NAFCU discusses mortgage lending, forbearances with CFPB
Members of NAFCU's Regulatory Affairs team Monday shared credit union concerns and issues related to mortgage servicing, forbearances, and periodic statements with the CFPB. NAFCU previously spoke with CFPB Director Kathy Kraninger to reiterate credit unions' need for regulatory relief amid the coronavirus.
Under the CARES Act, borrowers are able to request forbearance on single-family and multifamily loans sold to the government-sponsored enterprises (GSEs). However, the legislation does not provide relief for mortgage servicers.
The CFPB has indicated through guidance that it is focused on making it easier for mortgage servicers to offer forbearance plans quickly and give servicers reasonable flexibility to use their resources to support consumers. NAFCU has shared concerns about increased forbearance requests negatively impacting credit unions with the Federal Housing Finance Agency and continues to work with regulators to obtain relief.
During Monday's conversation, the group also discussed the CFPB's approach to examinations and supervision for compliance with mortgage servicing rules and the recently released guidance regarding implementation of the CARES Act.
The bureau has taken several steps in the midst of the coronavirus pandemic to support financial institutions and consumers affected, including providing some relief related to remittances and reporting under the Home Mortgage Disclosure Act and Regulation C, and guidance on credit reporting requirements.
The association also has several resources available online to assist credit unions, including an updated summary table of regulator actions, detailing actions taken by agencies to provide guidance and relief to financial institutions.
As the industry's Washington Watchdog, NAFCU will continue to work with the CFPB and other regulators to ensure a regulatory environment that allows credit unions to serve their members throughout coronavirus relief efforts.
Add to Calendar 2023-05-25 14:00:00 2023-05-25 14:00:00 Regulation E Compliance and Unauthorized Activity Payments fraud and claims of unauthorized transactions have been on the rise over the last few years. We are seeing more and more sophisticated fraud, in many forms. There’s growing concern that the existing regulatory landscape may fail to address certain types of fraud we’re seeing more frequently. Financial institutions and consumers alike look to the Electronic Funds Transfer Act, implemented by Regulation E, which establishes basic rights and liabilities for consumers that use electronic funds transfers. In this webinar, Regulation E Compliance and Unauthorized Activity you’ll get a high-level overview of the current regulatory landscape and how certain types of fraud are analyzed within that regulatory framework. Topics covered include: a review of Regulation E definitions and dispute resolution provisions, the impact of the Consumer Financial Protection Bureau’s (CFPB’s) Compliance Aid (FAQs), and the increase in scrutiny of negative option marketing, such as trial services and how that may violate the regulation. Key Takeaways Examine authorized and unauthorized electronic transfers Assess liability for unauthorized transfers Note legal scrutiny of negative option marketing plans 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 May 25, 2024.Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCCOs and compliance titles NCRMs and risk titles Education Credits NCCOs will receive 1.0 CEUs for participating in this webinar NCBSOs will receive 1.0 CEUs for participating in this webinar 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: Regulatory Ethics - 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
Regulation E Compliance and Unauthorized Activity
Credits: NCCO, NCBSO, NCRM, CPE
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Add to Calendar 2023-05-23 14:00:00 2023-05-23 14:00:00 Explore Benefits and Instant Payments Use Cases for Your Credit Union In part 3 of this FedNow webinar series, spend time workshopping use cases opportunities that the FedNow Service could enable for your credit union’s business and consumer clients. Join Director of FedNow Product Management, Stephanie Miracle, and you’ll explore the range of use cases that the FedNow Service could enable across B2B, B2C, C2B and P2P in different industry verticals that include entertainment, education, hospitality, lending, travel, healthcare, as well as value proposition scenarios. You’ll leave more confident in understanding the value and advantages that instant payments will provide your credit union and member base. Key Takeaways Engage with a FedNow Service expert on the types of use cases that your credit union wants to enable with instant payments. Better understand the range of instant payments use cases opportunities across various industries. Explore benefits that different use cases can offer to your members and to your own credit union. Register Now For On-Demand AccessRegistration is Complimentary, but you must register to view.One registration gives your entire team access to the live webinar and on-demand recording until May 23, 2024.Go to the Online Training Center to access the webinar after purchase » Who Should Attend Credit union accounting and finance management NCRMs and risk titles NCCOs and compliance titles Education Credits NCCOs will receive 1.0 CEUs for participating in this webinar NCRMs will receive 1.0 CEUs for participating in this webinar 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 firstname.lastname@example.org America/New_York public
Explore Benefits and Instant Payments Use Cases for Your Credit Union
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