Newsroom
Omnibus package signed into law by POTUS
President Joe Biden signed the massive $1.5 trillion omnibus spending package to fully fund the federal government into law Tuesday. Of note, the package includes the NAFCU-sought Credit Union Governance Modernization Act (CUGMA), which modernizes the Federal Credit Union (FCU) Act’s provisions related to member expulsion in order to keep credit unions, their members, and staff safe from illicit behavior.
The Senate voted 68-31 on Thursday to pass the legislation.
“NAFCU applauds President Biden for signing this important funding package, which contains substantial legislation aimed at strengthening the credit union industry,” stated NAFCU President and CEO Dan Berger. “This spending package grants protections and clear guidance for credit unions and their members who have endured hardships from the pandemic and has important support for programs like the Community Development Financial Institutions (CDFI) Fund.
“As we find ways to adapt to the changing economic landscape, the credit union industry remains steadfast in offering financial support for families and Main Street small businesses,” added Berger.
As previously reported by NAFCU, the omnibus bill also contains the Adjustable Interests Rate (LIBOR) Act, which would provide clear guidance and a consistent federal standard for contracts with interest rates transitioning away from the London Interbank Offered Rate (LIBOR) index for financial products – which ends June 2023. The legislation would also direct the Federal Reserve to determine replacement rates that can be used for contracts lacking fallback language by providing a safe harbor should the contract not specify a non-LIBOR replacement rate.
Other key elements in the package include:
- new provisions on cybersecurity that require critical infrastructure entities and federal agencies to report cyber incidents within 72 hours to the Cybersecurity and Infrastructure Security Agency and any ransomware payments with 24 hours. The cyber legislation is similar to language that was originally included in the Senate version of the National Defense Authorization Act last year but ultimately dropped in the final package; and
- $295 million in annual appropriations for the Community Development Financial Institutions Fund and $1.545 million for the NCUA’s Community Development Revolving Loan Fund. The legislation also includes report language to prioritize those loans for minority depository institutions and smaller credit unions. It also includes report language to encourage the NCUA to look for ways to increase access to credit unions for the underserved.
NAFCU remains engaged with Congress as they work to implement the legislation passed in the Omnibus and will keep credit unions up-to-date via NAFCU Today.
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.