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  • Nealon: HMDA proposed changes add to CUs' burden (Thursday, October 30, 2014)
    NAFCU supports the fair lending goals of the Home Mortgage Disclosure Act but finds that CFPB has "failed to provide compelling reasons how the collection of the additional data ensures fair access to credit in the housing market," Regulatory Affairs Counsel Alicia Nealon wrote Wednesday.
  • NAFCU: Merchants’ anti-Apple Pay stance is about profits (Thursday, October 30, 2014)
    Some retailers’ decision to block the use of Apple Pay and similar payment systems, which offer better protection of consumers’ financial and personal information, is just another example of merchants putting profits first, NAFCU Vice President of Political Affairs Katie Marisic said Wednesday.
  • FOMC ends asset purchase program (Thursday, October 30, 2014)
    As expected, the Federal Open Market Committee issued a policy statement announcing the end of the Federal Reserve's asset purchase program following the close of its two-day meeting Wednesday.
  • FDIC survey shows unbanked decline (Thursday, October 30, 2014)
    The FDIC's 2013 National Survey of Unbanked and Underbanked Households report shows unbanked households declined from 8.2 percent to 7.7 percent in two years.
  • Lame-duck Congress could eye tax extenders (Thursday, October 30, 2014)
    NAFCU's legislative affairs team is monitoring the status of package of business and individual tax provisions known as "tax extenders" that have expired but could be revived, at least in part, when Congress returns for its lame-duck session in November.
  • CFPB finds student loan, mortgage servicing issues (Wednesday, October 29, 2014)
    CFPB on Tuesday issued a report noting illegal actions through the bureau's supervision over the student loan and mortgage servicing markets, including consumers being charged unfair late fees and receiving inappropriate debt collection calls.
  • FOMC expected to end tapering program (Wednesday, October 29, 2014)
    The Federal Open Market Committee is expected to issue a policy statement announcing the end of its tapering in the Federal Reserve's asset purchase program following the close of its two-day meeting today.
  • NAFCU to FHFA: GSEs should have flexibility (Wednesday, October 29, 2014)
    NAFCU Regulatory Affairs Counsel PJ Hoffman urged flexibility for government-sponsored enterprises Fannie Mae and Freddie Mac in a comment letter to the Federal Housing Finance Agency Tuesday on the agency's 2015-2017 enterprise housing goals.
  • FinCEN: Bitcoin payments must follow BSA (Wednesday, October 29, 2014)
    The Financial Crimes Enforcement Network issued an administrative ruling that says a company using the virtual currency Bitcoin for payments made to merchants in the U.S. and Latin America would be considered a money transmitter required to comply with the Bank Secrecy Act.
  • American Banker: CFPB looks long at checking account access (Wednesday, October 29, 2014)
    American Banker reported Monday that a CFPB forum on access to checking accounts held earlier this month has sparked concerns that the bureau "may be seeking to go much further in dictating how and when banks open accounts for consumers."
  • Thaler thanks Miller for vets MBL bill, urges action (Wednesday, October 29, 2014)
    NAFCU Vice President of Legislative Affairs Brad Thaler urged House Veterans Affairs Committee Chairman Jeff Miller, R-Fla., to find ways to advance his H.R. 5061, a bill that would exclude veterans' loans from the credit union member business lending cap, before year's end.
  • Pew reviews on-base CU, bank checking, overdraft (Wednesday, October 29, 2014)
    The Pew Charitable Trusts released a report on how well military consumers are served by banks and credit unions on military bases and reiterated its suggestions to CFPB on how to improve overall safety and transparency regarding checking and overdraft practices.
  • Fannie Mae, stockholders settle for $170M (Tuesday, October 28, 2014)
    Fannie Mae reached a $170 million settlement last week over claims that the housing finance giant misled shareholders about its finances, risk management and mortgage exposure before its government takeover in 2008, according to Reuters.
  • Members' input due on DoD proposal today (Tuesday, October 28, 2014)
    Members' input is due to NAFCU today on the Defense Department proposal to apply the Military Lending Act's 36-percent rate cap to more consumer credit products.
  • Fake 'EMV' charges fueled by Home Depot breach (Tuesday, October 28, 2014)
    At least three U.S. financial institutions within the past week have reported tens of thousands of dollars in fraudulent credit and debit card charges that came through Visa and MasterCard's networks as chip-enabled transactions, KrebsOnSecurity reported Monday.
  • Hunt praises McCaul bill, urges data security action (Tuesday, October 28, 2014)
    NAFCU Senior Vice President of Government Affairs and General Counsel Carrie Hunt wrote House Homeland Security Committee Chairman Michael McCaul, R-Texas, supporting his cybersecurity bill – which passed the House in July – and urged congressional action on data security.
  • NCUA sets 2015 board meeting schedule (Tuesday, October 28, 2014)
    NCUA yesterday published its schedule of open board meetings Monday, with the caveat that the schedule can change at any time.
  • CFPB posts 2015 rural, underserved counties lists (Tuesday, October 28, 2014)
    The CFPB updated and published its lists of rural and undeserved counties that credit unions and other lenders can use in 2015 to determine how various mortgage rules apply to them.
  • New-home sales up 0.2% in September (Monday, October 27, 2014)
    New-home sales went up 0.2 percent in September, but a large downward revision in August’s numbers means the housing recovery is more moderate than previously reported, according to a NAFCU Macro Data Flash.
  • Report: CUs top Apple Pay enrollment list (Monday, October 27, 2014)
    Credit unions reportedly make up the majority of early enrollers for the Apple Pay system, which launched earlier this month through Apple's iPhone 6 and 6 Plus, and Apple Watch.
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