NAFCU,
CUNA file amicus supporting Navy Federal
NAFCU and CUNA Wednesday filed
an amicus brief in support of Navy Federal Credit Union against a class action
lawsuit challenging the charging of fees for insufficient funds. Other credit
unions have seen similar suits across the country.
NCUA
sells majority of taxi medallion portfolio
The NCUA announced Wednesday
that it sold the majority of its taxi medallion loan portfolio to investment firm
Marblegate Asset Management LLC. NAFCU had shared with the NCUA an analysis from
the association's Share Insurance, Liquidity and Development Fund Oversight
Committee (SIF Committee) on the agency's stewardship of the taxi medallion loans.
Appeals court limits ATDS under TCPA
As the Supreme Court prepares to review the constitutionality of a provision of
the Telephone Consumer Protection Act (TCPA) later this year, a new court ruling
in Gadelhak v. AT&T Services, Inc. has held that a system that does not store
or produce numbers, using a random or sequential number generator, cannot be classified
as an automatic telephone dialing system (ATDS, or "autodialer") under
the TCPA. In this new decision from the U.S. Court of Appeals for the Seventh
Circuit, the court determined that devices that merely store numbers to be dialed are not covered by the TCPA.
Today:
NCUA Board to propose rule on corporate CUs, finalize CECL interagency policy statement
The NCUA Board holds its second meeting of 2020 today and on the agenda is a proposed
rule related to corporate credit unions and a final interagency policy statement
on the current expected credit loss (CECL) standard. Additional details on the agenda items are available here.
NAFCU
meets at FHFA on financial eligibility requirements
NAFCU's Carrie
Hunt and Ann Kossachev met Wednesday at the Federal Housing Finance Agency (FHFA)
with several executives from the agency and government-sponsored enterprises (GSEs)
to discuss recently proposed updated minimum financial eligibility requirements
for Fannie Mae and Freddie Mac Seller/Services.
Latest
Compliance Blog offers refresher on Reg Z
In the latest Compliance
Blog post, NAFCU Senior Regulatory Compliance Counsel Jennifer Aguilar reviews
the opt-in process that must be completed before charging members when they exceed
a credit limit on a credit card account.
FOMC
minutes reflect stable rates despite coronavirus threat
Members of
the Federal Open Market Committee (FOMC) – the Federal Reserve's monetary
policy-setting arm – agreed that the labor market had remained strong since the
last meeting with economic activity rising at a moderate rate, according to minutes
from the committee&P��r�s�#039;s January meeting.
