From NAFCU Today <NAFCUToday@nafcu.org>
Subject NAFCU-supported CFPB commission bill reintroduced
Date July 29, 2021 11:00 AM
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Also: NAFCU cautions against postal banking; FHFA announces new eviction protections



NAFCU TODAY | The News You Need Daily.

July 29, 2021



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Rep. Luetkemeyer reintroduces NAFCU-supported CFPB commission bill [ [link removed] ]
House Financial Services Committee Member Blaine Luetkemeyer, R-Mo., Wednesday reintroduced NAFCU-supported legislation that would reform the CFPB's governance structure from a single director to a five-member bipartisan commission.


NAFCU's Thaler cautions against postal banking, offers support for CDFI, CDRLF funding [ [link removed] ]
In a letter sent Wednesday, NAFCU's Brad Thaler detailed concerns about the postal banking proposal included in the omnibus appropriations package containing the fiscal year 2022 financial services and general government (FSGG) appropriations bill ahead of House consideration.


FHFA announces new eviction protection for GSE-backed mortgages [ [link removed] ]
The FHFA Wednesday announced new eviction protections for tenants of multifamily properties with mortgages backed by Fannie Mae or Freddie Mac – the government-sponsored enterprises (GSEs) – that are subject to eviction for nonpayment of rent. Under the protection, tenants must be given 30 days' notice to vacate before the tenant can be required to leave the unit.






NAFCU, CUNA raise credit union concerns over proposed legislation imposing 36% interest rate cap [ [link removed] ]
NAFCU joined with CUNA Wednesday to express concerns with pending legislative measures that would propose the imposition of a national &quot;fee and interest rate cap&quot; of 36 percent, effectively imposing a limit to the fees and interest charged on consumer loans. The letter was sent ahead of today's Senate Banking Committee hearing to examine legislation that would create an expansion of the 36 percent all-in military interest rate cap to all consumer loans.


NAFCU expresses concerns with burdensome reporting requirements included in Treasury proposal [ [link removed] ]
NAFCU and a group of financial trade organizations wrote to both the House and the Senate to share concerns about the new tax reporting requirement included under the Treasury Department's proposal that would require financial institutions to report to the IRS on the deposits and withdrawals of all business and personal accounts, as well as transfers between accounts of the same owner.


Fed holds rates; NAFCU expects liftoff will occur no earlier than 2023 [ [link removed] ]
The Federal Open Market Committee (FOMC) Wednesday maintained the federal funds target rate near its current range of 0 to 0.25 percent. Of note, the committee upgraded its statement on the economy, stating &quot;progress on vaccinations and strong policy support, indicators of economic activity, and employment have continued to strengthen.&quot;


NAFCU seeks CU feedback on usage of digital assets [ [link removed] ]
The NCUA issued a request for information (RFI) during its July board meeting regarding how credit unions use and may use digital assets and what risks such uses pose to credit unions, related entities, and the agency. In a new Regulatory Alert sent to members Wednesday, NAFCU seeks credit union feedback on the RFI.



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