Also: NAFCU-sought recommendations included in CFPB report; NCUA updates guidance on community charters



NAFCU TODAY | The News You Need Daily.

January 7, 2021



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Democrats poised to take control of Senate following Georgia runoffs [ [link removed] ]
Democrats Raphael Warnock and Jon Ossoff Wednesday were declared winners in the runoff elections for Georgia's two Senate seats, defeating Republican Sen. Kelly Loeffler in a special election for a term that ends Jan. 3, 2023, and incumbent Republican Sen. David Perdue, respectively.


NAFCU-sought recommendations included in CFPB taskforce report [ [link removed] ]
The CFPB's Taskforce on Federal Consumer Financial Law has released a report providing its recommended improvements to consumer financial laws and regulations, which contains several recommendations made by NAFCU. Of note, the taskforce included a separate section in the report on expanding credit unions' ability to serve underserved areas which recommends that the NCUA urge Congress to allow all credit union charter types to serve underserved areas given the potential increase to inclusion.


NCUA provides new guidance on community charter conversions, expansions [ [link removed] ]
The NCUA sent a Letter to Credit Unions Wednesday with updated guidance and templates to assist federal credit unions seeking to convert to a community field of membership or expand their existing community field of membership.






NCUA announces adjustment to operating fee schedule for 2021 [ [link removed] ]
The NCUA yesterday issued a Letter to Credit Unions regarding adjustments to the 2021 operating fee schedule and announcing a 19.6 decrease in the operating fee for federal credit unions. The 2021 operating fee takes into account the recent changes in methodology used and basis for calculating total assets based on the four most recent quarters; fees are due by April 15, 2021.


NAFCU details impact of CFPB's final QM rules [ [link removed] ]
NAFCU sent Final Regulation summaries of the CFPB's final rules on the general qualified mortgage (QM) definition and seasoned QMs to member credit unions Wednesday, outlining key provisions and their impacts on credit unions.


FOMC minutes: Positive vaccine news lead to a favorable medium-term economic outlook [ [link removed] ]
According to NAFCU's Curt Long, minutes from the Federal Open Market Committee's (FOMC) December videoconference meeting suggest the committee viewed positive news about the coronavirus vaccine – received over the intermeeting period – as "favorable for the medium-term economic outlook." Members of the committee had noted the economic recovery thus far had been stronger than anticipated, but more recent indicators signaled the pace of recovery had slowed.



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