Ahead of the House Financial Services Committee markup of various bills today, NAFCU Vice President of Legislative Affairs Brad Thaler reiterated the association's thoughts on three bills up for consideration that would impact credit unions: the NAFCU-sought Credit Union Board Modernization Act, the NAFCU-opposed Overdraft Protection Act, and the Expanding Access to Credit through Consumer-Permissioned Data Act.
NAFCU Vice President of Legislative Affairs Brad Thaler wrote to House Speaker Nancy Pelosi, D-Calif., and House Republican Leader Kevin McCarthy, R-Calif., regarding the House’s list of votes on the suspension calendar this week, which is a way for the House to consider non-controversial legislation expeditiously. Of note, the list of suspension votes includes the NAFCU-backed SECURE Notarization Act, which provides businesses and consumers the ability to execute critical documents using remote notarization; as well as the NAFCU-backed CDFI Bond Guarantee Program Improvement Act, which would permanently authorize the CDFI Bond Guarantee Program.
NAFCU staff Tuesday met with NCUA’s Office of Examinations and Insurance (E&I) to discuss several topics of note for credit unions. NAFCU Senior Vice President of Government Affairs Greg Mesack, Vice President of Regulatory Affairs Ann Petros, Chief Economist and Vice President of Research Curt Long, and Regulatory Affairs Counsel Dale Baker attended the meeting.
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NAFCU Tuesday sent members a Regulatory Alert outlining the Federal Reserve’s notice and request for comment on its proposal to provide default rates for certain remaining contracts that use the London Interbank Offered Rate (LIBOR), which will be discontinued in 2023. Consistent with direction under the LIBOR Act – which provides a uniform, nationwide solution for replacing references to LIBOR in existing contracts that do not have an adequate fallback provision – the Fed’s proposal would replace references to LIBOR in certain contracts with the applicable replacement rate selected by the Federal Reserve Board after June 30, 2023.
New home sales fell 8.1 percent in June to 590,00 annualized units, a two-year low. May was revised down 54,000 units. Compared to last year, June sales were down 17.4 percent. NAFCU Chief Economist and Vice President of Research Curt Long analyzes the data in the latest Macro Data Flash report.
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