CUNA supports the funding level of $17 million for the Cooperative Development Program (CDP) included in the State, Foreign operations, Agriculture, Rural Development, Interior, Environment, Military Construction and Veterans Affairs Appropriations Act for Fiscal Year 2021.
The House passed its version of the FY21 NDAA Tuesday night with CUNA-supported BSA modernization language in the bill. Absent from the bill was a provision that would have expanded an exemption for branches on military bases credit unions are eligible for.
The last few months have demonstrated the cooperative nature of credit unions, NCUA board nominee Kyle Hauptman told members of the Senate Banking Committee Tuesday. Hauptman also touted his ability to work in a bipartisan fashion, most recently on reforming anti-money laundering laws.
CUNA generally supports NCUA’s corporate credit union proposal but has concerns with several proposed changes. CUNA also encouraged the agency to pursue changes aimed at reducing regulatory burdens on corporate credit unions, including examining the permitting them to pursue non-CUSO investments.
The House voted 336-71 Tuesday to add a Bank Secrecy Act modernization amendment to the House version of the FY2021 National Defense Authorization Act. CUNA joined other organizations to call for its inclusion in a letter sent Monday.
CUNA hopes any potential nominee for the NCUA board will build on the agency’s positive momentum of recent years while coordinating with other agencies, it wrote to the Senate Banking Committee before it hears testimony from NCUA board nominee Kyle Hauptman on Tuesday.
The House version of the fiscal year 2021 National Defense Authorization Act (NDAA) should include legislation to end the abuse of anonymous shell companies and modernize Treasury authorities and certain AML requirements, including indexing the CTR threshold for inflation every five years.
The House and Senate are both in session this week. The House is expected to vote on several pieces of appropriations legislation, including this year’s National Defense Authorization Act and the Senate Banking Committee will hear from NCUA board nominee Kyle Hauptman.
Changes to regulations and the creation of new lending programs have, and will continue to help consumers affected by the COVID-19 pandemic, and Congress and the Small Business Administration should work to address PPP lender liability concerns
FinCEN has issued an advisory on COVID-19 related impostor scams and money mule schemes. The advisory is based on FinCEN’s analysis of COVID-19-related information obtained from Bank Secrecy Act data, open source reporting and law enforcement partners