Also: Falero: Action needed to allow CUs to serve more Americans; Hunt urges DOJ to provide ADA guidance



NAFCU TODAY | The News You Need Daily.

October 23, 2019



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House passes NAFCU-sought BSA/AML, beneficial ownership reforms [ [link removed] ]
Last night, the House passed NAFCU-sought legislation – the Corporate Transparency Act of 2019 and COUNTER Act of 2019 – which would help modernize Bank Secrecy Act (BSA) and anti-money laundering (AML) requirements along with allowing financial institutions to access important beneficial ownership information about companies they serve.


Falero to Congress: Take action to allow CUs to serve more Americans in need [ [link removed] ]
JetStream Federal Credit Union's Mara Falero, testifying on behalf of NAFCU at a House Financial Services subcommittee hearing Tuesday focused on minority depository institutions (MDIs), urged Congress to take action to allow credit unions to better serve more Americans, specifically those in low-income and underserved communities.


NAFCU's Hunt urges DOJ to provide ADA guidance [ [link removed] ]
Following the Supreme Court's decision against hearing an appeal from Domino's Pizza – leaving in place a ruling from the U.S. Court of Appeals for the Ninth Circuit that Americans with Disabilities Act (ADA) requirements are applicable to websites and mobile applications – NAFCU's Carrie Hunt urged the Department of Justice (DOJ) to provide clear guidance for website accessibility standards.






Calabria wants reforms before GSE failure [ [link removed] ]
Warning that "in their current condition, Fannie and Freddie will fail in a downturn," Federal Housing Finance Agency (FHFA) Director Mark Calabria stressed the importance of reforming the government-sponsored enterprises (GSEs). Of note, Calabria said the agency will know soon whether it needs to re-propose the GSEs' capital rule, which he described as "the most important rulemaking" he will make while at the FHFA.


Reg Committee talks innovation, bylaws, housing finance [ [link removed] ]
Members of NAFCU's Regulatory Committee met yesterday to discuss two proposals related to innovation – the CFPB's "tech sprints" and the Federal Reserve's FedNow Service for real-time payments – as well as the NCUA's recently finalized rule to amend federal credit union bylaws and housing finance reform efforts.


HMDA, reg issues on CUAC agenda today [ [link removed] ]
The CFPB's Credit Union Advisory Council (CUAC) meets today to tackle issues currently facing the industry, including the Home Mortgage Disclosure Act (HMDA), the bureau's regulatory agenda, and implementation and guidance concerns. Three representatives from NAFCU-member credit unions serve on the council.


Court rules against OCC in fintech charter challenge [ [link removed] ]
The U.S. District Court for the Southern District of New York ruled against the Office of the Comptroller of the Currency (OCC) in a dispute over the legality of the regulator's fintech charter. The court determined that the OCC is prohibited by the National Bank Act from offering a specialized bank charter to a company that doesn't accept deposits.


Supply constrains existing-home sales in September [ [link removed] ]
Existing-home sales fell 2.2 percent in September as the market "is still constrained by supply," said NAFCU Chief Economist and Vice President of Research Curt Long. "At the current sales pace, listed inventory would be exhausted in about four months, which is well below the six-month mark that has traditionally indicated a rough equilibrium," he added.



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