Also: Updated BSA/AML enforcement statement issued by FI regulators; Final FOM changes detailed in new alert



NAFCU TODAY | The News You Need Daily.

August 14, 2020



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GSEs to impose fee on mortgage refinances; NAFCU urges reversal [ [link removed] ]
The government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac announced they will begin next month imposing a 0.5 percent fee on most mortgage refinance loans, which have increased as interest rates have been lowered. According to news reports, the move is intended to mitigate risks brought on by the coronavirus pandemic.


BSA/AML enforcement statement issued by federal agencies [ [link removed] ]
Federal banking agencies, including the NCUA and Federal Reserve, issued an interagency statement to update their existing guidance on enforcement of required Bank Secrecy Act (BSA)/anti-money laundering (AML) obligations. The statement does not create new expectations or standards; however, it clarifies that isolated or technical violations generally do not result in an enforcement action and addresses how the agencies evaluate violations of individual components (pillars) of the BSA/AML compliance program.


NAFCU details NCUA's FOM rule in new alert [ [link removed] ]
During its July meeting, the NCUA Board approved a final rule amending its chartering and field of membership (FOM) rules. NAFCU outlined what credit unions should know about the rule, intended to resolve litigation surrounding the agency's 2016 FOM rule, in a new Final Regulation Alert.






NAFCU calls for additional flexibility, guidance for CUs on Reg X [ [link removed] ]
NAFCU Senior Regulatory Counsel Elizabeth LaBerge wrote to the CFPB in response to the bureau's interim final rule (IFR) amending Regulation X. The IFR, which became effective July 1, offers clarification on the treatment of deferral loss mitigation options under the Real Estate Settlement Procedures Act (RESPA) and Regulation X amid the coronavirus pandemic.


NCUA offers guidance for CFPB's small dollar lending rule [ [link removed] ]
The NCUA Thursday released a Regulatory Alert for credit unions to provide guidance on the CFPB's Small Dollar Lending Rule. The rule, finalized last month, includes the rescission of mandatory underwriting requirements – including ability-to-repay (ATR) provisions – from the 2017 payday lending rule.


Compliance Blogs tackle loan accommodations, HMDA reporting, payroll tax [ [link removed] ]
As credit unions work to meet the needs of their members and communities amid the coronavirus pandemic 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.



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