Sen. Elizabeth Warren (D-Mass.) introduced a CUNA-supported bill Friday that would not require credit unions to comply with the Community Reinvestment Act, but codifies existing community outreach, input, and oversight polices already present in NCUA regulations.
NCUA’s Interim Final Rule published Monday is designed to ensure that federally insured credit unions remain operational and liquid during the COVID-19 pandemic. The board also heard a briefing on credit union cybersecurity from agency staff.
The CFPB's proposed delay of the mandatory compliance date of the General QM final rule until October 1, 2022 conflicts with policy changes issued by Fannie Mae and Freddie Mac, which would require implementation of the rule by July 1, 2021.
FHFA announced Fannie Mae and Freddie Mac will extend some temporary loan origination flexibilities until May 31, 2021. Due to low usage of the temporary flexibilities, FHFA expects to retire all temporary selling flexibilities on May 31, 2021.
The Small Business Administration should work to provide certainty for Paycheck Protection Program (PPP) loan forgiveness applications, as there is a large backlog of forgiveness applications that have not received a response from the SBA.
Allowing credit unions to expand into rural communities and other underserved areas would advance communities throughout the nation, CUNA wrote to the Senate Banking, Housing, and Urban Affairs Committee Tuesday.
CUNA wrote to the House Financial Services Committee Tuesday with concerns over provisions in a debt collection bill prior to its markup by the committee. Language in the Comprehensive Debt Collection Improvement Act (H.R. 2547) would prohibit medical debt to be included in credit reporting.
The House passed the CUNA-supported Secure and Fair Enforcement (SAFE) Banking Act Monday. The bill would provide protections to financial institutions that serve state legal cannabis-based businesses.
CUNA wrote to House leadership Monday to express support for two bills prior to House consideration this week. The bills are the Secure and Fair Enforcement (SAFE) Banking Act (H.R. 1996) and the Housing Financial Literacy Act of 2021 (H.R. 1395).
Both chambers of Congress are in session this week, and the House will include the CUNA-supported Safe and Fair Enforcement (SAFE) Banking Act in a list of bills it will consider starting Monday evening.