Also: Dodd-Frank Act turns 10 years old; FHFA releases updated housing goals



NAFCU TODAY | The News You Need Daily.

July 21, 2020



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NAFCU advocates for CUs, secures BSA/AML amendment inclusion in House NDAA [ [link removed] ]
Ahead of the House's vote on its version of the fiscal year 2021 National Defense Authorization Act (NDAA), NAFCU’s award-winning advocacy team continues to urge against the inclusion of a provision requiring the Department of Defense (DoD) to treat banks the same as credit unions when it comes to nominal leases on military bases. In addition, the association successfully advocated for inclusion on an amendment to the NDAA to provide needed reforms to the Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) laws. 


Marking 10 years of Dodd-Frank [ [link removed] ]
Ten years ago today, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 was signed into law, bringing with it sweeping financial reforms in response to the anti-consumer behaviors of big banks responsible for the 2008 financial crisis. Credit unions continue to be subject to burdensome regulations despite their proven commitment to responsibly serving their members, and NAFCU has been at the forefront since day one fighting to bring the industry relief.


FHFA releases 2021 housing goals [ [link removed] ]
The Federal Housing Finance Agency (FHFA) Monday released updated housing goals, confined to the 2021 calendar year, in light of the coronavirus pandemic and the uncertainty surrounding its economic impact. The goals remain unchanged for the government sponsored enterprise’s (GSEs) single-family and multi-family purchases and pushes back the conversation surrounding the GSE's affordable housing duties through 2021.






CFPB makes annual adjustments to TILA thresholds [ [link removed] ]
The CFPB Monday issued a final rule revising dollar amounts for certain regulations falling under Regulation Z that implement the Credit Card Accountability Responsibility and Disclosure Act (CARD Act), the Home Ownership and Equity Protection Act (HOEPA), and the ability-to-repay/qualified mortgage provisions of the Dodd-Frank Act. All adjustments will be effective Jan. 1, 2021.


NAFCU calls for support of vets MBL bill [ [link removed] ]
NAFCU Associate Director of Legislative Affairs Lewis Plush yesterday wrote to the House Veterans’ Affairs Subcommittee on Economic Opportunity ahead of its hearing today on how best to get veterans back to work following the coronavirus pandemic to voice the association’s support for the committee’s commitment to finding ways of getting America’s veteran population back to work.


Beneficial ownership, SARs on today's virtual BSA school agenda [ [link removed] ]
NAFCU's Virtual BSA School continues today, in its reimagined digital format, with sessions on a number of hot-topic items, including beneficial ownership requirements, suspicious activity reports (SARs), and more.



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