Newsroom
NAFCU Reg Alert reviews Treasury RFC on digital assets
NAFCU sent members a Regulatory Alert Thursday on the Treasury Department’s request for comment (RFC) on the responsible development of digital assets. The RFC seeks public feedback on implications of the adoption of digital assets, such as a central bank digital currency (CBDC), and the changes that could be expected in the financial market and payment system.
In the Regulatory Alert, NAFCU highlights:
- the RFC states that input received from the public will inform the Treasury’s work in carrying out its mandate under President Joe Biden's Executive Order on Ensuring Responsible Development of Digital Assets, which requires, among other things, the consideration of the conditions that would drive mass adoption of different types of digital assets and the risks and opportunities such growth might present;
- the RFC notes that Treasury analysis will also take into consideration how digital assets innovation and adoption might promote equitable economic growth; and
- the RFC clarifies that the term ‘mass adoption’ means a scenario where digital assets are accepted and used by the U.S. public on a large scale, which could be evident in the acceptance of cryptocurrencies as a common and regular payment method for goods and services.
NAFCU recently responded to a similar RFC from the Commerce Department, reiterating that the expected costs of a CBDC would outweigh the benefits and namely, that superior alternatives exist for accomplishing the same objectives. NAFCU first communicated these concerns to the Federal Reserve in a letter on the same topic.
Comments in response to the RFC are due to NAFCU July 25 and can be summited through the alert; comments are due to the Treasury Department August 8. Subscribe to receive Regulatory Alerts in your inbox.
Relatedly, a new report from the Office of Financial Research reviews how a CBDC would affect banking system stability. The report acknowledges that the option to hold CBDC can increase the incentive for depositors to run on weak banks, but suggests that certain countervailing effects may mitigate this risk. Read the full report.
NAFCU will continue to monitor this topic closely as it evolves.
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.