NCUA
finalizes rule on community charter FOMs, proposes CECL phase-in plan
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
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
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.
Advocate for CU success—even from
home
NAFCU Virtual Congressional Caucus
Help Congress understand
why and how it needs to act for CUs
CFPB
clarifies reporting requirements in new HMDA FAQs
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
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
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
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
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
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."
