GSEs
to impose fee on mortgage refinances; NAFCU urges reversal
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
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
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.
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NAFCU
calls for additional flexibility, guidance for CUs on Reg X
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
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
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.
