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.

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.

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.

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.

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.

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 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.

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.

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.

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.