NAFCU
calls for relief, prudent budget management ahead of NCUA meeting
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
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
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.
Advocate
for CU success—even from home
NAFCU Virtual Congressional
Caucus
Help Congress understand why and how it needs to act for CUs
Kraninger
addresses several CU issues at hearing; NAFCU reiterates priorities to House committee
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
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
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
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
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.
