This
week: Fed's Powell gives economic update to Congress; NAFCU meets with SBA
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
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
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.
CUs:
Provide feedback on NCUA's proposal to clarify merger regs
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
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
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."
