Comments on several proposals of interest to credit unions are due this month, including on NCUA's Normal Operating Level policy, Federal Reserve proposed account access guidelines, and a NACHA RFI on the risks of early funds availability.
The Federal Housing Finance Agency issued a Policy Statement on Fair Lending communicating its "commitment to comprehensive fair lending oversight of Fannie Mae, Freddie Mac, and the Federal Home Loan Banks" and providing a foundation for building out FHFA's fair lending program.
CUNA recommends federal financial agencies continue to work with financial institutions on the use of artificial intelligence in the delivery of financial services, and noted the use of AI “remains in its nascent stages” with all but the largest credit unions.
President Joe Biden Wednesday signed a joint resolution passed by both chambers of Congress nullifying the Office of the Comptroller of the Currency’s “true lender” rule. CUNA supported House and Senate efforts to void the rule under the Congressional Review Act.
Several FHFA issues require immediate attention, CUNA wrote new FHFA Director Sandra Thompson Wednesday. CUNA also reiterated its principles for housing finance reform and its support for eventual exit from conservatorship by the Fannie Mae and Freddie Mac
FinCEN issued the first government-wide priorities for anti-money laundering and countering the financing of terrorism policy Wednesday. The priorities identify and describe the most significant AML/CFT threats currently facing the United States.
While the Fair Credit Reporting Act (FCRA) should be examined for necessary amendments and modernized, CUNA has concerns about the negative impact that could result from “well-intentioned but overly disruptive changes to the system.
CUNA supported increased funding for a cooperative funding program and procurement reform language in a letter to a House Appropriations Subcommittee sent this week. The House Appropriations Subcommittee on State-Foreign Operations and Related Programs passed its bill late Monday night, and a full committee markup is scheduled for Thursday.
The FHFA can take several steps to address the racial wealth gap and the racial homeownership gap, CUNA Senior Director of Advocacy and Counsel Elizabeth LaBerge told an FHFA listening session on closing the gap to sustainable homeownership.
The CFPB finalized its mortgage servicing protections rule Monday designed to facilitate a smooth transition as federal foreclosure moratoriums expire. The final rule acknowledges CUNA’s comments about the proposal’s insufficient tailoring and its potential to do more harm than good.