Since the Troubled Asset Relief Program was authorized, the U.S. Treasury Department has initiated a number of efforts
under the program, disbursing $385 billion for loans and equity investments, according to testimony by the Government Accountability
Loan modifications and refinancings by Fannie Mae and Freddie Mac increased significantly during the first quarter as the
volume of permanent modifications under the Federal Housing Finance Agency’s Home Affordable Modification Program tripled,
and refinancings grew steadily.
Further CUNA analysis of the U.S. Department of Labor’s overtime rule found minor relief, but CUNA remains concerned about the increased burden on credit unions. Several CUNA-suggested changes were included in the final rule.
Six federal agencies published guidance last week designed to ensure all depository institutions are aware of expectations when it comes to deposit reconciliation. CUNA’s compliance explains what it means for credit unions in a recent CompBlog post.