Also: NAFCU calls for FHA to conduct review of small-dollar lending barriers; Regulators will not examine for AML/CFT priorities



NAFCU TODAY | The News You Need Daily.

July 1, 2021



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President Biden signs NAFCU-backed resolution to overturn OCC's harmful true lender rule [ [link removed] ]
President Joe Biden Wednesday signed the resolution to overturn the Office of the Comptroller of the Currency's (OCC) true lender rule using the Congressional Review Act (CRA).


NAFCU expresses support for legislation requiring FHA to conduct review of small-dollar lending barriers [ [link removed] ]
NAFCU Vice President of Legislative Affairs Brad Thaler wrote to the Senate to offer support for the Improving FHA Support for Small-Dollar Mortgages Act of 2021, S. 2131, which would require the Federal Housing Administration (FHA) to conduct a review of any barriers to small-dollar mortgages and report to Congress on plans to remove those barriers.


Regulators will not examine for AML/CFT priorities [ [link removed] ]
The FDIC, Federal Reserve, National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency, State bank and credit union regulators, and the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) yesterday issued a statement to clarify their implementation of Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) national Priorities.






NAFCU issues Final Reg on NCUA’s transition to CECL [ [link removed] ]
NAFCU Wednesday sent a Final Regulation Alert to members breaking down the NCUA's final rule regarding the current expected credit loss (CECL) standard methodology. The association's Final Regulation Alerts are member-only resources that feature full text and easy to read summaries for final rulemakings affecting credit unions.


FHFA amends flex modification terms to allow for interest rate reduction for certain GSE-backed loans [ [link removed] ]
The Federal Housing Finance Agency (FHFA) Wednesday announced changes to loan modification terms for COVID-19 impacted borrowers with mortgages backed by Fannie Mae and Freddie Mac – the government-sponsored enterprises (GSEs) – that may need payment reduction for successful home retention. Of note, the updated terms are specifically for borrowers with permanent pandemic-related hardships.



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