Ahead of today’s House Financial Services Subcommittee on Financial Institutions and Monetary Policy hearing on CFPB reform, NAFCU Senior Vice President of Government Affairs Greg Mesack explained that the bureau’s regulations have significant impacts on the credit union industry and many are ripe for reform. Relatedly, the U.S. Government Accountability Office (GAO) released a new report on fintechs, highlighting the need for regulatory clarity from the CFPB.
The CFPB Wednesday released a new edition of its Supervisory Highlights publication highlighting unlawful “junk fees” uncovered in deposit accounts and in multiple loan servicing markets, including mortgage, student, and payday lending.
The Department of Housing and Urban Development (HUD) finalized a rule to allow a standalone 40-year loan modification for mortgagees with Federal Housing Administration (FHA)-insured loans to cure a borrower’s default. NAFCU offered support for the rule as it would make homeownership more affordable and support generational wealth building.
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NAFCU Vice President of Legislative Affairs Brad Thaler wrote to the House Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion ahead of its hearing today to discuss the Biden Administration’s handling of digital assets. Thaler touted NAFCU’s support for a “competitive framework for digital assets that preserves credit unions’ ability to compete with other financial institutions and companies on a level playing field.”
Federal Reserve Chairman Jerome Powell testified before the House Financial Services Committee Wednesday to provide members with insights into current economic conditions and the Fed’s efforts on various issues, including its FedNow service, a central bank digital currency (CBDC), and more. In addition, the Fed released its latest version of the Beige Book, which showed increased economic activity to start 2023.
The NCUA Wednesday released fourth quarter call report data, which showed federally-insured credit unions (FICUs) continued to see growth in lending, assets, and insured shares. However, NCUA Board Chairman Todd Harper cautioned economic headwinds that could create risks.
Total consumer credit rose 3.7 percent at a seasonally adjusted, annualized rate in January and is up 7.9 percent compared to a year ago. Revolving credit – primarily credit cards – rose 11.1 percent and is up 15.6 percent compared to January 2022. Non-revolving credit – primarily auto loans and education loans – rose 1.2 percent during the month and is up 5.5 percent from a year ago.
