ICYMI:
NAFCU breaks down key Phase 4 relief measures
While NAFCU's award-winning
advocacy team continues to push for industry priorities on Capitol Hill, the association
remains committed to ensuring credit unions have the resources they need to remain
informed of the ever-changing legislative and regulatory environment. NAFCU recently
released a new resource summarizing key relief provisions enacted under the Phase
4 coronavirus relief and fiscal year 2021 federal government omnibus measure.
NAFCU
highlights key issues, priorities for regulators
As NAFCU moves forward
with its 2021 advocacy priorities, NAFCU President and CEO Dan Berger Tuesday
sent key federal agencies and administration officials an outline of the priorities
and issues the association and credit unions will be focused on to achieve a healthy regulatory environment.
District
court vacates parts of CFPB's prepaid rule
The U.S. District Court
for the District of Columbia has granted PayPal’s motion for summary judgement
in a lawsuit challenging the CFPB's prepaid card rule. In 2019, PayPal filed
a complaint against the CFPB over the rule, which went into effect in April of
that year. The rule created requirements for prepaid accounts under Regulations
E and Z and required financial institutions to provide short form disclosures
before a consumer acquires a prepaid account.
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Georgia
Senate runoff elections results still outstanding
Democrat Raphael
Warnock was declared winner early this morning in Georgia's special election
runoff race against Sen. Kelly Loeffler, who was appointed to the seat in December
2019. The other runoff between incumbent Republican Sen. David Perdue and Democrat
challenger Jon Ossoff is too close to call. NAFCU continues to monitor result
updates as control of the Senate will not only influence which legislation the
chamber considers during the 117th Congress, but also chairs of committees.
CUs:
Offer feedback on NCUA's mortgage servicing proposal
NAFCU sent
members a Regulatory Alert Tuesday detailing the NCUA's proposed rule to
remove the current prohibition on federal credit unions’ ability to purchase
mortgage servicing rights (MSRs) from the investment and deposit activities rule.
A rule on MSRs was included in the agency's fall rulemaking agenda.
