Also: Association offers improvements to CFPB's QM proposal; Berger details regs that help, hurt CUs amid crisis



NAFCU TODAY | The News You Need Daily.

September 8, 2020



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This week: Congress returns to D.C.; NAFCU preps for Phase 4, Caucus [ [link removed] ]
Lawmakers return to Capitol Hill this week and have several hearings on their agenda in addition to continuing work on a potential Phase 4 coronavirus relief package, the fiscal year 2021 National Defense Authorization Act (NDAA), the nomination of Kyle Hauptman for the NCUA Board, and the annual funding packages. NAFCU will maintain its bold advocacy strategy to ensure credit union priorities are addressed in each of these.


NAFCU to CFPB: Include modified DTI, compensating factors in QM definition [ [link removed] ]
In response to the CFPB's notice of proposed rulemaking related to the general definition of a qualified mortgage (QM) under the Truth in Lending Act (TILA), NAFCU Senior Regulatory Affairs Counsel Kaley Schafer Friday urged the bureau to adopt a definition that would include a modified debt-to-income (DTI) threshold and allow for compensating factors.


Berger details regs that hurt, help CUs amid crisis [ [link removed] ]
In response to a letter from House Committee on Oversight and Reform Ranking Member James Comer, R-Ky., asking NAFCU about the impact of regulations put in place after the 2008 financial crisis and what provisions are the most beneficial – and detrimental – to credit unions and their members amid the coronavirus pandemic, NAFCU President and CEO Dan Berger offered detailed recommendations to help the industry survive and thrive.






Job gains expected to continue in coming months, NAFCU says [ [link removed] ]
According to the Bureau of Labor Statistics, jobs grew by 1.4 million in the U.S. in August. NAFCU Chief Economist and Vice President of Research Curt Long remarked on the “solid” report in a new NAFCU Macro Data Flash report.


NCUA to host webinar in collaboration with NeighborWorks America [ [link removed] ]
The NCUA is offering a complimentary webinar to inform credit unions about potential collaboration opportunities with NeighborWorks America, a national housing and community development organization with a nation-wide network of nearly 240 local nonprofits.



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