House
passes NAFCU-sought BSA/AML, beneficial ownership reforms
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
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
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.
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Calabria
wants reforms before GSE failure
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
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
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
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
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.
