Also: Data collection, QM among CFPB acting director's top issues; GLBA exemption included in Virginia data protection law



NAFCU TODAY | The News You Need Daily.

February 8, 2021



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This week: NAFCU urges more tools for CUs as Congress works on COVID relief [ [link removed] ]
Congress this week is expected to move forward with coronavirus relief efforts via budget reconciliation after the House and Senate last week passed a budget resolution to allot funds and provide instructions to committees on how to fund measures. NAFCU's award-winning advocacy team is keeping industry priorities top of mind to secure additional tools for credit unions that will allow them to provide additional help and support to their 123 million members.


CFPB's Uejio provides bureau update, vision in new letter [ [link removed] ]
In a letter to the CFPB's Division of Research, Markets, and Regulation (RMR), Acting Director Dave Uejio provided an update on bureau activities and shared his vision for the coming months, stressing the need for sharpening focus on the consumer experience. Uejio touched on a number of credit union issues in the letter, including those related to data collection under the Home Mortgage Disclosure Act (HMDA), qualified mortgage (QM) and debt collection rules, and a rulemaking on mortgage servicing.


Virginia set to enact consumer data protection law [ [link removed] ]
The Virginia House and Senate have passed legislation to establish a consumer data protection law in the state, though, unlike the California Consumer Privacy Act (CCPA), the Virginia bill includes language to exclude entities that are covered by the Gramm-Leach-Bliley Act (GLBA), including credit unions.






NAFCU's Long featured in MarketWatch on January jobs report [ [link removed] ]
The Bureau of Labor Statistics revealed non-farm payrolls increased 49,000 in January, with the unemployment rate decreasing to 6.3 percent. NAFCU Chief Economist and Vice President of Research Curt Long noted the decline in the unemployment rate "partly reflects a drop in labor force participation." Long's commentary on the report was featured in MarketWatch, the New York Post, and Marketplace.


Upcoming NAFCU webinar tackles NCCO exams [ [link removed] ]
Ahead of NAFCU’s Virtual Regulatory Compliance School, the association is offering a complimentary webinar to break down the NAFCU Certified Compliance Officer (NCCO) exams.



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