4 things to know this week
NAFCU's widely-read NAFCU Today is credit union leaders' go-to source
for the latest on issues impacting the credit union industry. For those short
on time, here's a roundup of this week's top need-to-know news related
to the Federal Open Market Committee's (FOMC) updates to its monetary strategy,
cybersecurity threats, the paycheck protection program (PPP) and economic impact payments (EIPs).
National
media highlights NAFCU's efforts to strengthen CUs amid pandemic
In an exclusive interview with Cardrates.com, NAFCU Vice President of Media Relations
and Communications Jacqueline Ramsay discussed the association's relentless
commitment to strengthening the credit union industry amid the coronavirus pandemic
by providing extreme member service.
FHFA
follows suit, extends GSEs' foreclosure moratorium
The Federal
Housing Finance Agency (FHFA) has joined the Department of Housing and Urban Development
(HUD) in extending its moratorium on foreclosures and evictions through the end
of the year. The policy for government-sponsored enterprise (GSE)-backed single-family
mortgages and GSE-owned properties was set to expire Monday.
See what's happening in the NAFCU Cybersecurity
& IT Network
Connect with your peers to share experiences, ideas and
access exclusive content
Fed
Chair Powell discusses monetary policy framework, future during Jackson Hole speech
Federal Reserve Chair Jerome Powell, in a webcast speech Thursday at the Federal
Open Market Committee's (FOMC) annual retreat in Jackson Hole, Wyo., discussed
the results of the Fed's first-ever public review of its monetary policy
framework and its newly released statement on longer-run goals and monetary policy strategy.
CFPB
publishes new insights into 2019 HMDA data
The CFPB Thursday published
a new analysis of 2019 Home Mortgage Disclosure Act (HMDA) data. The data was
initially released in June, which revealed insights into mortgage lending transactions
from more than 5,500 U.S. financial institutions.
This
week on the Compliance Blog: Charged off loans, fair lending with targeted marketing, more
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.
Revised
Q2 GDP estimate confirms COVID-19's economic downturn
The Commerce
Department Thursday released its second estimate of economic activity for the
second quarter, which showed a 31.7 percent collapse due to the coronavirus pandemic.
A new NAFCU Macro Data Flash report highlighted that "the March to May dip
was the most severe in history with GDP falling more than three times as much
as the previous recorded quarterly decline."
