Also: Mastercard expands faster payments capabilities; CFPB blog explores access to credit



NAFCU TODAY | The News You Need Daily.

August 8, 2019



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NAFCU seeks feedback on potential QM patch changes [ [link removed] ]
NAFCU Wednesday sent a Regulatory Alert to member credit unions seeking comment on the CFPB's advance notice of proposed rulemaking regarding revisions to the definition of a qualified mortgage (QM) under the Truth in Lending Act (TILA). The Temporary Government-Sponsored Enterprises (GSE) QM Patch allows loans purchased or guaranteed by the GSEs to exceed the bureau's 43 percent debt-to-income ratio.


Credit card company expands faster payments presence [ [link removed] ]
Mastercard Wednesday announced its majority purchase of a Denmark company that features an electronic-billing platform and clearing and instant-payment services. Earlier this week, the Federal Reserve also announced that it will move forward with its development of a real-time gross settlement service.


CFPB publishes update on credit access [ [link removed] ]
The CFPB yesterday published an update on credit access and the bureau's No-Action Letter (NAL) policy. The core of the update focused on the bureau's testing results of a machine learning model from Upstart Network – a nonbank lender that uses alternative credit data to support underbanked consumers – which revealed that the company was able to improve access to credit without triggering fair lending risks.






Americans optimistic about mortgage rates [ [link removed] ]
A recent survey from Fannie Mae found that two-thirds of homebuyers in 2018 shopped around for their mortgage lender, helping them find more favorable loan terms. In addition, the government-sponsored enterprise's July Home Purchase Sentiment Index (HPSI) hit a new high as respondents indicated favorable mortgage rate expectations over the next year.



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