Democrats
poised to take control of Senate following Georgia runoffs
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
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
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.
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NCUA
announces adjustment to operating fee schedule for 2021
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
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
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.
