Sens. Scott, Cortez Masto introduce NAFCU-sought NCUA loan flexibility bill
Senate Banking Committee Members Tim Scott, R-S.C., and Catherine Cortez Masto, D-Nev., Wednesday introduced NAFCU-sought legislation, the Expanding Access to Lending Options Act (S. 3389), that would give the NCUA greater flexibility in setting loan maturity limits under the Federal Credit Union Act. Reps. Lee Zeldin, R-N.Y., and Vicente Gonzalez, D-Texas, previously introduced a NAFCU-sought House version for loan maturity relief last March.

NAFCU, coalition meet with FHA Commissioner on QM
Members of NAFCU’s Regulatory Affairs team attended a coalition meeting with Federal Housing Administration (FHA) Commissioner Brian Montgomery yesterday to discuss issues related to the definition of qualified mortgage (QM) and the potential expiration of the government-sponsored enterprise (GSE) patch. 

CUs get updates on CECL, FOM, more at MDI Forum
At the NCUA's Minority Depository Institution (MDI) Forum this week, credit unions received key updates on the agency's efforts to provide more guidance under the current expected credit loss (CECL) standard and to create more opportunities for credit unions to serve underserved communities.

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Fed's Beige Book details some economic impact from coronavirus
While the U.S. economy saw modest to moderate growth in recent weeks, the Federal Reserve's Beige Book released Wednesday showed the coronavirus was starting to impact some industries, including travel, tourism, and manufacturing. As these are the sectors most likely to be affected, NAFCU's Curt Long noted that "Fed contacts signaled broad concern over the potential impact of the coronavirus."

Vehicle sales dip slightly in February
Total vehicle sales declined slightly to a rate of 16.8 million annualized units in February. Of note, light trucks continued to dominate while auto sales struggled.