CFPB
rescinds 'abusive' policy; NAFCU advocates for clarity
The
CFPB Thursday rescinded its policy statement related to the "abusive"
prong of the unfair, deceptive, or abusive acts or practices (UDAAP) provision.
The statement was issued in January 2020 following calls by NAFCU to clarify the
prong and efforts by the bureau to gather feedback on the issue.
NAFCU-member
CUs, Berger discuss CU needs with HFSC Chairwoman Waters
Representatives
from NAFCU-member credit unions, including Kinecta Federal Credit Union, Schools
First Federal Credit Union, and California Credit Union, Thursday joined members
of the association's advocacy team to offer industry insights with House
Financial Services Committee Chairwoman Maxine Waters, D-Calif. During the videoconference
meeting, the group discussed a number of key topics, including the various ways
credit unions have helped their members, small businesses, and their communities amid the coronavirus pandemic.
CLF,
asset thresholds for large CUs rules on NCUA agenda
The NCUA Board
next week is set to issue two final interim rules: One related to the Central
Liquidity Facility (CLF) and one on asset thresholds pertaining to large credit
unions. In addition, the board will receive a briefing on the NCUA Guaranteed
Note (NGN) and Asset Management Estates (AMEs) Programs.
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5 things to know this week
NAFCU's widely-read NAFCU Today is credit union leaders' go-to source
for the latest on issues impacting the credit union industry. For those short
on time, here's a roundup of this week's top need-to-know news, including
the introduction of a bill to extend the PPP, new advisories from FinCEN, NCUA
Chairman Todd Harper's focus on DEI, and more.
FI
regulators propose updated flood insurance Q&As
The federal financial
regulators – including the NCUA – Thursday proposed 24 updated flood insurance
Q&As regarding private flood insurance. NAFCU previously identified a need
for additional clarity regarding private flood insurance following the agencies'
efforts to update the flood insurance Q&As.
New
on the Compliance Blog: CFPB housing insecurity report, limitation of services, discrimination
As credit unions work to meet the needs of more than 124 million Americans during
the coronavirus pandemic, NAFCU's award-winning regulatory compliance team
continues to keep credit unions informed with new posts on the Compliance Blog every Monday, Wednesday, and Friday.
