NCUA’s new member business lending rule, effective Jan. 1, is one of the biggest changes to credit union business lending in decades. The agency received hundreds of comments from credit unions supporting the proposal and outlining how it would help them better serve their members.
The average interest rate on conventional, 30-year fixed-rate mortgage loans of $417,000 or less decreased 12 basis points (bp) to 4.58% in September. The average interest rate on 15-year, fixed-rate loans of $417,000 increased 11 bp to 4.57% in September.
The second phase of Same Day ACH rollout has a Sept. 15 effective date, and a list of recommended action items to be performed has been released. All financial institutions must be prepared to receive by Sept. 15.
The House Financial Services Committee will conduct a hearing on Rep. Jeb Hensarling’s (R-Texas) Financial CHOICE Act next week. CUNA President/CEO Jim Nussle said CUNA appreciated the effort to bring regulatory relief to credit unions and other institutions.