU today.