FHFA
makes another extension to GSE loan forbearance policy
The Federal
Housing Finance Agency (FHFA) is again extending its temporary policy allowing
the government-sponsored enterprises to purchase certain single-family mortgage
loans in forbearance. It was set to expire Sept. 30 after two previous extensions,
and is now extended to Oct. 31, 2020. NAFCU is actively engaged with the FHFA
to ensure credit union mortgage servicers have the relief needed to accommodate increased forbearance requests.
5 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, including
NAFCU's advocacy against an NCUSIF premium, the Senate's prepping of
a vote on the short-term funding deal, and more.
Thaler
urges simplified PPP forgiveness ahead of House Small Biz hearing
Ahead
of today's House Small Business subcommittee hearing to review the Small
Business Administration’s (SBA) paycheck protection program (PPP) loan forgiveness
process, NAFCU Vice President of Legislative Affairs Brad Thaler called on the
subcommittee to consider the concerns of credit unions and their members faced with a complex process.
NAFCU's
Credit Union Compliance Roadmap is now available!
NAFCU's Credit
Union Compliance GPS is now the Credit Union Compliance Roadmap. Download a sneak
peek today!
CUs:
How can FinCEN's AML programs be improved?
NAFCU outlined the
Financial Crimes Enforcement Network's (FinCEN) advance notice of proposed
rulemaking (ANPR) gathering public feedback on potential improvements to anti-money
laundering (AML) programs in a new Regulatory Alert sent to members Thursday.
Credit unions are encouraged to submit comments on the ANPR to NAFCU by Nov. 13; comments are due to FinCEN Nov. 16.
This
week on the Compliance Blog: CFPB enforcement activity, TD Bank's overdraft settlement, and more
As credit unions work to meet members' needs during the coronavirus pandemic
and resume normal operations, NAFCU's award-winning Regulatory Compliance
Team will continue to keep credit unions informed with new posts on the Compliance
Blog every Monday, Wednesday, and Friday.
CFPB
survey: Consumers falling short of emergency savings goals
The CFPB
released additional data from its Making Ends Meet Survey – conducted in May
2019 – related to consumers' saving habits. The new data from the survey
indicates that many consumers are falling short of the amount they think they will need in emergency savings.
Inventory
concerns remain as new-home sales rise
While new-home sales continued
to rise for the fourth straight month in August, up 4.8 percent from July's
revised rate of 965,000 annualized units to 1,011,000 units, NAFCU's Curt
Long flagged that "inventory is a concern."
