Coronavirus:
Regulators release pandemic planning guidance, urge FIs to support consumers
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
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
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.
NAFCU 2020 Vendor Directory
Easily find the right solution providers for your credit union!
CFPB
lender credit FAQs detailed in latest Compliance Blog
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
"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.
