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Credit Union Daily News
 
House bill would protect PPP lenders from regulator penalties
CUNA wrote Reps. Barry Loudermilk (R-Ga.) and David Scott (D-Ga.) Thursday in support of their legislation that would prevent regulatory penalties for PPP lenders. Credit unions made more than $10 billion in PPP loans, helping protect more than 100,000 jobs.

Four additional CUNA Board nominations received
CUNA has confirmed receipt of four new nominations for the Board elections. Nominations are now being accepted for eight open director positions on CUNA’s Board of Directors. The deadline for nominations and seconds is Friday, November 6.  In contested elections, voting will begin Nov. 12 and close Dec. 16.

Court approves final settlement in Equifax data breach suit
The court has granted final approval to the settlement agreement reached in the Equifax data breach lawsuit, of which CUNA, Leagues and credit unions are plaintiffs. The deadline to file a claim is Dec. 31.

NCUA’s Harper speaks with AACUL advocacy/compliance cmte
NCUA board member Todd Harper joined the American Association of Credit Union Leagues’ (AACUL) Regulatory Advocacy/Compliance Advisory Committee Wednesday to discuss credit union policy issues, including responses to the COVID-19 pandemic.

CUNA HR Professional eSchool with CUDoctor announced
CUNA HR Professional eSchool with CUDoctor will be held online in four, one-hour sessions Nov. 17 through Dec. 15. Training is crafted from a credit union-specific perspective, as instructors bring expertise unique to credit union challenges.

Fed creates pilot program for FedNow instant payments
The Federal Reserve announced the creation of the FedNow Pilot Program to support development, testing and adoption of the FedNow Service. CUNA supports ongoing development of FedNow, a 24x7x365 interbank settlement service.

Bipartisan coalition of lawmakers, with CUNA/League support, call for TDR & CLF extension
A bipartisan group of lawmakers Tuesday sent a letter to Speaker of the House Nancy Pelosi (D-Calif.) and House Minority Leader Kevin McCarthy (R-Calif.) calling for a one-year extension to existing TDR and CLF regulations, an issue championed by CUNA, the Leagues, and credit unions.

NCUA launches ACCESS initiative to reinforce financial inclusion
NCUA Chairman Rodney Hood announced the launch of the agency’s ACCESS Initiative to bring together leaders across NCUA to refresh and modernize regulations, policies, and programs in support of greater financial inclusion within the agency and the credit union system.

Agencies propose rule on role of supervisory guidance
Federal financial regulators including NCUA released a joint proposed rule on the role of supervisory guidance Tuesday. The proposal codifies a September 2018 statement from the same agencies that supervisory guidance does not have the force and effect of law.

Nussle, NCUA’s Harper discuss CUs’ role in economic recovery
CUNA President/CEO Jim Nussle talked with NCUA board member Todd Harper this week, a follow-up conversation from CUNA’s letter sent Sept. 16. The conversation was the latest in CUNA’s continued engagement with NCUA leaders and staff on pandemic-related issues.

Coin shortage improving, not solved, CUs tell Bankrate
A major impact of the pandemic financial services providers continue to deal with is a shortage of coins, CUNA Senior Director of Advocacy for Payments and Cybersecurity Lance Noggle and Joan Baldi of SAFE CU, Folsom, Calif., told Bankrate recently for an article documenting the latest on the shortage.

Congress must take action to solve PPP/EIDL issues
CUNA joined other organizations Monday to call on House and Senate Small Business Committee leaders to fix an issue reducing value of Paycheck Protection Program (PPP) loan forgiveness and Economic Injury Disaster Loan (EIDL) Advances.

CUNA Finance Council announces upcoming virtual conference collection
CUNA Finance Council Virtual Conference Collection, happening November 16 & 17, offers an engaging new format for credit union peers and experts to examine trends, share insights and network with one-another.

CUNA backs CECL exemption for CUs under $10M in assets
CUNA supports NCUA’s proposed current expected credit loss (CECL) transition methodology, it wrote to the agency Monday. CUNA also strongly supports the proposal’s effective exemption of credit unions with less than $10 million in assets from CECL.

‘Advancing Communities’ launches to promote credit unions’ value
CUNA launched the Advancing Communities campaign Monday – an initiative designed to inform state policymakers and consumers about the economic and social impact that credit unions provide to communities across the country.

Compliance: MLA card fee spreadsheet updated for 3Q 2020
CUNA has updated its Military Lending Act credit card fee spreadsheet for the third quarter of 2020, necessary because a credit union may exclude a bona fide credit card fee from the military annual percentage rate if the fee is considered “reasonable,” under the MLA rule.

WYCUP celebrates 20 years of inspiring hope for global community
World Council Young Credit Union Professionals’ alumni and scholarship winners looked back on their achievements and ahead to future growth during a virtual 20th anniversary celebration featuring stories about the program’s influence from across the globe

2020-2021 Executive Committee members announced for CUNA Operations & Member Experience Council
The 2020-2021 CUNA Operations & Member Experience Council Executive Committee was introduced at the recent CUNA Operations & Member Experience Council Conference and CUNA Technology Council Virtual Conference held Sept. 29-Oct. 1.

Real-world speaker line-up leads CUNA Security & Fraud eSchool
Former Secret Service, police officers and security professionals with decades of experience dealing with fraud and security-related issues are the lead presenters at CUNA Security & Fraud eSchool, held in five sessions Nov. 6 through Dec. 11.

NCUA board finalizes corp. CU rule, issues derivatives proposal
The NCUA board finalized its corporate credit union rule to amend update, clarify, and simplify several provisions of the corporate credit union regulation Thursday, and issued a new proposal on derivatives.

CUNA’s Michlig talks evolution of branches post-pandemic
CUNA Chief Engagement Officer spoke to Forbes recently about what the coronavirus pandemic means for branch traffic and financial institutions, and what it means for the future of credit union banking.

NCUA reminds credit unions to remain vigilant during Cybersecurity Awareness Month
During National Cybersecurity Awareness Month, NCUA reminds credit union industry stakeholders to remain vigilant and take steps to protect their systems and critical infrastructure. The agency also maintains a cybersecurity resources webpage.

PPP forgiveness bill should be included in Senate relief package
Bipartisan Paycheck Protection Program forgiveness legislation should be included in the current pandemic relief package being negotiated in the Senate, CUNA wrote Senate Majority Leader Mitch McConnell (R-Ky.) Wednesday.

Cornerstone League launches new brand, identity, logos
The Cornerstone League (formerly known as the Cornerstone Credit Union League) launched its new brand, which includes its service organization Cornerstone Resources and the Cornerstone Foundation. The League, its CUSO and its Foundation are also debuting new logos.

Add’l efforts could help FinCEN collect most accurate cost estimates
CUNA supports FinCEN’s efforts to update burden estimates in order to more accurately understand the regulatory compliance costs to financial institutions and agrees that certain burdens are relevant calculating the true costs of complying with CIP regulations.

Senate Banking Chairman Crapo calls for regulatory flexibility
Senate Banking Committee Chairman Mike Crapo (R-Idaho) wrote to the heads of federal financial regulators, including NCUA Chairman Rodney Hood, recently on the PPP's effect on certain asset-based regulatory thresholds.

CUNA supports Fannie, Freddie housing goals for 2021
CUNA remains strongly supportive of the FHFA's efforts to ensure the GSE meet their public mission. Both GSE single-family and multifamily housing goals for 2021 will remain the same as the 2018-2020 levels, but the agency will engage in a new rulemaking.

2020-2021 CUNA Technology Council Executive Committee members announced
The 2020-2021 CUNA Technology Council Executive Committee was introduced at CUNA Operations & Member Experience Council Conference and CUNA Technology Council Virtual Conference held on Sept. 29-Oct. 1.

Global credit union membership surpasses 291 million
The international credit union movement added over 17 million members in 2019 to reach a new membership high of more than 291 million in 118 countries, according to World Council of Credit Unions’ 2019 Statistical Report.

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