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.
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.
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.
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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.
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