Also: Berger, Hernandez offer CUs as alternative to postal banking; OCC responds to trades' concerns on payments charter
NAFCU TODAY | The News You Need Daily.
August 24, 2020
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This week: Postal banking, GSE fee, more on NAFCU's radar [ [link removed] ]
The House returned to Washington this weekend to vote on legislation related to the U.S. Postal Service (USPS). While the Senate is not expected to return to Capitol Hill until after Labor Day, the Senate Homeland Security and Governmental Affairs Committee held a hearing Friday to discuss issues with the USPS. In addition, the Republican National Convention kicks off today.
NAFCU, DCUC affirm CUs are best alternative to postal banking in new op-ed [ [link removed] ]
As JPMorgan Chase held preliminary talks with the U.S. Postal Service (USPS) to offer banking services at community post offices, NAFCU President and CEO Dan Berger and Defense Credit Union Council (DCUC) President and CEO Anthony Hernandez penned a joint op-ed in American Banker to offer a more consumer-friendly solution: Credit unions.
OCC responds to NAFCU, trades on payments charter [ [link removed] ]
Acting Comptroller of the Currency Brian Brooks last week responded to the letter sent by NAFCU and other financial services industry trades that outlined concerns with the Office of the Comptroller of the Currency's (OCC) plan to establish a narrow-purpose payments charter. The trades warned that such a charter could introduce risks to the financial system and undermine consumers' trust in their financial institution.
FI regulators, SBA to host webinar on PPP loan forgiveness [ [link removed] ]
This week, federal regulators, including the NCUA, will host an interagency webinar with the Small Business Administration (SBA) to provide an overview of the SBA's paycheck protection program (PPP) Loan Forgiveness Platform.
TD Bank to pay settlement of $122M for UDAAP violations [ [link removed] ]
TD Bank has agreed to pay $122 million in a settlement with the CFPB regarding claims that the bank deceptively charged overdraft fees for certain ATM and one-time debit card transactions. The bureau issued a consent order against TD Bank last week citing that the bank marketed its optional overdraft service as free while charging customers $35 for each overdraft transaction.
2021 HMDA filing guide released [ [link removed] ]
The CFPB has released the filing instructions guide for data collected in 2021 – to be reported in 2022 – under the Home Mortgage Disclosure Act (HMDA). The guide breaks down the submission process, file specifications, data specifications, and edits that have been made from the 2020 guide.
Existing-home sales at highest level since 2006 [ [link removed] ]
Existing-home sales skyrocketed 24.7 percent in July to a seasonally-adjusted annual rate of 5.86 million units, representing an 8.7 percent increase in sales versus a year ago.
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