Also: CFPB updates ATR/QM compliance guide, considers delay; FI regulators issue guidance related to Texas storms
NAFCU TODAY | The News You Need Daily.
February 24, 2021
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NAFCU, CUs meet with CPFI Subcommittee Chairman Perlmutter [ [link removed] ]
Representatives from NAFCU-member credit unions Tuesday joined members of the association's advocacy team to offer industry insights with House Financial Services Committee Consumer Protection and Financial Institutions Subcommittee Chairman Ed Perlmutter, D-Colo. During the videoconference meeting, the group discussed a number of key topics, including small business lending and increased liquidity at credit unions amid the coronavirus pandemic.
CFPB updates ATR/QM small entity compliance guide, plans to revisit rules [ [link removed] ]
The CFPB Tuesday issued an updated small entity compliance guide for its ability to repay (ATR)/qualified mortgage (QM) rule to account for recent changes made to the general QM definition and creation of the new category of seasoned QMs.
Federal regulators offer guidance for FIs affected by Texas storms [ [link removed] ]
The federal financial regulators, including the NCUA, Monday issued an interagency statement related to supervisory practices for financial institutions that have been impact by the recent Texas winter storms. Through the statement, the agencies indicated that they intend to provide appropriate regulatory assistance to affected institutions related to a number of issues.
Economy, BSA, tax issues covered by several Hill hearings [ [link removed] ]
Lawmakers on Capitol Hill held several hearings Tuesday covering the Fed, Treasury, and IRS. Of note, Federal Reserve Chairman Jerome Powell testified before the Senate Banking Committee and indicated "the economy is a long way from our employment and inflation goals, and it is likely to take some time for substantial further progress to be achieved."
300K more PPP loans approved [ [link removed] ]
According to the Small Business Administration's most recent paycheck protection program (PPP) data, roughly 300,000 loans were made during the week ending Feb. 21. There have been 1.9 million loans approved in 2021, totaling more than $140 billion.
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