NAFCU, along with CUNA, CBA, the National Independent Automobile Dealers Association, and the American Financial Services Association, sent a letter to the CFPB regarding its probe into the auto lending market. In November, the bureau initiated efforts to “build a new data set that will allow for a more robust understanding of market trends” by collecting data that from industry stakeholders and other agencies.
NAFCU, along with several other organizations, Monday filed an amicus brief with the U.S. Supreme Court asking the Court to review a recent decision from the U.S. Court of Appeals for the First Circuit and to consider whether the Fair Credit Reporting Act (FCRA) preempts the state of Maine’s credit reporting laws.
NAFCU joined with several other financial services industry trades to urge the Federal Trade Commission (FTC) to swiftly finalize a rule prohibiting entities from impersonating government, financial institutions and other legitimate businesses, and their officials. In addition, the groups asked for clarification in the final rule that if an impersonation scam uses a payment service, the financial institution is not held liable as it has no knowledge of the nefarious activity.
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NAFCU Senior Regulatory Affairs Counsel Aminah Moore wrote to the Treasury Department in response to the Interagency Community Reinvestment Committee’s (ICIC) request for information regarding opportunities and challenges in federal community investment programs. In the letter, Moore offered recommendations “to provide greater access to these community investment programs.”
As the Treasury Department considers changes to Community Development Financial Institution (CDFI) certification standards and a revised application, NAFCU and other trades that represent CDFI credit unions and banks are asking key lawmakers to meet to discuss the ongoing concerns of financial institutions about the changes at the CDFI Fund.
NAFCU Senior Regulatory Affairs Counsel Aminah Moore wrote to the CDFI Fund to express support for the fund’s preapproved Target Market assessment methodologies for transparency and consistency. However, Moore explained NAFCU’s opposition to the specifics of the CDFI Fund’s proposed methodologies “that violate fair lending laws and may be discriminatory or offensive to the populations that may need the services of a CDFI the most.”
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