Financial Action Task Force Upgrades U.S to Largely Compliant with FATF Recommendation 24: Today, the Financial Action Task Force (FATF)—the global standard-setting body for anti-money laundering, countering the financing of terrorism, and countering proliferation financing (AML/CFT/CPF)—announced that the United States has been upgraded to “largely compliant” with FATF Recommendation 24, which relates to beneficial ownership transparency for legal persons.
NCUA 2023 Annual Report and 2024 DEI Summit in Minneapolis: On March 25, the National Credit Union Administration (NCUA) released its 2023 Annual Report highlighting the agency’s activities, policy initiatives, and accomplishments for the year. NCUA Updates Simplified CECL Tool: On the same date, the NCUA also released its March 2024 update of its Simplified CECL Tool. Navy Federal and Credit Card Late Fees Rule Lawsuits: On March 23, Navy Federal Credit Union (Navy) has filed a motion to dismiss the class action lawsuit based upon racial discrimination against the Plaintiffs for failing to give notice as a member of their field-of-membership (FOM) intent to file a lawsuit against Navy. Comment On CFPB Proposed Rule for Immediately Rejected Transactions: On March 25, the Minnesota Credit Union Network and America’s Credit Unions separately filed comment letters objecting to the Bureau’s proposed ‘preventative’ rule against charging NSF fees on instantly rejected transactions. On Wednesday, March 20, nearly 100 credit union board members and professionals from across the state spent the day at the Capitol learning about legislative issues and meeting with elected officials to share how credit unions put members and communities first.
The credit union advocates shared legislative priorities with state lawmakers to ensure credit union's ability to serve their members and communities: Guarantee Quality Delivery of Personal Financial Education: Support House File 3751/Senate File 4578
"It was invigorating to see a hundred people that are willing to give their time in order to advocate on behalf of our industry and members, said Ryan Smith," MnCUN Chief Advocacy Officer. "I’ve already heard from a few legislators on their meetings and how impactful it is to meet with constituents when they are contemplating bills, particularly during deadline week. On behalf of everyone at MnCUN, thank you so much for representing credit unions in Minnesota so well," Smith added. Last Friday was the committee deadline for policy bills to be passed to the floor of the Minnesota House and Senate to keep moving forward this session. Login to the member portal for an update on MnCUN Legislative Priorities. View the Impact 24: Day at the Capitol Photo Album. Join the CREW Young Professionals for the "Coffee with the CREW" on Thursday, April 25 at 9 a.m. This series focuses on providing credit union young professionals with continued opportunities for networking and collaborating to help further knowledge and professional growth within the industry.
This meet-up will be facilitated by Vicki Erickson, Senior Vice President & Chief Marketing Officer from Topline Financial Credit Union and Jodi Slais, Education Specialist from Wings Financial Credit Union. They will be sharing the different financial education programs at each of their credit unions and go over their financial wellbeing efforts. We will open up the webcams and audio lines for the group to join our facilitated panel discussion. All aspects of this session have been created with the intention of shared learning among facilitators and attendees. We will be asking attendees to actively participate before and throughout this session. With questions, please contact Xiong Lee, MnCUN Director of Engagement. The Enhanced Financial Counseling Certification Program (FiCEP) teaches credit union staff how to counsel members so they can budget better, smartly save, pay down debt and plan for the future. Obtaining the training and associated credentials allows your credit union to differentiate itself from other financial institutions and be more confident in helping members build a stronger financial future.
The cohort-style training consists of 8 tutorial webinars, exam preparation, proctored exam, and program development training - taking place between June and early October. Upon completion, participants will receive the Certified Credit Union Financial Counselor (CCUFC) designation. Attending the webinars live provides the opportunity to participate in discussion; however, they will also be available as a recording. On average, students should expect to spend approximately 30 minutes studying each chapter, 60 minutes participating in each webinar, and additional time as needed to review the materials before the exam. The last training session following the proctored exam is designed to help you develop a detailed vision and plan for financial counseling at your credit union. Cost: $484 per participating student Friday, May 3: Deadline for registration Today, over 100 credit union professionals and board members are at the State Capitol to meet with legislators to learn about legislative issues and meet with elected officials. Speakers scheduled to appear include, Minnesota Secretary of State Steve Simon, Minnesota House Commerce Committee Chair Zack Stephenson, Hubert H. Humphrey School of Public Affairs' Larry Jacobs, and Minnesota Department of Commerce Senior Director, Financial Institutions, Mike Crow. This important advocacy event forms the foundation for a positive working relationship with legislators throughout the Legislative Session. Through education sessions, legislative briefings, keynote speakers and legislative visits, IMPACT 24 brings the credit union message to elected officials. Stay tuned for a full recap in next week's issue of the Pulse! Are you looking for a professional development opportunity or for ways to get more involved with the Minnesota Credit Union Network and make the most of your membership?
MnCUN Committees are seeking interested members for appointment. The MnCUN Board Chair will appoint Committee members to serve for one year – from their appointment through the following year’s Annual Business Meeting, taking place during the ACCELERATE conference in April. Visit the Committees page for more information on the Committees and to complete an application. Applications will be accepted through Friday, March 29, 2024. CFPB Director Updates Status of Financial Data Exchange (Open Banking - 1033 Rule): On March 14, Consumer Finance Protection Bureau (CFPB) director Rohit Chopra made remarks at the Financial Exchange Global Summit addressing the status the proposed rule to shift to open banking.
FTC Amends Telemarketing Sales Rule (TSR): On March 7, the Federal Trade Commission (FTC) announced substantial revisions to its telemarketing sales final rule extending telemarketing fraud protections to businesses and updating the rule’s recordkeeping requirements in light of developments in technology and the marketplace. FCC Final Rule On Robocalls and Robotexts: The Federal Communications Commission published its final rule to ‘clarify and strengthen’ a consumer’s right to revoke consent to receive robocalls and robotexts under the Telephone Consumer Protection Act (TCPA). CFPB Late Fee Final Rule Clarified: The final rule was published March 15 in the federal register and will currently be effective May 14 limiting the safe harbor amount for card late fees for large issuers (over 1M accounts) to $8 regardless of the number of late payments which will not be adjusted annually. Congress is focused on wrapping up the remaining spending bills before Friday’s deadline to avoid a partial government shutdown. There seem to be some stumbling blocks for them to get over, but they are anticipated to vote in the House and Senate this week to pass those remaining bills.
The second Spring Peer-to-Peer will take place on Wednesday, April 24, from 1:00 to 3:00 p.m. and will focus on Regulatory and Compliance Hot Topics. The virtual session will include a speaker and then break into department areas for smaller group peer discussion on how the topics pertains to various teams.
We hope this new format continues to provide credit union professionals the opportunity to participate in cooperative meetings to network and exchange ideas; and provides your teams the opportunity to learn about pertinent topics that prompts additional conversations at your credit union. Stay tuned for further announcements and updates! Date: Wednesday, April 24 Time: 1:00-3:00 pm Cost: $49.00 for individual registration For a list of all P2P sessions, visit our Peer-to-Peer (P2P) webpage. With questions, please contact Director of Engagement, Xiong Lee, by email. |
The PulseThe Pulse is MnCUN's newsletter that keeps credit union professionals and board members updated on current news and information. Archives
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