The U.S. Court of Appeals for the Second Circuit issued a decision Thursday in which it says the CFPB’s funding structure is constitutional as it was authorized by Congress and is bound by specific statutory provisions – therefore not offending the appropriations clause.
NAFCU's latest Economic & CU Monitor – now available for download – reveals that the CFPB’s proposal to drastically reduce the credit card late fee safe harbor to $8 would have far-reaching consequences, including that 76 percent of respondents would be forced to charge a higher interest rate on credit cards.
NAFCU President and CEO Dan Berger joined Wharton Business Daily host Dan Loney on SiriusXM yesterday morning to discuss the recent bank failures as well as the strength of the credit union industry.
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NAFCU's widely read NAFCU Today is credit union leaders' go-to source for the latest on issues impacting the credit union industry. For those short on time, here's a roundup of this week's top need-to-know updates and resources.
NAFCU Senior Regulatory Affairs Counsel Aminah Moore wrote to the Federal Housing Finance Agency (FHFA) to request that the agency reinstate seasoned bulk transactions through Fannie Mae and Freddie Mac, the government-sponsored enterprises (GSEs). Moore noted that access to liquidity has come to the forefront with rising interest rates along with the recent bank failures; selling residential mortgages “has been an effective way for credit unions to generate liquidity.”
New home sales increased 1.1 percent in February to 640,000 annualized units, while sales in January were revised down 37,000 units. Compared to last year, February sales were down 10 percent. NAFCU Chief Economist and Vice President of Research Curt Long analyzed the data in the latest Macro Data Flash report.
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