This
week: Congress set to override NDAA veto, tackle stimulus checks
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
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
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.
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CFPB
raises HMDA, Reg Z thresholds
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
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.
