Also: Economy, PPP, mortgage market covered in hearing with Mnuchin, Powell; FinCEN flags new COVID-19 scams
NAFCU TODAY | The News You Need Daily.
May 20, 2020
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FHFA announces new guidance for borrowers in forbearance [ [link removed] ]
The Federal Housing Finance Agency (FHFA) announced Tuesday that government-sponsored enterprises (GSE) Fannie Mae and Freddie Mac have issued temporary guidance addressing the eligibility of borrowers who are in forbearance – or have recently ended their forbearance – to refinance or buy a new home. This guidance is the latest effort from the FHFA to support borrowers and mortgage servicers during the coronavirus pandemic.
Economic impact, response to COVID-19 focus of Mnuchin, Powell hearing [ [link removed] ]
While appearing before the Senate Banking Committee Tuesday to give an update on the implementation of the CARES Act, Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell discussed the economic toll of the coronavirus and how the government entities are working to limit the negative effects and support recovery.
FinCEN issues alert, filing instructions on COVID-19 scams [ [link removed] ]
The Financial Crimes Enforcement Network (FinCEN) has issued an advisory informing financial institutions of a new trend resulting from the coronavirus pandemic: Medical scams. FinCEN noted that this is the first of several advisories it plans to release on financial crimes related to the pandemic.
NAFCU, CU leaders to discuss consumer behavior changes during town hall [ [link removed] ]
As credit unions work to meet the needs of their members and adapt to the changing landscape during the coronavirus pandemic, NAFCU is offering a complimentary webinar next week where industry leaders will discuss recent changes in consumer behavior, including the adoption of contactless payment methods and other digital solutions.
NAFCU details CFPB remittance rule in new alert [ [link removed] ]
Earlier this month, the CFPB issued a final rule increasing the safe harbor threshold under its remittance rule from 100 transfers in the previous and current calendar year to 500 transfers. NAFCU outlines what credit unions should know about the rule, intended to mitigate the July 2020 expiration of a temporary exception permitting estimates of fee and exchange rate information, in a new Final Regulation Alert.
Don't miss out: NAFCU Networks cultivate connections among CUs [ [link removed] ]
While social distancing practices remain a part of day-to-day life, credit union professionals are coming together to foster invaluable partnerships through NAFCU's complimentary, member-only networks. The five exclusive NAFCU Networks span some of the industry's most critical roles and offer the ability to have candid discussions on the industry's most important issues.
NCUA's culture council gets underway [ [link removed] ]
The NCUA's new Culture, Diversity, and Inclusion Council – which was announced at the agency's first Diversity, Equity and Inclusion (DEI) Summit in November – officially launched last week. The council's first task is to conduct an agency-wide survey to examine its current organizational culture and identify improvement areas.
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