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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.

DOJ launches cryptocurrency enforcement team

The Justice Department Wednesday announced a national cryptocurrency enforcement team that will deal with virtual currency exchanges and money laundering. DOJ noted the team will be supervised by Assistant Attorney General Kenneth Polite and will combine the expertise of department sections dealing with money laundering, asset recovery, and computer crime.

CFPB issues FAQs on limited-content messages, call frequency; deadline to request initial forbearance extended

The CFPB Monday issued a set of several FAQs that discuss limited-content messages and the call frequency provisions under the debt collection rule and Regulation F. NAFCU will continue to keep credit unions up-to-date on guidance from federal regulators.

In addition, the Bureau announced mortgage servicers of home loans backed by the Department of Housing and Urban Development (HUD)/the Federal Housing Agency (FHA), the USDA, or the VA are authorized to approve initial COVID hardship forbearance requests until the COVID-19 National Emergency is officially over; the previous deadline was set for Sept. 30. Read more.

Robinhood follows credit card industry's lead and heads to college campuses

While on a new 'college coffeehouse roadshow,' representatives from stock-trading app Robinhood will travel to campuses around the country to encourage college students to use the app and begin their foray into investing. The New York Times points out this tactic is similar to one used two decades ago by credit card companies, antics that would eventually lead to Congress passing the Federal Credit Card Accountability Responsibility and Disclosure (CARD) Act in 2009. Read the full article for more information.

NCUA to host webinar on safe, affordable account access for consumers

In recognition of International Credit Union Day, the National Credit Union Administration announced an upcoming webinar titled “Pathways to Safe and Affordable Account Access for Consumers.” The webinar will discuss safe, low-cost transactional and savings account features that are responsive to the needs of consumers, specifically those in underserved communities.

Registration for the 90-minute webinar is now open. The webinar is scheduled for October 21 at 2:00 p.m. Eastern.

Next round payments for Advance Child Tax Credit coming Oct 15.

Changes in the Advance Child Tax Credits, included in the American Recovery Plan Act, require the IRS to send monthly payments to eligible families on the 15th day of the month between July and December of 2021. Eligible families may receive up to $3,600 per child under the age of six and up to $3,000 per qualifying child aged six through 17. Parents will then be able to claim the remaining 50% of the Child Tax Credit when they file their tax return next Spring. The next round of payments is set to be delivered on Oct. 15.

These child tax credit payments are treated similarly to the third round of Economic Impact Payments in that they are not subject to certain government garnishments but are not protected from private garnishments.

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