Senate
votes to overturn 'true lender' rule
The Senate Tuesday approved
a resolution to overturn the Office of the Comptroller of the Currency's
true lender rule using the Congressional Review Act (CRA). The resolution now heads to the House for consideration.
Updated UDAAP issue brief
NAFCU has updated the unfair, deceptive, or abusive acts or practices (UDAAP)
issue brief. The update concerns a recent enforcement action, CFPB v. SettleIt
Inc., in which a debt collection company was alleged to have engaged in abusive
acts or practices by taking unreasonable advantage of the reasonable reliance
by consumers on the company to act in the interest of the consumer.
NAFCU,
trades raise concerns with debt collection legislation
The House is
expected to vote this week on legislation that seeks to combat abusive debt collection
practices. Yesterday, ahead of a Rules Committee hearing to set debate on the
legislation, NAFCU joined with several other financial services industry trades
to raise concerns about language in the bill that would expand the definition
of a "debt collector" and increase risks to lenders.
There's still time!
Nominate
a top-notch employee or volunteer for a NAFCU Annual Award. Your credit union's
unsung heroes deserve recognition.
NAFCU
Reg Committee discusses NCUA rulemakings, fintech, interchange
NAFCU's
Regulatory Committee met Tuesday and discussed a number of proposed rulemakings
currently open for comment from the NCUA. NAFCU staff also provided an overview
of recent developments on the association’s advocacy efforts related to fintech
and recent litigation related to interchange.
Fed
regulators offer webinar on emergency capital program
The NCUA and
other federal financial regulators are hosting a webinar May 24 on the Treasury
Department's Emergency Capital Investment Program (ECIP). The program allows
eligible Community Development Financial Institutions (CDFIs) and minority depository
institutions (MDIs) to apply for funding to support small businesses and consumers
facing financial hardships amid the coronavirus pandemic.
Today:
NAFCU's CEOs Conference kicks off
NAFCU's CEOs and Senior
Executives Conference begins this morning with welcome remarks from NAFCU President
and CEO Dan Berger and Executive Vice President of Government Affairs and General
Counsel Carrie Hunt, followed by an update from NCUA Board Chairman Todd Harper on the latest news from the agency.
