The National Credit Union Administration and the other banking regulators said Monday that they will be flexible in their regulation and supervision of financial institutions affected by the California wildfires and Hurricane Laura. In a joint statement, the agencies said they want to encourage institutions “operating in the affected areas to meet the financial services needs of their communities.” In the statement, the regulators said that financial institutions should work “constructively” with borrowers and pledged that prudent efforts to adjust or alter terms of loans will not be subject to examiner criticism. They added that “the agencies recognize that efforts
CUNA, NAFCU, and NASCUS raise concerns about exam consistency with the NCUA.
The Consumer Financial Protection Bureau may have rescinded large parts of its payday lending rule, but the parts that remain are “unnecessary, arbitrary, capricious, overreaching, procedurally improper, and substantially harmful to lenders and borrowers alike,” associations representing payday lenders said last week, in an amended suit challenging the rule.
The Consumer Financial Services Association of America and its Texas affiliate had challenged the strict payday lending rule issued during the Obama Administration in the U.S. District Court for the Western District of Texas in 2018.
The Consumer Financial Protection Bureau will now subject its important research to peer review examination, the agency announced last week.
While the announcement may seem innocuous, the agency’s review of key research—ranging from its regulation of arbitration agreements to payday lending—has been questioned in the past.
With a federal court settlement holding their feet to the fire, Consumer Financial Protection Bureau officials still are attempting to gauge the impact that the collection of race, sex, and ethnicity from credit applications would have on small financial institutions.
House Financial Services Chairwoman Maxine Waters (D-Calif.) on Wednesday called on the Federal Housing Finance Agency to kill—not just delay—its controversial 0.5% fee on the refinancing of Freddie Mae and Freddie Mac mortgages.
Credit unions and their members should rely on the Small Business Administration for information about loan forgiveness in the Paycheck Protection Program and ignore what they are reading on social media, David Hincapie, an SBA economic development specialist told community development credit union officials Tuesday.
Under intense pressure from members of Congress and financial trade groups, the Federal Housing Finance Agency announced Tuesday that it will delay a new fee on the refinancing of Fannie Mae and Freddie Mac mortgages until Dec. 1.
The new fee had been scheduled to take effect on Sept. 1.
A Consumer Financial Protection Bureau proposal to allow financial services providers and trade groups to apply for advisory opinions would help bring more certainty to the regulatory process, credit union trade groups said last week.
A coalition of consumer groups warned that the proposal would circumvent the regulatory process that is designed to protect consumers.
The “modest” fee increase on the refinancing of mortgages will help Freddie Mac and Fannie Mae continue to weather the coronavirus economic crisis, while still helping homeowners who need the help the most, Freddie Mac and Fannie Mae officials said this week.