Lawmakers
tackle COVID relief, PPP, nominations
Lawmakers were busy on Capitol
Hill Wednesday as the House voted to accept the Senate's changes to the next
round of coronavirus relief, the House Small Business Committee reviewed the status
of the paycheck protection program (PPP), and senators considered several nominations
to President Joe Biden's cabinet and federal agencies.
NAFCU
calls on NCUA to address appraisal modernization, coordinate with other agencies
In a letter sent Wednesday, NAFCU Executive Vice President of Government Affairs
and General Counsel Carrie Hunt urged the NCUA to address appraisal modernization
standards by expediting coordination with other agencies. Specifically, Hunt asked
that the agency move ahead with its interagency rulemaking to establish quality
control standards for the use of automated valuation models (AVMs) under the Dodd-Frank Act.
NAFCU
pushes back on postal banking, offers ways for CUs to help consumers
Ahead of a House Appropriations subcommittee oversight hearing today on the U.S.
Postal Service (USPS), NAFCU's Brad Thaler reiterated the association's
concerns with postal banking and argued credit unions are well positioned to achieve the goals of such proposals.
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Reg
Alert details proposed QM delay
In a new Regulatory Alert sent to members
Wednesday, NAFCU detailed how the CFPB's recently proposed rulemaking to
delay the mandatory compliance date of its QM rule could impact credit unions.
NAFCU previously called for an 18-month delay on the general QM definition and
extension of the patch in the wake of the ongoing pandemic and has highlighted
the benefits of the temporary government-sponsored enterprise (GSE) patch in
providing credit unions with the ability to sell their loans into the secondary market.
COVID
credit risk focus of upcoming NCUA webinar
The NCUA will host a webinar
March 24 to help credit unions monitor and identify areas of credit risk resulting
from the coronavirus pandemic. The agency's 2021 supervisory priorities include
credit risk management and how credit unions are working with members impacted
by the coronavirus pandemic while maintaining proper oversight of lending activities and compliance requirements.
CPI
rises in February, driven by energy prices
On a seasonally-adjusted
basis, overall consumer prices rose 0.4 percent in February, with the Bureau of
Labor Statistics reporting the overall consumer price index (CPI) grew 1.7 percent
over the 12-month period. In a new Macro Data Flash report, NAFCU Chief Economist
and Vice President of Research Curt Long noted that most of the inflation was concentrated in energy prices.
