This
week: NAFCU monitoring Hill hearings on big banks, small biz lending
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
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
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.
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Program Underwritten
by Gallagher
NAFCU
encourages NCUA to provide more asset relief, better coordinate exams with CFPB
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
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.
