This
week: NAFCU keeps up aggressive advocacy push for CU priorities
NAFCU
remains active on Capitol Hill this week, engaging with lawmakers to ensure top
credit union priorities - including the paycheck protection program (PPP) loan
forgiveness process, National Defense Authorization Act (NDAA), and more - are top of mind.
NAFCU
adds Hood, Calabria to Caucus lineup, encourages CUs to join advocacy
NAFCU's Virtual Congressional Caucus kicks off in a little over a month and
the agenda is quickly filling up with notable speakers including, NCUA Chairman
Rodney Hood and Federal Housing Finance Agency (FHFA) Director Mark Calabria.
NAFCU has revamped this year's Congressional Caucus to ensure credit unions
can remain politically active amid the coronavirus pandemic, although the event
will no longer be held in person, the outstanding content attendees are used to is not changing.
FHFA
announces extension of GSE loan forbearance policy
The Federal Housing
Finance Agency (FHFA) Friday announced an extension of the temporary policy allowing
the government-sponsored enterprises (GSEs) to purchase certain single-family
mortgage loans in forbearance. The policy, originally set to expire last Friday,
has been extended for loans originated through August 31, 2020.
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NAFCU
offers recommendations, shares comments as NCUA begins its reg review
NAFCU Executive Vice President of Government Affairs and General Counsel Carrie
Hunt last week offered comments to the NCUA ahead of its 2020 regulatory review,
flagging additional issues and recommending approaches for consideration.
House
passes additional CDFI, CDRLF funding, postal banking program
The House
Friday passed its version of the fiscal year 2021 spending package, which included
$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).
ECU
Monitor: CUs share insights into CFPB’s proposed QM rule
The July
edition of NAFCU's Economic & CU Monitor report – now available for
download – tackles the CFPB’s proposed rule to address the quickly approaching
sunset of the government-sponsored enterprises (GSE) Patch as well as the bureau’s
proposed changes to its general qualified mortgage (QM) loan definition, replacing
the debt-to-income (DTI) threshold with a comparison of the loan’s annual percentage
rate (APR) to the average prime offer rate (APOR) for a comparable transaction.
NCUA
bans 1 from future work in FIs
The NCUA in July issued one prohibition
notice, prohibiting an individual previously associated with credit unions from
any future participation in the affairs of a federally-insured financial institution.
