NAFCU
to OCC: Don't impair FI trust, stability with unvetted charters
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
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
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.
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NCUA
chairman encourages CUs to participate in diversity self-assessment
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
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
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
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.