Also: Latest economic reports reveal household debt has risen

May 11, 2022

SBC, Yellen discuss FSOC annual report, overdraft fees, third party vendor authority ([link removed] )

The Senate Banking, Housing, and Urban Affairs Committee held a hearing Tuesday on the Financial Stability Oversight Council’s (FSOC) report to Congress, where Treasury Secretary Janet Yellen testified. During the hearing, the Committee discussed stablecoin legislation, inflation, and Russian sanctions. Of note, some committee Democrats shared displeasure with banks’ reliance on overdrafts fees as a source of revenue, and the risks posed to credit unions via cyberattacks – specifically calling for third party vendor authority at the NCUA.

Household debt rises as consumer housing sentiment drops ([link removed] )

​​​​​​​Total household debt in the first quarter of 2022 rose by $266 billion (1.7%) to $15.84 trillion, according to the Federal Reserve Bank of New York’s Center for Microeconomic Data’s newly issued Quarterly Report on Household Debt and Credit. Balances now stand $1.7 trillion higher than at the end of 2019, prior to the pandemic.

CFPB releases 2021 Fair Lending Annual Report ([link removed] )

The CFPB released its 2021 Fair Lending Annual report to Congress on Monday, revealing that throughout the year, the bureau mainly focused its fair lending supervision efforts on mortgage origination and pricing, small business lending, student loan origination work, policies and procedures regarding geographic and other exclusions in underwriting, and the use of artificial intelligence and machine learning models.

NAFCU Regulatory Compliance School On-Demand

Boost your compliance knowledge and earn your NAFCU Certified Compliance Officer designation, entirely from your home or office, and on your own time.

LEARN MORE ([link removed] )

NAFCU Reg Committee tackles CFPB updates, Fed’s CBDC discussion paper, more ([link removed] )

NAFCU’s Regulatory Committee met Tuesday and discussed several proposals that are open for comment from federal financial regulators, including the CFPB, the Department of Housing and Urban Development (HUD), and the Federal Reserve. NAFCU’s Regulatory Committee met Tuesday and discussed several proposals that are open for comment from federal financial regulators, including the CFPB, the Department of Housing and Urban Development (HUD), and the Federal Reserve.

NAFCU Board official ballots sent today ([link removed] )

The official ballots for NAFCU’s 2022 board elections are being sent to members today. The deadline for returning the ballots is May 25.

feature ad NT (26) ([link removed] )

NAFCU CALENDAR ([link removed] )

MAY

11 - 13
CEOs and Senior Executives Conference ([link removed] )

Key West, FL

MAY

12
HUD - Increased Forty-Year Term for Loan Modifications ([link removed] )

Comments Due to NAFCU

MAY

20
BSA Training for Your Board ([link removed] )

Webinar

MAY

24
Anti-Money Laundering (AML) Model Validation ([link removed] )

Webinar

VendorDirectoryAd_Insurance ([link removed] )

Master BSA on your schedule, not ours ([link removed] )

Take the rest of 2022 to gain a solid foundation of core BSA knowledge, entirely from your home or office. View the agenda now for NAFCU’s BSA School On-Demand.

JOIN THE CONVERSATION:

LinkedIn ([link removed] )

Facebook ([link removed] )

Twitter ([link removed] )

YouTube ([link removed] )

Website ([link removed] )

National Association of Federally-Insured Credit Unions. 3138 10th St N Arlington, Virginia 22201

You received this message because you are subscribed to NAFCU emails.

Update your email preferences ([link removed] ) to choose the types of emails you receive.

Received this message from a colleague? Provide your contact information to start receiving our emails ([link removed] ) .

Unsubscribe from all future emails ([link removed] ) .