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FFIEC issues statement on COVID-19 loan accommodations
The FFIEC last week issued a statement setting forth prudent risk management and consumer protection principles for financial institutions to consider while working with borrowers as initial coronavirus-related loan accommodation periods come to an end and they consider additional accommodations.

CUNA names Deshundra Jefferson Chief Strategic Communications Officer
CUNA announced today the appointment of Deshundra Jefferson as Chief Stategic Communications Officer, where she will be responsible for developing and implementing strategies that effectively communicate the credit union difference to policymakers, the media and consumers. 

World Council signs cooperative agreement w/ members from Brazil, Poland
World Council of Credit Unions signed a cooperation agreement this week with two of its most dynamic members to facilitate the exchange of best practices in credit union development during a virtual meeting attended by executives from all three organizations.

Free small CU webinar series brings experts to talk pressing issues
CUNA and Leagues launched their Small Credit Union Webinar series Tuesday, a series of free weekly webinars that will run through Spring 2021. Sponsored by CUNA Mutual Group and LSC, the webinars combine the resources of the CUNA-League system.

Success means supporting CU champions who will work across aisle
Reps. Stephanie Murphy (D-Fla.) and Tom Reed (R-N.Y.) appeared together in a video discussing ways credit unions help their communities, and why it’s important to come together across the aisle to support legislators that champion credit unions.

Fast savings, slow loan growth lead to lower loan-to-share ratio
According to CUNA’s latest Monthly Credit Union Estimates, the overall credit union loan-to-share ratio fell to 76.3% at the end of June, down from 84.4% at the end of 2019. Fast savings growth and slower loan growth has led to this decline, increasing credit union liquidity.

Perlmutter, Emmer introduce House CU member governance bill
Reps. Ed Perlmutter (D-Colo.) and Tom Emmer (R-Minn.) introduced a bill Wednesday that would modernize the Federal Credit Union Act to allow a credit union board to expel a member for just cause. The bill has a bipartisan Senate companion bill, introduced in February.

Senate Banking Committee advances NCUA board nominee Hauptman
The Senate Banking Committee agreed via voice vote Wednesday to advance the nomination of Kyle Hauptman to serve on the NCUA board. If confirmed, Hauptman would take the seat of current board member J. Mark McWatters.

CUNA Marketing & Business Development Council opens registration for virtual conference collection
CUNA Marketing & Business Development Council Virtual Conference Collection offers a new virtual environment for credit union peers and experts to absorb insights on trends. Topics were curated from sessions originally planned for the Council’s March conference based on their relevancy to today’s new environment.

CUNA activates members, engages w/ Congress on PPP forgiveness
CUNA continued its strong push to include Paycheck Protection Program forgiveness language in the next phase of pandemic relief legislation Tuesday with a letter to Congress and an updated action alert calling on credit union stakeholders to support the bill.

CFPB LIBOR proposal aids transition
CUNA expressed appreciation for the CFPB's proactive effort to facilitate the LIBOR transition for consumer financial products in response to LIBOR’s planned discontinuation after 2021. The CFPB intends for a final rule on LIBOR to take effect on March 15, 2021.

Debt collection rules should not affect first-party collectors
The CFPB should ensure its debt collection rulemakings do not extend unwarranted regulatory requirements to first-party debt collectors, CUNA wrote Tuesday in response to a proposal that would amend Regulation F to require debt collectors to make certain disclosures when collecting time-barred debts.

CUNA backs bill to establish $2B CDFI Crisis Fund
A bill introduced Tuesday would create a $2 billion Community Development Institutions Crisis Fund to help with pandemic recovery. The bill’s $2 billion would serve as a complement to the Treasury’s CDFI Fund and would be refilled as funds are deployed each year.

Circuit courts issue adverse decisions in several TCPA cases
Several circuit courts of appeal in recent months have issued rulings that are at odds with credit union-supported positions in TCPA cases and regulatory proceedings involving the use of automated telephone dialing systems.

Special purpose bank charter should be subject to comment
CUNA is concerned that the Office of the Comptroller of the Currency is considered “industry altering changes” without sufficient public consideration, it wrote to the agency Monday. The acting comptroller has stated that the OCC is considering implementing a special purpose bank charter limited to payments services.

Damon Smith joins CUNA as Senior Director of Advocacy and Counsel
CUNA announced Monday the appointment of Damon Smith as the Senior Director of Advocacy and Counsel. In his role at CUNA, Smith will contribute to regulatory advocacy issues for the organization, particularly relating to housing policy and finance issues.

CUNA’s Michlig talks COVID-19 recovery task force
CUNA Chief Engagement Officer Greg Michlig joined CUBroadcast recently to talk CUNA’s Credit Union System COVID-19 Restart and Recovery Task Force, including how it represents a strategic restarting process, what the task force’s work will look like and more.

Hauptman nomination committee vote scheduled for Wednesday
The Senate in in session this week but the House is not. The Senate Banking Committee will meet in executive session Wednesday to, among other nominees, vote on the nomination if Kyle Hauptman to serve on the NCUA board.

CUs continue loan forgiveness, liability protection push
CUNA, Leagues and credit unions continue their engagement with policymakers as Congress works on the next phase of pandemic recovery legislation. Both chambers have passed bills, and while both contain some positives, CUNA is pushing for the inclusion of PPP forgiveness legislation, among other provisions.

Conversation with Senator Cramer on PPP loan forgiveness legislation

Credit unions and Leagues met with Senator Kevin Cramer (R-ND) on Friday to discuss credit union involvement in the Paycheck Protection Programand his proposed bill to forgive most PPP loans.

Liability protections needed to protect businesses, healthcare workers

CUNA joined over 400 organizations Thursday to call on Congress to include the COVID-19 liability protections set forth in the “SAFE TO WORK Act” (S. 4317) in the Phase IV COVID-19 relief package.

NCUA to host webinar on lending to small business exporters with EXIM Bank
Credit unions can discover new lending opportunities for their small business exporters through a webinar hosted by NCUA and the Export-Import Bank of the United States. It will discuss the Working Capital Loan Guarantee program, which provides a 90% guarantee against loans to exporters.

2020 CUNA Finance Council Award winners announced
CUNA Finance Council announces recipients of the 2020 CUNA Finance Council Awards, the most prestigious industry award for credit union finance professionals. CUNA Finance Councils Awards are celebrated annually at the 2020 CUNA Finance Council Conference.

Compliance: FinCEN addresses cybercrime exploiting COVID-19
FinCEN issued an advisory July 30 to alert financial institutions to potential indicators of cybercrime and cyber-enabled crime observed during the COVID-19 pandemic. Many illicit actors are engaged in fraudulent schemes that exploit vulnerabilities created by the pandemic, according to FinCEN.

CECL, operating fee proposals, OTR request issued at NCUA meeting
NCUA issued proposals on CECL transition methodology and fees paid by federal credit unions, in addition to finalizing its field-of-membership rule Thursday. The board also issued a request for comment on OTR and operating fee methodologies and received a briefing on the 2020 mid-session budget.

Postal banking amendment should be rejected from House FSGG bill
CUNA joined financial trade associations representing institutions in every state Thursday to urge House leadership to reject the inclusion of a postal banking provision in the Financial Services and General Government (FSGG) Appropriations Act for FY2021.

Latest House appropriations bill contains CDFI, CDRLF funding
CUNA wrote House leadership Thursday in support of its latest appropriations Act for Fiscal Year 2021, which contains CUNA-supported funding for the Treasury’s Community Development Financial Institutions Fund and NCUA’s Community Development Revolving Loan Fund, two important grant programs for credit unions.

CreditUnionsVote.com contains latest info about Nov. election
Thursday marks just under 96 days before the November election. CUNA’s CreditUnionsVote.com is continually updated with the latest information on how to vote in each state—including options to vote by mail and other accommodations for the COVID-19 health emergency.

CUNA, Foundation meet to talk financial well-being barriers
CUNA and the National Credit Union Foundation held a meeting last week on ways credit unions can foster financial well-being among their members and communities and what barriers exist and how the credit union model is positioned to reach marginalized populations.

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