Also: NAFCU, trades urge Congress to avoid offsetting funding with GSE fees; Thaler offers CFPB reforms before hearing



NAFCU TODAY | The News You Need Daily.

March 10, 2020



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Coronavirus: Regulators release pandemic planning guidance, urge FIs to support consumers [ [link removed] ]
In the wake of the coronavirus, the Federal Financial Institutions Examination Council (FFIEC) last week released pandemic preparedness guidance to help financial institutions address risks and minimize negative impacts of a pandemic. In addition, federal and state regulators Monday encouraged financial institutions to support consumers who may face financial hardships as a result of the virus.


NAFCU, trades: Refrain from using GSE fees as funding offset [ [link removed] ]
NAFCU joined with 32 other trade organizations spanning the housing finance ecosystem to urge Congress to "refrain from utilizing Fannie Mae and Freddie Mac ("the GSEs") guarantee fees ("g-fees") as a source of funding offsets." NAFCU has previously supported legislation to prohibit the use of guarantee fees as offsets for unrelated federal programs and has long advised against raising g-fees, which would raise borrower costs and could put a damper on lending.


NAFCU offers CFPB improvements, suggestions ahead of SBC hearing [ [link removed] ]
Ahead of today's Senate Banking Committee hearing with CFPB Director Kathy Kraninger to review the bureau's semi-annual report, NAFCU Vice President of Legislative Affairs Brad Thaler sent a letter to the committee suggesting areas where NAFCU believes the structure and operations of the CFPB could be enhanced.






CFPB lender credit FAQs detailed in latest Compliance Blog [ [link removed] ]
In the latest post on the Compliance Blog, NAFCU Regulatory Compliance Counsel Loran Jackson explains the CFPB's Lender Credit FAQs published last month. The FAQs provide clarification and guidance on confusion surrounding disclosing lender credits on the loan estimate and closing disclosure.


Consumer credit falls in January; NAFCU expects extended decline [ [link removed] ]
"Lending standards for revolving lines of credit have been tightening, so January's pullback is no surprise," said NAFCU Chief Economist and Vice President of Research Curt Long following the release of data that revealed total consumer credit rose 3.4 percent in January (seasonally-adjusted, annualized) and is up 4.4 percent versus a year ago.



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