Any changes to risk-based capital requirements—including the proposed adoption of a complex credit union leverage ratio—requires a delay of the Jan. 1, 2022 RBC effective date. CUNA continues to believe the the 2015 RBC rule is “functionally unnecessary.”
CUNA followed up NCUA Chairman Todd Harper’s hearing before a Senate committee with a letter to Harper regarding several issues discussed at the hearing, including CUNA and credit union objection to altering the agency’s risk-focused examination process.
CUNA Senior Economist Dawit Kebede said inflation remained high in September, as expected, due to continued supply disruptions and labor shortages in response to the Bureau of Labor Statistics September Consumer Price Index report.
Speaker of the House Nancy Pelosi (D-Calif.) said Tuesday that language expanding financial institution reporting requirements to the Internal Revenue Service (IRS) would be included when the House takes up its final reconciliation bill.
CUNA wrote to new Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra Tuesday highlighting several key principles that should guide future CFPB actions. Chopra was confirmed in September by the Senate to lead the CFPB.
The CFPB issued new technical specifications for the credit card agreement submission process. Issuers making credit card agreement submissions to the Bureau on a quarterly basis must complete a registration form and submit it by Nov. 1.
October rates will continue to follow recent mortgage rate spikes, CUNA Chief Economist Mike Schenk said during a recent interview with Fox Business. He added mortgage rate trends are likely to continue through October.
The next president of Ginnie Mae must understand the unique mission, structure, and operation of America’s credit unions, CUNA wrote before Senate committee testimony of Alanna McCargo, President Joe Biden's nominee to serve as Ginnie Mae director.