WASHINGTON—CUNA, NAFCU and other organizations have written to House leadership with concerns over language in debt collection legislation that is expected to come up for a floor vote in the House this week.
Fresh Today
WASHINGTON–In a letter to the CFPB on a proposal to amend the Regulation X servicing rules, the Mortgage Bankers Association (MBA) and the National Mortgage Servicing Association said they support efforts to clarify the complex Reg X provisions but there are “elements in the proposal that require further attention, and several critical improvements.”
BELFAST, Ireland–New research among Ireland’s citizens has found 58% of people who do not use a credit union as their main financial institution would consider switching their day-to-day banking if they were aware of the full range of CU services available from them. One big roadblock: Many don’t believe CUs offer competitive digital offerings.
ARLINGTON–NAFCU has filed its comment on NCUA’s proposed simplification of risk-based capital requirements, but noted it’s difficult to offer detailed response in the absence of specific information about either of two proposals the agency has put forward.
WASHINGTON—With both credit union trade groups having earlier expressed support for doing so, by a 52 - 47 vote , the Senate has voted to overturn the what the OCC calls its "true lender" rule, but which critics have called the “fake lender” rule and a "rent-a-bank" scheme.
WASHINGTON—Congress should carefully assess the costs and benefits of imposing a new level of data collection on the already over-complicated tax reporting structure, CUNA, NAFCU and other organizations wrote to the Senate Finance Subcommittee on Taxation and IRS Oversight.
SPRINGFIELD, Ill.–State-chartered credit unions and banks and most mortgage companies in Illinois are now subject to a new Community Investment Act law.
COSTA MESA, Calif.–The average price paid for a preowned vehicle hit a record of $25,463 in April, about $2,800 higher than in the same month last year, according to new data from J.D. Power. The price threshold marks the first time ever that the average used-car price had exceeded $25,000, the firm added.
WASHINGTON—Total consumer credit rose 7.4%, at a seasonally-adjusted, annualized rate, in March and is up 0.9% versus a year ago. Revolving credit, which is primarily credit cards, rose 7.9% during the month but is down 9% compared to March 2020.
ARLINGTON, Va.–NASCUS has filed separate comment letters with NCUA addressing both its proposed changes to the CAMEL rating system and to proposed rulemaking on the simplification of risk-based capital requirements (RBC).