Also: NAFCU urges CFPB to extend GSE Patch; Reg Committee to discuss recent rulemaking efforts
NAFCU TODAY | The News You Need Daily.
August 11, 2020
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CUs: Play an active role in advocating for the industry [ [link removed] ]
Looking for an opportunity to tell your credit union's story face-to-face so lawmakers understand how burdensome regulations and other issues impact growth and day-to-day operations? Through NAFCU's revamped virtual Congressional Caucus, credit unions have the opportunity to play an even more active role in advocating for the industry and its more than 121 million members.
NAFCU to CFPB: Extend GSE Patch [ [link removed] ]
NAFCU Senior Regulatory Affairs Counsel Kaley Schafer wrote to the CFPB Monday in response to the Bureau's notice of proposed rulemaking (NPRM) on the definition of a general qualified mortgage (QM) under the Truth in Lending Act (TILA) and the temporary extension of the government sponsored enterprise (GSE) QM Patch. The association highlighted the extension of GSE QM Patch's sunset date, which would be in effect until the amendments to the general QM loan definition take effect, and how the extension would impact credit unions in a Regulatory Alert to credit unions sent last month.
NCUA exam modernization, CFPB proposed rules, more focus of Reg committee meeting [ [link removed] ]
NAFCU's Regulatory Committee meets today to discuss initiatives and rulemaking efforts underway at the NCUA and the CFPB, including the agency’s request for information (RFI) on exam modernization and the bureau’s notice of proposed rulemaking (NPRM) on the definition of a general qualified mortgage (QM), as well as important updates from other agencies.
Consumer credit sees modest rise in June [ [link removed] ]
Total consumer credit rose 2.6 percent in June (seasonally-adjusted, annualized), up 0.9 percent versus a year ago. NAFCU Chief Economist and Vice President of Research Curt Long predicted additional gains to be slow due to a rise in coronavirus cases and paused state reopenings in a new NAFCU Macro Data Flash report.
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