This week: NAFCU hosting webinar with CFPB, monitoring several House hearings

The House and Senate are back in their districts and states for the July 4th district work period, but the House will host several virtual hearings. In addition, NAFCU will join the CFPB to host a webinar on how to assist older credit union members in avoiding fraud and financial exploitation.

NAFCU, trades urge CFPB to extend comment deadline on credit card late fees ANPR

NAFCU and several trade associations Friday wrote to the CFPB requesting a 60-day extension on the bureau’s deadline for its Advance Notice of Proposed Rulemaking (ANPR) on credit card late fees that financial institutions, including credit unions, collect. The ANPR is an effort by the bureau to sharply reduce the $12 billion financial institutions collect in credit card late fees each year.

NAFCU’s Digital Assets Working Group discusses NCUA DLT guidance, CBDC, more

The NAFCU Digital Assets Working Group met Friday where member credit unions and NAFCU staff discussed the NCUA’s Letter to Credit Unions on credit union use of distributed ledger technologies (DLT) in connection with permissible credit union activities. The agency heeded NAFCU’s call to adopt a form-agnostic approach to assessing how credit unions use digital assets and related technologies.

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New home sales ‘rebound modestly’ in May

New home sales grew 10.7 percent in May to 696,000 annualized units, while April saw an upward revision of 38,000 units. Compared to last year, May sales were 5.9 percent lower. NAFCU Chief Economist and Vice President of Research Curt Long analyzes the data in the latest Macro Data Flash report.