This
week: Postal banking, GSE fee, more on NAFCU's radar
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
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
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.
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FI
regulators, SBA to host webinar on PPP loan forgiveness
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
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
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
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.
