President
Biden signs NAFCU-backed resolution to overturn OCC's harmful true lender rule
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
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
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.
Register for the 2021 Innovation Spotlight
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NAFCU
issues Final Reg on NCUA’s transition to CECL
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
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.
