The House Financial Services Committee will hold its rescheduled markup today, where the Committee plans to discuss the NAFCU-opposed Overdraft Protection Act, which would significantly limit overdraft protection programs and the ability to assess nonsufficient fund fees (NSF). Prior to the markup, NAFCU Vice President of Legislative Affairs Brad Thaler wrote to the Committee Tuesday reiterating that credit unions have a focus on the financial health and well-being of their members through many alternative products and services, but cautioning any legislative efforts to eliminate or limit overdraft protection programs would likely result in significant negative impacts on borrowers and credit unions.
Administrative agencies – including the NCUA and CFPB – have released their spring regulatory agendas, which include several NAFCU and credit union advocacy priorities, as well as already introduced or included items on previous rulemaking agendas.
NAFCU Vice President of Legislative Affairs Brad Thaler Tuesday wrote to the Senate Banking Committee ahead of its hearing to examine the Federal Reserve’s Semiannual Monetary Policy Report to Congress, released earlier this month. Fed Chairman Jerome Powell will testify before the Committee to deliver the report.
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In an updated insight post on NAFCU’s CFO Network, Regulatory Affairs Counsel James Akin provides credit unions with an update on the NCUA’s CECL transition final rule, announced June of last year. The rule previously created a three-year phase-in of the day-one adverse impacts of the current expected credit loss (CECL) accounting standard on a federally-insured credit union’s (FICU) net worth ratio.
Existing home sales fell 3.4 percent in May to a seasonally adjusted annualized rate of 5.41 million units, representing an 8.9 percent decrease in sales compared to last year. NAFCU Chief Economist and Vice President of Research Curt Long analyzes the data in the latest Macro Data Flash report.
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