Also: NAFCU offers recommendations for derivatives changes; NCUA proposes SAR exemptions



NAFCU TODAY | The News You Need Daily.

December 28, 2020



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This week: Congress set to override NDAA veto, tackle stimulus checks [ [link removed] ]
President Donald Trump last week vetoed the fiscal year 2021 National Defense Authorization Act (NDAA); however, the House today has scheduled a vote to override the veto, and the Senate is expected to take a vote to override it as soon as tomorrow. In addition, Trump signed the Phase 4 coronavirus relief and FY2021 federal government omnibus measure Sunday night, but has called on Congress to provide Americans with more money through economic impact payments (EIPs).


NAFCU voices support, offers recommendations for NCUA's proposed derivatives rule [ [link removed] ]
NAFCU Senior Regulatory Affairs Counsel Kaley Schafer last week voiced support for the NCUA's notice of proposed rulemaking on derivatives – issued during the NCUA Board's October meeting. The proposal would adopt a more principles-based approach to provide credit unions with more flexibility to manage their interest rate risk through the use and purchase of derivatives and make changes to a final rule first issued in 2014.


NCUA issues proposal to allow SAR requirement exemptions [ [link removed] ]
The NCUA last week, by notation vote, issued a proposed rule to amend the agency's suspicious activity report (SAR) regulation. The agency, in its release, said it expects the amendments to reduce regulatory burdens on federally-insured credit unions (FICUs) and encourage technological innovation within the credit union system.






CFPB raises HMDA, Reg Z thresholds [ [link removed] ]
The CFPB has finalized annual changes to asset-size exemption thresholds under the Home Mortgage Disclosure Act (HMDA) and Regulation Z, and has also raised the ceiling for allowable charges under the Fair Credit Reporting Act (FCRA).


New-home sales decline for fourth consecutive month in November [ [link removed] ]
New-home sales declined 11 percent from October's downwardly revised rate of 945,000 annualized unites to 841,000 units in November. In a new NAFCU Macro Data Flash report, NAFCU's Nadir Tekarli noted that although this is the fourth consecutive decline, sales were up 20.8 percent versus November 2019.



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