Also: FinCEN details approach to BSA enforcement; California's consumer privacy regs finalized



NAFCU TODAY | The News You Need Daily.

August 19, 2020



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CFPB proposes new category of QMs [ [link removed] ]
The CFPB Tuesday issued a proposed rule to create a new category of seasoned qualified mortgages (QM). Bureau Director Kathy Kraninger announced the proposal during Tuesday's Women in Housing and Finance event, which was attended by NAFCU.


FinCEN outlines approach to BSA enforcement [ [link removed] ]
Following the interagency statement released last week by federal banking agencies, including the NCUA and Federal Reserve, the Financial Crimes Enforcement Network (FinCEN) has issued its statement outlining its approach to enforcing the Bank Secrecy Act.


California finalizes consumer privacy regs [ [link removed] ]
The California Department of Justice has finalized regulations to implement the California Consumer Privacy Act (CCPA), which took effect Jan. 1. NAFCU is an advocate for a uniform federal standard – not a patchwork of state privacy laws – and had urged the California attorney general to exempt credit unions from the state's privacy law as the industry already complies with the federal Gramm-Leach-Bliley Act (GLBA) for consumer data security and privacy.






New Compliance Monitor reviews mortgage servicing requirements amid COVID-19 [ [link removed] ]
The new edition of NAFCU's Compliance Monitor – available now in its digital format – includes the first article of a two-part series tackling mortgage servicing issues related to notices of error and requests for information amid the coronavirus pandemic. In addition, the Monitor flags a developing litigation risk related auto lending programs and answers some recent questions the Compliance Team has received.


Kraninger provides insights into CFPB's efforts on QM, PPP, more [ [link removed] ]
CFPB Director Kathy Kraninger Tuesday spoke during the Women in Housing and Finance's 2020 Annual Symposium and provided updates on the bureau's recent housing policy efforts related to the Home Mortgage Disclosure Act (HMDA) and qualified mortgage (QM) rule. NAFCU Senior Regulatory Compliance Counsel Jennifer Aguilar and Senior Regulatory Affairs Counsel Kaley Schafer attended the virtual event.



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