Also: District court dismisses MLA class action lawsuit; Biden signs order to address financial climate risks



NAFCU TODAY | The News You Need Daily.

May 24, 2021



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This week: NAFCU monitoring Hill hearings on big banks, small biz lending [ [link removed] ]
​The Senate is in session, and the House is in committee work this week. In addition to engaging with lawmakers during hearings on issues impacting credit unions, NAFCU's award-winning advocacy continues to advocate for credit unions to help them move forward and grow.


District court dismisses MLA class action lawsuit [ [link removed] ]
The U.S. District Court for the Eastern District of Virginia last week dismissed a class action lawsuit related to the Military Lending Act's (MLA) exception for motor vehicles. Among the points in the decision, the court determined Guaranteed Auto Protection (GAP) insurance is directly related to the purchase of a vehicle loan.


Biden signs executive order to address financial climate risks [ [link removed] ]
President Joe Biden last week signed an executive order to combat climate-related financial risks. Among its provisions, the order directs Treasury Secretary Janet Yellen to study and report on climate risks within the financial system in coordination with members of the Financial Stability Oversight Council (FSOC), which includes the NCUA and other financial regulators.






NAFCU encourages NCUA to provide more asset relief, better coordinate exams with CFPB [ [link removed] ]
In response to the NCUA's interim final rule to provide relief to certain large federally-insured credit unions (FICUs), NAFCU's Ann Kossachev recommended the agency provide broader relief regarding the rule's timeframe for calculating assets, clarify its authority for enhanced regulatory requirements, and better coordinate examinations with the CFPB.


Existing-home sales constrained in April by limited availability, affordability [ [link removed] ]
Existing-home sales fell 2.7 percent in April to a seasonally-adjusted rate of 5.85 million units, representing a 33.9 percent increase in sales versus a year ago. NAFCU's Curt Long analyzed the data in a new Macro Data Flash report.



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