The NCUA Board holds its June meeting at 10 a.m. Eastern today. During the meeting, the board is expected to issue a request for comment on its operating fee schedule methodology, as well as proposed interpretative ruling and policy statement related to the Minority Depository Institution (MDI) Preservation Program. Additionally, the board will be briefed on new charter modernization.
The CFPB issued two reports Wednesday that dive into financial opportunities and challenges specifically facing consumers in southern states. The bureau noted that many areas in the South “are considered ‘banking deserts’ because of the absence of sufficient bank or credit union options for local communities.” NAFCU advocates for field of membership reforms to allow credit unions to serve all Americans, especially those in communities that have been left behind.
The House Appropriations Committee released its fiscal year 2024 financial services and general government (FSGG) funding bill Wednesday, which would reduce the Community Development Financial Institutions (CDFI) Fund’s budget to $278 million. As more than 500 credit unions are CDFI-certified, NAFCU advocates for full funding to ensure credit unions can take advantage of the program to better serve their communities.
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Federal Reserve Chairman Jerome Powell testified before the House Financial Services Committee yesterday, where he was questioned on the state of the economy and the Fed’s plan to strengthen the banking system.
NAFCU’s Housing Finance Working Group met Wednesday to discuss recent updates from the CFPB, Federal Housing Finance Agency (FHFA), and other regulators.
