NASCUS Report: In the News This Week…

Welcome to the NASCUS Report landing page. Our goal is to keep you connected to nationwide news and industry announcements, events, and topics. Previously featured articles can be found in the NASCUS Digital Library, cataloged by topic.

Around the States

State and Federal Cannabis Banking Updates Across the Country — 12 States Reporting (DE, KY, ME, MI, MS, MO, NH, NJ, NY, OK, SC and SD); BECU Reports Robust 2021 — Returning $322M to Members; After Leading One CU Upward, Linda White Announces Retirement Plans — Successor Named

News Across the Country

Industry News

Coinbase Says Users’ Crypto Assets Lack Bankruptcy Protections: Cryptocurrency Trading Firm Warns Its Customers Could Be Viewed as General Unsecured Creditors; Recession Fears Grow. But How High Is the Risk?; Senators Seek Maximum Funding for FinCEN to Fight Money Laundering, Corruption; Groups Publish AML Best-Practices Compliance Guide for MSBs

What Happened with the TerraUSD Collapse? CRS Notes "Run-like" Risk

The Congressional Research Service (CRS), a legislative agency that supports the United States Congress, has published a report that outlines algorithmic stable coins and key factors within the TerraUSD (UST) crash. CRS describes the crash as a “run-like” scenario along with policy issues connected to the risk of such events.

Regulatory News

2022 Data Security Incident Response (DSIR) Deeper Dive: Increased Regulatory Scrutiny of Cybersecurity Incidents; Former Regulators Join $45 Million Round in Crypto Risk Platform Solidus Labs; CFPB Takes Action to Protect Depositors from False Claims About FDIC Insurance; NCUA Statement on Committee Passage of Vendor Authority and Underserved Areas Bills

The Federal Reserve Releases the May 2022 Financial Stability Report

The Fed’s Board of Governors released the May 2022 Financial Stability Report, which presents key insights into the state of the American economy. What did the Federal Reserve’s latest decisive…

Senate Approves Dr. Lisa Cook as First Black Woman on Federal Reserve Board of Governors

The Senate confirmed economist Lisa Cook on Tuesday to serve on the Federal Reserve’s board of governors, making her the first Black woman to do so in the institution’s 108-year…

Decline in Customer Satisfaction Continues but at a Slower Pace, ACSI Data Show

May 10, 2022 — Customer satisfaction in the U.S. is now at its lowest level in 17 years, sliding 0.1% to a score of 73.2 (out of 100) in the…

Things You Should Know

Visit our "Week Ahead" page for a detailed listing of events under the Digital Library tab at the top.

Cannabis Banking Event Hotel Block Closes Monday, May 23rd

The US legal cannabis industry is predicted to top $30 billion in 2022 and the demand for banking services will continue to intensify. Join us, June 14-15, 2022, NASCUS is offering an event devoted to the cannabis landscape covering risk profiles in states where marijuana is in demand and has been legalized

Register Today

May 26: NCUA Board Meeting

Topic covered: Board Briefing, Share Insurance Fund Quarterly Report. 10:00 a.m. EST, Thursday, May 26, 2022

Details Here

June 1: Michigan Directors' College

Board governance has never been more important as examiners continue to scrutinize credit unions to ensure a culture of compliance. Sessions will cover director responsibilities for succession planning, proper oversight, and compliance requirements through due diligence and ethics. Other sessions will cover fraud risks, hot topics, and legal issues challenging credit unions.

Learn More

June 20-22: NASCUS Cybersecurity Conference with CUNA

NASCUS members receive CUNA member pricing. For three days in sunny San Diego, you’ll gain insights, join conversations and experience essential tools and solutions that could make a huge impact on your organization and your career.

Register Here

Research and Resources

April 2022 Global Financial Stability Report

Financial stability risks have risen as war tests the resilience of the financial system through various channels.

Read the Report

McKinsey & Company's: Global Banking Annual Review 2021

This report aggregates McKinsey's research and insights into the banking industry, including digital banking, a widening valuation gap, implications of COVID-19 and more.

Read the Report

FFIEC Cybersecurity Resources

These resources can help financial institutions understand supervisory expectations, increase awareness of cybersecurity risks, and assess and mitigate the risks facing their institutions.

Stay up-to-date

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