Five federal financial regulators, including NCUA, released a joint statement on the use of alternative data in underwriting by credit unions and other financial institutions noting the benefits that using alternative data may provide to consumers.
CUNA seeks clarity on the California Consumer Privacy Act rules so credit unions can properly comply. The law’s definition of “business” needs further clarification, as the definition in the bill does not address not-for-profit status.
The FHA plays a critical role in homeownership, yet impediments exist keeping credit unions from accessing the FHA lending program. CUNA made suggestions that could create a regulatory environment that boosts credit unions’ confidence in the program.