NAFCU
offers support for CFPB seasoned QM proposal, calls for GSE patch extension
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
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
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.
TODAY:
NAFCU Q3 Member Webinar
Join NAFCU President and CEO Dan Berger
and the association's award-winning advocacy team as they discuss the latest on
the fiscal year 2021 NDAA, the 2020 presidential election, and more.
Senate
passes CR, House works on revised relief package
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
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
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
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.
