Also: NCUA's CFO updates NAFCU members on SIF, NGN program; NAFCU execs detail latest out of Washington today
NAFCU TODAY | The News You Need Daily.
October 1, 2020
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NAFCU offers support for CFPB seasoned QM proposal, calls for GSE patch extension [ [link removed] ]
In a letter sent to the bureau Wednesday, NAFCU Senior Regulatory Affairs Counsel Kaley Schafer offered support for the CFPB's proposed rule to create a new category of seasoned qualified mortgages (QM) as it would enhance access to credit for low- to moderate-income borrowers and underserved markets with the requisite ability-to-repay in addition to reducing the negative impacts posed by the bureau's proposed general QM definition.
NAFCU members discuss NCUSIF premium, NGN program with NCUA CFO [ [link removed] ]
NAFCU's Share Insurance Fund (SIF) Committee met Wednesday and members heard directly from NCUA Chief Financial Officer Eugene Schied on the National Credit Union Share Insurance Fund (NCUSIF) and the NCUA's Guaranteed Notes (NGN) program. In addition, NAFCU staff discussed the association's advocacy related to the NCUA's management of the NCUSIF and credit union investment authority.
Today: NAFCU execs to give Washington update [ [link removed] ]
Following Senate passage yesterday, the continuing resolution to extend federal funding to Dec. 11 was signed by President Donald Trump. However, activity on Capitol Hill continues as lawmakers try to negotiate a potential Phase 4 coronavirus relief deal and look ahead to post-election funding battles.
Senate passes CR, House works on revised relief package [ [link removed] ]
While the Senate Wednesday passed a short-term funding deal to fund the federal government through Dec. 11 – which the president subsequently signed to prevent a government shutdown – the House began work on a revised version of Democrats' Phase 4 coronavirus relief package as negotiations continued to try to reach a bipartisan deal. As the House considered the package, NAFCU reiterated credit union priorities to ensure the industry can continue to meet members' needs during the crisis.
NAFCU outlines benefits of simplified PPP forgiveness ahead of hearing [ [link removed] ]
Ahead of a House Small Business subcommittee hearing today to investigate ways to prevent fraud and abuse of coronavirus pandemic-related lending programs, including the paycheck protection program (PPP), NAFCU's Brad Thaler stressed the benefits of these programs in providing a lifeline to struggling small businesses.
CFPB partners with federal, state agencies to target 'phantom,' abusive debt collection [ [link removed] ]
The CFPB is partnering with the Federal Trade Commission (FTC) and more than 50 federal and state law enforcement agencies to launch a nationwide law enforcement and outreach initiative to target phantom debt collection and abusive and threatening debt collection practices. NAFCU is supportive of the bureau's efforts to prevent bad actors in this space.
NCUA bans 1 from future work in FIs [ [link removed] ]
The NCUA in September issued one prohibition notice, prohibiting an individual previously associated with credit unions from any future participation in the affairs of a federally-insured financial institution.
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