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5 things to know this week
NAFCU's widely read NAFCU Today is credit union leaders' go-to source for the latest on issues impacting the credit union industry. For those short on time, here's a roundup of this week's top need-to-know updates and resources.
ICYMI: Berger shares his take on inflation
In a new op-ed for CUInsight, NAFCU President and CEO Dan Berger examines the latest reports on inflation and shares why credit unions are ultimately the best banking option for Americans, especially during challenging times. Citing the FOMC’s move to raise the federal funds target rate by 75-basis points, Berger reiterates the uneasiness many consumers feel as gas prices and costs of goods continue to soar.
“Credit unions, by nature, are more attuned to the needs of their local communities given their member-owned, not-for-profit, cooperative structure,” wrote Berger. “Because credit union leaders are so well-connected with families and small businesses in their local communities, they have a unique ability to educate their members and share relevant, critical resources, whether it’s guidance from the National Credit Union Administration or how to adhere to changes in policies and regulations as the economy shifts.”
Register for the 2022 NAFCU Congressional Caucus
NAFCU’s 2022 Congressional Caucus is now open for registration. This is the premier credit union lobbying event of the year, where attendees can hear directly from Members of Congress and credit union champions on important industry issues. The event, happening September 11-14, will be held in-person in Washington D.C. See the full agenda and register today. Save $200.00 with code CCSAVINGS through 7/15/202.
Join us at the 2022 CFO Summit
Shortly after the 2022 Congressional Caucus, NAFCU will also hold the sought-after 2022 CFO Summit, held in Annapolis, Md., from September 20-22. Attendees will be able to take advantage of actionable information, best practices and stronger connections needed to advance credit unions. See the full agenda and register today. Save $200.00 with code CFOSAVINGS through 7/29/2022.
FinCEN issues update on BSA due diligence for FIs
The Financial Crimes Enforcement Network (FinCEN) issued an updated statement for financial institutions operating in compliance with applicable Bank Secrecy Act (BSA)/anti-money laundering (AML) regulatory requirements. This statement provided clarity to banks and credit unions on how to apply a risk-based approach to conducting customer due diligence on independent ATM owners or operators consistent with the requirements set out in FinCEN’s 2016 Rule on the matter.
New on the Compliance Blog: Community Charters and Remote Access to a Community
Following the House passage of the Financial Services Racial Equity, Inclusion, and Economic Justice Act package, NAFCU Regulatory Compliance Counsel Keith Schostag examined the specifics regarding field of membership (FOM) in a new post on NAFCU’s Compliance Blog. In the post, Schostag defines a community-chartered federal credit union’s FOM and identifies if remote appearance in a community qualifies a person for membership.
NAFCU's award-winning regulatory compliance team continues to keep credit unions informed with new posts on the Compliance Blog, published every Monday and Wednesday.
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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
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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
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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
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