City of Miami dismisses pending FHA lawsuits
The City of Miami, last Thursday, voluntarily dismissed lawsuits against Bank of America, Wells Fargo, Citigroup, and JPMorgan Chase, in which the city alleged discriminatory practices under the Fair Housing Act (FHA) that indirectly harmed the city, resulting in lost property tax revenue and increased municipal expenses. The case had been pending before the Supreme Court.
NAFCU previously joined with several other financial industry trade organizations to petition the U.S. Supreme Court to review the lawsuits and request review of the federal appeals court decision on remand and argue a narrower approach to the right of access under the FHA's discrimination clause is needed to protect financial institutions from frivolous lawsuits.
Additionally, the amicus brief raised concerns regarding a municipality representing itself as an "aggrieved person" under the Fair Housing Act.
NAFCU has repeatedly highlighted that credit unions have not engaged in the illegal and discriminatory practices of banks, including redlining, because credit unions were established to offer provident credit to any member in their field of membership.
The association has also been a leading voice for housing finance reform efforts continuously advocating for the importance of maintaining credit unions' unfettered access to the secondary mortgage market and has engaged with FHFA Director Mark Calabria, other administration officials, and lawmakers.
Add to Calendar 2022-09-29 14:00:00 2022-09-29 14:00:00 Coming Soon: CECL This is a deep-dive refresher into the requirements of the Current Expected Credit Losses (CECL) standard. ASC 326 (CECL) is the most significant accounting standard to impact credit unions in many years. Your credit union should be prepared to adopt CECL in 2023 – this will be an effort to make sure you have a sound calculation, appropriate accounting policies and sufficient disclosures. In this Coming Soon: CECL webinar, you’ll get a baseline understanding of the accounting decisions required by the standard, with a focus on those that have tripped up earlier adopters; lessons learned from previous adopters; best practices and key items to consider for your model on a go-forward basis. Key Takeaways Understand requirements of the CECL standard Analyze lessons learned and best practices from previous adopters Evaluate key items to consider for future maintenance of the CECL model(s) Register Now$295 Members | $395 Nonmembers(Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until September 29, 2023.Go to the Online Training Center to access the webinar after purchase » Who Should Attend Presidents and CEOs CFOs Accounting titles NCRMs Risk titles Education Credits NCRMs will receive 1.0 CEUs for participating in this webinar CPA credit information is below; recommended 1.0 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Senior Associate Director of Education, NAFCU Learning Objectives: See key takeaways Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.0 credits Recommended Field of Study: Accounting – Technical About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, DC. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU email@example.com America/New_York public
Credits: NCRM, CPE
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