NAFCU
raises rent-a-bank, fintech chartering concerns
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
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
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.
NAFCU's
State of the Industry Event
Hear from the CU industry's best minds
as they delve deep into the data, trends and takeaways you need now to push past
the pandemic, at our complimentary virtual event.
Lawmakers discuss ways to combat fraud
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.
