(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 account signature cards as evidence that a jointly owned account qualifies for share insurance coverage apart from individually owned accounts. The final rule was approved by the NCUA Board at its February meeting … A new version (for this Congress) of the “Secure and Fair Enforcement Banking Act” (SAFE Banking Act, H.R. 1996) – which aims to provide protections for financial institutions serving cannabis-based businesses where it is legal – was introduced March 18 in the House by Reps. Ed Perlmutter (D-Colo.), Nydia Velazquez (D-N.Y.), Steve Stivers (R-Ohio) and Warren Davidson (R-Ohio). The legislation is similar to bills introduced (and which passed the House in 2019), but yet to become law, in previous Congresses … A Senate vote Thursday sent a bill extending the Paycheck Protection Program (PPP) to May 31 to President Joe Biden for his signature; the bill had previously been approved by the House. The Paycheck Protection Program Extension Act (H.R. 1799) would allow loan applications to the program—currently set to expire on March 31—for two more months and give the Small Business Administration (SBA) 30 additional days to process loan applications made by the new May 31 deadline … An April 14 webinar on BSA/AML compliance has been scheduled by NCUA, to provide updates on recently issued BSA statements, actions for managing high-risk accounts and highlights of the 2020 Anti-Money Laundering Act. The webinar is slated to start at 2 p.m. ET and last about an hour. (NASCUS and CUNA jointly host an annual BSA/AML compliance conference, scheduled again this year for the coming fall.) … Mark your calendars for the April 22 Pierre Jay Awards 2021 virtual presentation ceremony, getting underway at 2 p.m. ET. There is no charge for attending the event, although registration is required. Three leaders of the state system — Patty Idol, Kim Santos and Sarah Vega — are being recognized for the 2021 awards, which are the highest honors bestowed by NASCUS for persons or entities demonstrating service, commitment and leadership to the state system.
LINKS:
Joint Ownership Share Accounts (final rule)
NASCUS summary: Joint Ownership Share Accounts (members only)
PPP Extension Act of 2021 (H.R. 1799)
Registration Now Open for April 14 Webinar on BSA/AML Compliance
Registration: Pierre Jay Awards April 22 presentations, registration
(Feb. 26, 2021) Comments are due March 9 on NCUA’s request for information (RFI) on how the agency can improve its communications and improve transparency. A NASCUS comment letter is in the works; see the link below for the NASCUS summary of the RFI (available to members only) … NCUA joined federal and state banking regulators this week in encouraging credit unions and banks to alter loan terms, ease regulatory reporting requirements, and take other actions to help borrowers in Texas affected by bitter cold temperatures spawned by recent winter storms which led to widespread power outages and water shortages throughout the state. The regulators released a joint letter outlining actions institutions could take “to meet the financial services needs of their communities” … The White House this week announced several measures to ensure the smallest firms have access to loans made through the Small Business Administration’s (SBA) Paycheck Protection Program (PPP). The measures include an exclusive 14-day application window (starting Feb. 24) for firms with fewer than 20 workers, a revised loan calculation, and funding set-aside for sole proprietors and self-employed individuals and new eligibility for businesses owned by those with certain felony convictions.
LINKS:
NASCUS Summary: NCUA Request for Information, Communications & Transparency
(Jan. 8, 2021) Small Business Administration (SBA) and Treasury Department officials will provide an overview of the new Paycheck Protection Program (PPP) features associated with the recently passed Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act during a webinar Monday (Jan. 11), at 2 p.m. ET. Registration is now open; see the link below. The presentation — co-sponsored by NCUA and the federal banking agencies — is open to all SBA lenders who participated in the SBA PPP lending program … Credit unions and banks should be alert to COVID-19 vaccine-related scams and cyberattacks, FinCEN said last week. That includes fraud, ransomware attacks, or similar types of criminal activity related to COVID-19 vaccines and their distribution, Treasury’s financial crimes unit said. The agency also provided specific instructions for filing SARs regarding suspected fraud related to COVID-19 vaccines and their distribution.
Registration for SBA/Treasury Jan. 11 (2 p.m. ET) PPP webinar
FinCEN Asks Financial Institutions to Stay Alert to COVID-19 Vaccine-Related Scams and Cyberattacks