The House Financial Services Committee marked up the a CUNA-supported bill to require NCUA and other prudential regulators to conduct a study to assess the challenges by prospective de novo financial institutions Wednesday.
CUNA opposes a Treasury proposal calling for financial institutions to report to the IRS gross inflows and outflows of all business and personal accounts, as well as transfers between accounts of the same owner, it wrote to Congressional leaders Wednesday.
Rep. Blaine Luetkemeyer (R-Mo.) introduced a CUNA-supported bill Wednesday to replace the director of the Consumer Financial Protection Bureau (CFPB) with a bipartisan five-member commission. CUNA is a longtime supporter of a multi-member commission to lead the CFPB, especially in light of the U.S. Supreme Court decision that found the director is removable at will by the president.
NCUA issued a Regulatory Alert this week on the CFPB’s June 30 final rule temporarily amending certain mortgage servicing requirements. The final rule only applies to servicers that service mortgages secured by a borrower’s principal residence and does not apply to small servicers.
CUNA joined other organizations Monday to express strong opposition to any expansion of the Durbin Amendment, saying support for any legislation on this topic would undermine the overall health and security of the U.S. payments ecosystem.
NCUA’s Normal Operating Level should be returned to the historical 1.30%, CUNA wrote the agency in response to a request for comment for setting the NOL. NCUA adopted a policy for setting the NOL in 2017, establishing a periodic review of the equity needs of the share insurance fund.
The House is expected to consider multiple FY22 appropriations bills this week. CUNA will also be engaged with multiple hearings including one conducted by the Senate Banking, Housing and Urban Affairs Committee on extending the military's 36% interest rate cap to all consumers.
Legislation from Sens. Tim Scott (R-S.C.) and Catherine Cortez Masto (D-Nev.) extending the loan maturity limit by five years for federal credit unions would help more credit unions enter the student lending sector.
Fannie Mae and Freddie Max guarantee fees (g-fees) should not be used as a source of funding offsets in the bipartisan infrastructure framework being negotiated in the Senate, G-fees fees were raised by 10 basis points in 2011, which expires in September.
Legislation that would cap all fees and interest at 36% would make it more difficult for many consumers to obtain credit, CUNA and other organizations wrote Senate Banking, Housing, and Urban Affairs Committee leadership Friday.