CFPB
considers allowing ATR/QM patch to expire
The CFPB plans to allow the
Ability to Repay/Qualified Mortgage (ATR/QM) patch to expire in 2021, or after
a short extension if necessary to facilitate a transition, according to an Advance
Notice of Proposed Rulemaking (ANPR). The ATR/QM patch allows loans purchased
or guaranteed by the government-sponsored enterprises to exceed the bureau's 43 percent debt-to-income ratio.
Hunt
to NCUA: Consider strength of CUs in RBC framework
NAFCU's Carrie
Hunt urged the NCUA to consider "the totality of new regulation imposed since
the financial crisis, much of which has sought to improve the safety and soundness
of the financial sector as a whole," as it seeks ways to moderate the effects
of its risk-based capital (RBC) rule. Last month, the board moved forward with
a proposed rule to further delay the rule's implementation date to Jan. 1, 2022.
Merger,
FOM resources available for CU growth
As credit unions engage in strategic
planning to ensure their continued success and growth, NAFCU has resources available
related to mergers and acquisitions, field of membership (FOM) and more. These
resources aim to help credit unions determine the right path of growth and understand the process for these changes.
NAFCU's 2019
Credit Union Compliance GPS
Review updates on S.2155, Field of Membership,
Privacy and more!
Debt
collection group fined for violations
The CFPB and Ney York Attorney
General have filed settled with a debt collection group for violating the Consumer
Financial Protection Act and Fair Debt Collection Practices Act, as well as New
York laws related to collecting consumer debt.
Budget
deal passes House, heads to Senate
The House Thursday passed the two-year,
$1.37 trillion budget deal that also would suspend the debt ceiling to July 2021.
The legislation now heads to the Senate; the president is expected to sign it.
