Also: CFPB delays QM rule's compliance date to October 2022; NAFCU, trades urge FCC to fix exemption order
NAFCU TODAY | The News You Need Daily.
April 28, 2021
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NAFCU raises rent-a-bank, fintech chartering concerns [ [link removed] ]
NAFCU Vice President of Legislative Affairs Brad Thaler reiterated the association's concerns about companies taking advantage of regulatory loopholes and chartering schemes to expand their reach in the U.S. financial system ahead of today's Senate Banking Committee hearing on rent-a-banks. Thaler urged lawmakers to consider the risks these trends pose to consumers and the financial system.
CFPB finalizes QM compliance date delay [ [link removed] ]
The CFPB Tuesday issued a final rule to delay the mandatory compliance date of its general qualified mortgage (QM) rule to Oct. 1, 2022. NAFCU offered its support of the delay as it gives lenders more time to utilize the government-sponsored enterprise (GSE) patch; however, recent amendments to the GSEs' Preferred Stock Purchase Agreements (PSPAs) may limit the utility of the GSE patch extension.
NAFCU, trades urge FCC to address exemption order error [ [link removed] ]
NAFCU Tuesday joined with several financial trade organizations to send a letter to the Federal Communications Commission (FCC) calling for an urgent fix to the commission's order codifying exemptions to the Telephone Consumer Protection Act (TCPA). The group met with staff from FCC Acting Chair Jessica Rosenworcel's office in February to discuss this issue.
Lawmakers discuss ways to combat fraud [ [link removed] ]
Two congressional hearings Tuesday explored ways to combat fraud and scams, including the Federal Trade Commission (FTC) authority to take enforcement action. The Senate Commerce Committee's hearing was focused primarily on COVID-related fraud and scams, while the House Energy and Commerce Committee's hearing centered on returning funds to consumers who have been scammed.
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