The CFPB Thursday highlighted that federal anti-discrimination law requires companies to explain to applicants the specific reasons for denying an application for credit or taking other adverse actions, even if the creditor is relying on credit models using complex algorithms. Along with this announcement, the bureau also published a Consumer Financial Protection Circular to remind the public of creditors' adverse action notice requirements under the Equal Credit Opportunity Act (ECOA).
Sens. Kyrsten Sinema, D-Ariz., Bill Hagerty, R-Tenn., Alex Padilla, D-Calif., and Thom Tillis, R-N.C., Thursday introduced a NAFCU-backed bill to update credit union board requirements; the legislation is a companion bill to legislation introduced in the House in March.
NAFCU Vice President of Regulatory Affairs Ann Kossachev Thursday wrote to the NCUA urging the agency to eliminate a requirement that a federally-insured credit union’s (FICU) internal written loan participation policies must establish a limit on the amount of aggregate loan participations that may be purchased by a single borrower, or group of associated borrowers, not to exceed 15 percent of the FICU’s net worth.
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NAFCU joined with other trade associations Thursday in a letter to the House Energy and Commerce Subcommittee on Consumer Protection and Commerce prior to its hearing on protecting consumers and strengthening the economy. The groups wrote in support of the Securing and Enabling Commerce Using Remote and Electronic Notarization (SECURE) Act, providing businesses and consumers the ability to execute critical documents using two-way audiovisual communication.
The House Financial Services Committee Thursday held a hearing to discuss the viability of a central bank digital currency (CBDC). Federal Reserve Vice Chair Lael Brainard, the only witness, stated that Congress needed to pass authorizing legislation before the Fed could issue a CBDC, and that even if this legislation was passed today, it would take at least 5 years to roll out. NAFCU has expressed several concerns with the development and implementation of a CBDC and urged the Fed to not proceed with its development.
NAFCU's widely read NAFCU Today is credit union leaders' go-to source for the latest on issues impacting the credit union industry. For those short on time, here's a roundup of this week's top need-to-know updates and resources.
As credit unions work to meet the needs of more than 130 million Americans during the coronavirus pandemic, NAFCU's award-winning regulatory compliance team continues to keep credit unions informed with new posts on the Compliance Blog, published every Monday and Wednesday.
The best compliance resource available Take advantage of NAFCU's 2022 Credit Union Compliance Roadmap manual, the must-have, electronic resource for credit union professionals.
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