On Monday, Representatives Peter Welch, D-Vt., and Lance Gooden, R-Texas, introduced the House companion to the Credit Card Competition Act of 2022 (CCCA), which was introduced in late July by Senators Dick Durbin, D-Ill., and Roger Marshall, R-Kansas.
Sen. Alex Padilla, D-Calif., yesterday introduced the Expanding Financial Access for Underserved Communities Act, a companion bill to the House version introduced in March by House Financial Services Committee Chairwoman Maxine Waters, D-Calif.
This week the CFPB released a new Home Mortgage Disclosure Act (HDMA) data report on mortgage lending trends in 2021. The results show a shift from refinance loans in 2020 to home purchase loans in 2021, with a greater share of home purchase loans going to Asian, Black, and Hispanic white borrowers relative to the share of home purchase loans for non-Hispanic white borrowers. Additionally, the amount of home equity lines of credit (HELOCs) increased from 869,000 in 2020 to 962,000 in 2021, a 10.7 increase; refinance originations increased from 43,000 to 59,000 in 2021, an increase of over 36 percent.
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NAFCU’s latest CU Industry Trends report revealed that membership at credit unions remains sturdy, and share growth has returned to its pre-COVID level. As a result, auto loans are surging, and mortgage loans are rising as credit unions retain a higher share portfolio.
NAFCU’s 2022 CFO Summit, happening in-person in Annapolis, Md., starts today. Attendees will learn the best practices to advance credit unions even further into the future, while strengthening their understanding of the latest industry, economic, and regulatory data trends affecting their day-to-day roles and responsibilities.
