Rep.
Luetkemeyer reintroduces NAFCU-supported CFPB commission bill
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
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
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.
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NAFCU,
CUNA raise credit union concerns over proposed legislation imposing 36% interest rate cap
NAFCU joined with CUNA Wednesday to express concerns with pending legislative
measures that would propose the imposition of a national "fee and interest
rate cap" 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
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
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 "progress on vaccinations
and strong policy support, indicators of economic activity, and employment have continued to strengthen."
NAFCU
seeks CU feedback on usage of digital assets
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.
