CFPB has extended the deadline for financial institutions to complete the Section 1071 One-Time Cost Survey through Oct. 16. CUNA is strongly encouraging credit unions to fill the survey out so the CFPB has the necessary information on credit union lending.
Legislation from Rep. Mike Gallagher (R-Wis.) would establish a Department of Education grant program encouraging K-12 schools to offer financial literacy programs and aligns with credit unions' mission to improve the financial well-being of members.
CUNA strongly supports the three goals included in the FHFA's strategic plan and noted that credit unions have a “substantial interest” in effective-functioning FHFA-regulated entities, including Fannie Mae, Freddie Mac and the Federal Home Loan Bank system.
CUNA Chief Advocacy Officer Ryan Donovan gave an update on the latest COVID-19 recovery package, CUNA's latest regulatory comment letters and upcoming comment deadlines credit unions should know in this week’s Advocacy Update video.
Sen. Pat Toomey (R-Pa.) announced Monday he will not seek re-election in 2022. CUNA President/CEO Jim Nussle, who served several terms in Congress alongside Toomey in the House Budget Committee, thanked Toomey for his advocacy on behalf of credit unions.
FinCEN issued advisory designed an assist U.S. individuals and businesses in efforts to combat ransomware scams and attacks, which continue to increase in size and scope, while OFAC issued an advisory on potential sanctions risks for facilitating ransomware payments.
The Consumer Financial Protection Bureau cited CUNA’s Regulation Impact Study in its assessment on the TRID rule. CUNA also submitted a comment letter in January on the assessment, noting that ongoing compliance costs continue to affect credit union lending.
The House voted Thursday night to pass an updated HEROES Act COVID-19 relief legislation. CUNA wrote to House leadership Wednesday noting areas it supports, specific concerns and additional suggestions.
CUNA supports the CFPB proposed “Seasoned” Qualified Mortgage (QM) to aid in the expansion of the residential mortgage market. The new category of QMs, Seasoned QMs, would apply to first-lien, fixed-rate covered transactions that meet certain performance requirements over a 36-month seasoning period.