Also: Bills to eliminate CECL, extend TDR relief introduced; FinCEN answers FAQs on customer due diligence



NAFCU TODAY | The News You Need Daily.

August 4, 2020



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NAFCU to OCC: Don't impair FI trust, stability with unvetted charters [ [link removed] ]
NAFCU's Andrew Morris Monday reiterated the association's concerns regarding the Office of the Comptroller of the Currency's (OCC) efforts to create specialized charters, arguing that regulators "should not give preference to fintech as a new model of banking ready to replace traditional institutions, but rather seek to modernize traditional supervisory frameworks."


Bills to eliminate CECL, extend TDR relief introduced in House; FFIEC releases statement on accommodations [ [link removed] ]
House Financial Services Committee Member Blaine Luetkemeyer, R-Mo., has introduced two bills that would reduce credit unions' regulatory burdens: One would eliminate regulatory requirements to comply with the Financial Accounting Standards Board's (FASB) current expected credit loss (CECL) standard, and one to extend relief provided in the CARES Act for troubled debt restructurings (TDRs) to March 2021.


FinCEN releases additional customer due diligence FAQs [ [link removed] ]
The Financial Crimes Enforcement Network (FinCEN) Monday issued three frequently asked questions on customer due diligence (CDD) requirements for covered financial institutions. The FAQs, released in collaboration with the federal functional regulators, cover issues related to risk-based procedures, the customer's risk profile, and on-going monitoring.






NCUA chairman encourages CUs to participate in diversity self-assessment [ [link removed] ]
In a Letter to Credit Unions issued Monday, NCUA Chairman Rodney Hood encouraged credit unions to complete the voluntary Credit Union Diversity Self-Assessment to show their commitment to diversity, equity and inclusion (DEI) efforts and evaluate diversity programs and practices.


NAFCU, trades flag underwriting concerns related to student loan debt [ [link removed] ]
NAFCU Monday joined with more than a dozen other trade groups representing various housing market stakeholders to voice concerns about the Federal Housing Administration's (FHA) current calculation of student loan debt "disqualifying otherwise creditworthy borrowers by using a formulaic calculation in lieu of the actual monthly obligation that appears on the credit report."


NAFCU details concerns with CFPB's supplemental debt collection proposal [ [link removed] ]
NAFCU Senior Regulatory Affairs Counsel Kaley Schafer yesterday sent the CFPB a letter in response to its supplemental notice of proposed rulemaking on debt collection practices pertaining to time-barred debt. Schafer urged the CFPB to exclude credit unions from any rulemaking and reiterated that credit unions are not debt collectors as defined in the Fair Debt Collection Protection Act (FDCPA), nor do they participate in abusive debt collection practices.


Virtual Reg School resumes with sessions on Reg Z, TILA, RESPA [ [link removed] ]
NAFCU's Virtual Regulatory Compliance School resumes today, with sessions on a number of key issues, including Regulation Z and mortgage origination rules under TILA and RESPA. Of note, additional testing availability has been extended to Friday for those attendees working to earn the NAFCU Certified Compliance Officer (NCCO) designation.



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