Also: Wells Fargo asks for stay in 2nd RDC decision; Fed updates stress test scenarios
NAFCU TODAY | The News You Need Daily.
February 10, 2020
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This week: Fed's Powell gives economic update to Congress; NAFCU meets with SBA [ [link removed] ]
The Senate returns to regular business this week, which will feature a Senate Banking Committee hearing Wednesday with Federal Reserve Chairman Jerome Powell. Powell will also provide the update on the economy and monetary policy to the House Financial Services Committee Tuesday.
Wells Fargo asks court to stay 2nd RDC decision [ [link removed] ]
Wells Fargo last week filed a motion with the U.S. District Court for the Eastern District of Texas asking it to stay a second jury's decision that found Wells Fargo intentionally infringed on certain USAA remote deposit capture (RDC) patents and ordered the bank to pay $103 million in damages.
NAFCU economist explains new stress test scenarios [ [link removed] ]
The Federal Reserve last week released updated hypothetical scenarios to use in 2020 stress test exercises. These scenarios are used by the NCUA for credit union stress tests; NAFCU Chief Economist and Vice President of Research Curt Long explained what's different.
NAFCU's 2020 Advocacy Priorities. Because to us, it's personal. Read Advocacy Priorities [link removed]
CUs: Provide feedback on NCUA's proposal to clarify merger regs [ [link removed] ]
NAFCU has sent a Regulatory Alert to its members seeking comment on the NCUA's proposed rule that aims to clarify and make transparent the procedures and requirements currently in place related to combination transactions. NAFCU has worked to educate lawmakers, administration officials, and the public on the facts of recent credit union-bank mergers.
Compliance Blog covers rescheduling foreclosure sales under Reg X [ [link removed] ]
In a new post on the NAFCU Compliance Blog, Regulatory Compliance Counsel David Park discusses one of the two foreclosure prohibitions contained in the loss mitigation rules – section 1024.41(g) in Regulation X – as interpreted by the U.S. Court of Appeals for the Eleventh Circuit decision in Landau v. Roundpoint Mortgage Servicing Corporation.
Job gains, labor force participation drive January job growth [ [link removed] ]
With 225,000 jobs gained last month, NAFCU Chief Economist and Vice President of Research Curt Long said the report was "a good one," noting "sturdy job gains and rising rates of labor force participation."
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