Also: NAFCU keeps up push for CUs' Phase 4 priorities; Small biz lending fraud, FinCEN alert, more to know this week



NAFCU TODAY | The News You Need Daily.

July 31, 2020



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NCUA finalizes rule on community charter FOMs, proposes CECL phase-in plan [ [link removed] ]
The NCUA Board Thursday approved several items, including: a final rule to resolve litigation surrounding its 2016 field of membership (FOM) rule, a proposed rule to establish a three-year phase-in of the current expected credit loss (CECL) standard, a proposed rule related to asset calculation of loans made under the paycheck protection program (PPP) or other similar programs, and a request for comment on its overhead transfer rate (OTR) and operating fee methodologies.


NAFCU keeps focus on CU priorities for Phase 4 relief [ [link removed] ]
NAFCU's award-winning advocacy team is keeping the pressure on Capitol Hill to ensure credit union priorities are addressed in the Phase 4 coronavirus relief package. Thursday, the association sent a letter to Senate leadership outlining specific provisions the industry supports and opposes, including urging inclusion of bipartisan legislation that would ease the forgiveness process for smaller paycheck protection program (PPP) loans.


5 things to know this week [ [link removed] ]
NAFCU's widely-read NAFCU Today is credit union leaders' go-to source for the latest on issues impacting the credit union industry. For those short on time, here's a roundup of this week's top need-to-know news related to an issue in coin circulation, paycheck protection program (PPP) fraud, and a new Financial Crimes Enforcement Network (FinCEN) advisory.






CFPB clarifies reporting requirements in new HMDA FAQs [ [link removed] ]
The CFPB released two new Home Mortgage Disclosure Act FAQs in response to questions on reporting requirements for certain data points, specifically if the information was not the dispositive factor in a credit union.


NAFCU, trades urge Congress to oppose postal banking proposal [ [link removed] ]
NAFCU Thursday joined with eight other financial services trade groups to oppose the inclusion of a proposed amendment that would create a postal banking pilot program in the fiscal year 2021 Financial Services and General Government (FSGG) bill.


NAFCU concerns with E-SIGN, consumer data, QM addressed during CFPB hearing [ [link removed] ]
Members of the House Financial Services Committee questioned CFPB Director Kathy Kraninger on several issues important to credit unions during her testimony before the committee Thursday. Of note, flexibility under the E-SIGN Act, protecting consumer data, reforming the bureau's leadership structure, and revising the definition of a qualified mortgage were discussed.


NAFCU updates members on proposed Reg Z amendment [ [link removed] ]
NAFCU yesterday sent a Regulatory Alert to notify credit unions of the CFPB's proposed changes to Regulation Z, which implements the Truth in Lending Act (TILA) as mandated by the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155).


This week on the Compliance Blog: CFPB Fair Lending Report, segregation of duties, and more [ [link removed] ]
As credit unions work to meet the needs of their members and communities and restore normal operations, NAFCU's award-winning Regulatory Compliance Team is keeping the industry informed of the latest developments and available resources via the Compliance Blog every Monday, Wednesday, and Friday.


Q2 GDP estimate shows COVID-19's economic collapse [ [link removed] ]
The Commerce Department Thursday released its initial estimate of economic activity for the second quarter, which showed a 32.9 percent collapse due to the coronavirus pandemic. A new NAFCU Macro Data Flash report highlighted that "the March to May recession was the shortest and most severe in history with GDP falling more than three times as much as the previous record quarterly decline."



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