Also: FI trades raise concerns about possible OCC payments charter; Fed makes no changes to rates as economy slows



NAFCU TODAY | The News You Need Daily.

July 30, 2020



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NAFCU calls for relief, prudent budget management ahead of NCUA meeting [ [link removed] ]
Ahead of today's NCUA Board meeting, during which members are set to receive a mid-session budget briefing, NAFCU President and CEO Dan Berger urged the board to "ensure it is devoting enough resources toward the programs that will best assist credit unions to be successful." The board is also expected to finalize a rule related to its 2016 field of membership (FOM) rule and propose a plan to transition credit unions to the current expected credit loss (CECL) standard.


NAFCU, trades urge proper oversight as OCC explores payments charter [ [link removed] ]
In response to the Office of the Comptroller of the Currency's (OCC) plan to establish a narrow-purpose payments charter, NAFCU joined with several other financial services industry trades to caution the agency against introducing risks to the financial system or undermining consumers' trust in their financial institution.


Fed holds rates, notes slowing economic activity [ [link removed] ]
The Federal Open Market Committee (FOMC) Wednesday maintained the federal funds target rate near its current range of 0 to 0.25 percent. The committee noted it "expects to maintain this target range until it is confident that the economy has weathered recent events" related to the coronavirus pandemic.






Kraninger addresses several CU issues at hearing; NAFCU reiterates priorities to House committee [ [link removed] ]
CFPB Director Kathy Kraninger will testify before the House Financial Services Committee (HFSC) today, following yesterday's testimony before the Senate Banking Committee. Ahead of today’s hearing, NAFCU Vice President of Legislative Affairs Brad Thaler wrote to the committee to again voice credit unions' perspective on CFPB issues impacting the industry, including its qualified mortgage (QM) rule, leadership structure, and more.


NAFCU voices support for CDFI, CDRLF funding, cautions against postal banking [ [link removed] ]
NAFCU's Brad Thaler again shared credit union priorities with House leadership ahead of the consideration of its fiscal year 2021 spending package – which includes the Financial Services and General Government (FSGG) bill and 11 other appropriations bills. The FY2021 FSGG, if approved as is, includes $273.5 million for the Treasury's Community Development Financial Institutions (CDFI) Fund and $2 million for the NCUA's Community Development Revolving Loan Fund (CDRLF).


CFPB symposium discusses issues with cost-benefit analysis [ [link removed] ]
The CFPB concluded its symposia series Wednesday with an event focused on the use of cost-benefit analysis in consumer financial protection regulation. The series, which consisted of five events, was intended to gather feedback from stakeholders on key bureau issues.


Senate confirms Wade as FHA commissioner; committee set to advance NCUA nominee [ [link removed] ]
The Senate Tuesday confirmed Dana Wade to lead the Federal Housing Administration (FHA). Wade previously served as acting FHA commissioner from July 2017 to June 2018; she replaces Brian Montgomery who was confirmed as the Department of Housing and Urban Development deputy secretary earlier this year.


Virtual Reg School continues with study halls, NCCO exams [ [link removed] ]
NAFCU's Virtual Regulatory Compliance School continues today with study sessions and the opportunity for those working to earn the prestigious NAFCU Certified Compliance Officer (NCCO) designation to sit for or retake exams.



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