March 26, 2021 NASCUS Report

THIS WEEK: NASCUS backs raising ‘complex’ threshold to $500M; Fed committees to assess, address climate change; LIBOR has ‘no scenario’ past phase-out date; CFPB blames pandemic for complaint uptick; New sessions slated for HR, marijuana/hemp; TRANSITIONS: In MS, AK and NM; BRIEFLY: Joint ownership rule takes effect today; SAFE Banking Act intro’d (again); PPP deadline now May 31; NCUA plans AML/BSA webinar; Pierre Jay Awards presentations April 22

NASCUS supports raising threshold for ‘complex’ CUs to $500 million

(March 26, 2021) The state system supports raising the asset threshold to $500 million for defining a credit union as “complex” under risk-based net worth (RBNW) requirements, citing the benefit…

Fed sets up committees to address climate change

(March 26, 2021) Two new Federal Reserve committees will focus on the impact of climate change on financial stability, Fed Board Gov. Lael Brainard said this week, as the agency…

‘No scenario’ for continued use of LIBOR, Fed governor asserts

(March 26, 2021) The Federal Reserve’s top supervisor this week made it clear that the future of LIBOR as a reference rate for such products as adjustable-rate mortgages will be…

Bureau blames pandemic’s impact for complaint upticks

(March 26, 2021) More than a half million complaints – up 54% from the previous year – were fielded in 2020 by the CFPB, reflecting the financial impact of the…

HR Series, Marijuana & Hemp sessions ahead

(March 26, 2021) Dates and details for three events upcoming in May and June were unveiled by NASCUS this week, focusing on human resources issues and marijuana and hemp developments….

TRANSITIONS: Permanency in MS; new face in AK, so long in NM

(March 26, 2021) Rhoshunda Kelly is now the Mississippi commissioner of banking and finance, removing the “interim” from her title that she earned in an appointment announced last summer. Kelly…

BRIEFLY: Today is ‘joint ownership share accounts’ rule day; Cannabis safe harbor bill to be intro’d (again); PPP deadline extended to May 31; NCUA plans BSA/AML webinar April 14; Reminder: Pierre Jay Awards presented April 22

(March 26, 2021) Today is the effective date of NCUA’s new rule on joint ownership share accounts, which essentially permits the use of records other than signed membership cards or…

For more information about NASCUS publications, or to obtain permission to reprint a NASCUS publication, please contact NASCUS' Communications Department: