CFPB proposes new category of QMs
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
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
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.
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New
Compliance Monitor reviews mortgage servicing requirements amid COVID-19
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
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.
