FHFA
announces new guidance for borrowers in forbearance
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
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
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.
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NAFCU,
CU leaders to discuss consumer behavior changes during town hall
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
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
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
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.
