The CFPB is reconsidering whether to initiate a rulemaking to revisit the Seasoned QM rule, and it expects to issue a proposal shortly to delay the July 1 mandatory compliance date of the General QM final rule.

Congress should explore ways to leverage the credit union system to bring about greater and more equitable financial inclusion, including field of membership updates, CUNA wrote to the House Oversight and Reform Committee Wednesday.

NCUA and other federal and state regulators recognize the serious impact of Texas Winter Storms on consumers and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their supervision.

Women CEOs from 13 credit unions of asset sizes $300M or less from across the nation came together to launch the Credit Union Women’s Leadership Alliance, a support system to share best practices, offer opportunities for mentorship, better support the communities they serve.  

Both chambers of Congress are in session this week, and both are expected to consider the $1.9 trillion COVID relief legislation through the budget reconciliation process. The House Budget Committee will mark up its legislation starting Monday.

NCUA’s proposal to issue exemptions from SAR regulations could benefit credit unions and should be adopted “as soon as reasonably practical,” CUNA wrote, believing it will enhance the NCUA’s ability to provide flexibility to credit unions in regard to SAR filing requirements.

NCUA's four funds again earned unmodified, or “clean,” audit opinions for 2020, according to audited financial statements released by the agency’s Office of the Inspector General. The complete 2020 financial statement audits are available on NCUA.gov.

NCUA and the IRS are co-hosting a webinar on the Earned Income Tax Credit and Volunteer Income Tax Assistance programs Feb. 23, starting at 2 p.m. (ET). NCUA and the IRS encourage credit unions, their members, and others to learn more about the benefits of these programs.

The NCUA board heard a briefing on the state of the NCUSIF Thursday, which ended with an equity ratio stands at 1.26%. Chairman Todd Harper said "the question is no longer if we have to assess the share insurance fund premium, but when and how much.”

Legislative action, including PCA MBL flexibility, as well as allowing all credit unions to serve underserved areas, is needed to ensure credit unions can continue to aid in pandemic relief and the economic recovery.