New GSE affordable housing rules expected, says Calabria
Federal Housing Finance Agency (FHFA) Director Dr. Mark Calabria indicated in a recent interview that the agency will propose new rules under the affordable housing requirements, which would replace the existing affordable housing goals and duty to serve plans. NAFCU has supported the government sponsored enterprises' (GSEs) duty to serve while raising questions about certain elements including the chattel loans pilot programs and will review the rulemaking closely.
NAFCU Director of Regulatory Affairs Ann Kossachev met last week at the FHFA to discuss the agency's efforts to address housing needs in underserved markets, specifically manufactured housing. The meeting, focused on chattel lending, featured Calabria, senior FHFA staff, and other stakeholders
Under the FHFA's final duty-to-serve rule, GSEs Fannie Mae and Freddie Mac are required to adopt plans to improve the distribution and availability of mortgage financing for residential properties that serve very low-, low- and moderate-income families in three specified underserved markets: manufactured housing, affordable housing preservation and rural housing.
NAFCU commented on the proposal of the GSEs' Underserved Markets Plans for 2018-2020 in December of 2017 and requested that the FHFA closely evaluate the GSEs proposals with regard to the regulatory activities laid out in their plans – including chattel lending and the purchasing of affordable housing and rural housing loans from small financial institutions.
Since the release of the reform plans, the FHFA has indicated it will re-propose a rule setting capital requirements for the government-sponsored enterprises sometime in the first quarter of 2020, released the GSEs' strategic plan and scorecard, and reached a deal with the Treasury to allow the GSEs to retain more capital. NAFCU testified before the Senate Banking Committee in March 2019 on the issue and continues to press for legislative action on these topics.
Add to Calendar 2021-05-06 14:00:00 2021-05-06 14:00:00 BSA Update: The Anti-Money Laundering Act of 2020 The House and Senate voted to override former President Trump’s veto of the National Defense Authorization Act, which included the Anti-Money Laundering Act of 2020 (the “AML Act”). The AML Act makes significant changes to the Bank Secrecy Act, including enhanced whistleblower protections, new requirements for business entities to file information with FinCEN regarding beneficial ownership, and new penalties. This session will explain these changes and discuss next steps for credit unions to consider. Key Takeaways: Learn about the comprehensive revisions to the Bank Secrecy Act (BSA) Discuss the likely impacts on credit unions Understand the various effective dates and next steps for implementation for different changes Purchase Now $295 Members | $395 Nonmembers (Additional $50 for CD)One registration gives your entire team access to the live webinar and on-demand recording until May 6, 2022Already registered? Go to the Online Training Center to view. Who Should Attend? NAFCU Certified Compliance Officers (NCCOs) NAFCU Certified Risk Managers (NCRMs) NAFCU Certified Bank Secrecy Officers (NCBSOs) Compliance staff Legal staff HR staff Education Credits NCBSOs will receive 1.5 CEUs for participating in this webinar. NCCOs will receive 1.5 CEUs for participating in this webinar. NCRMs will receive 1.5 CEUs for participating in this webinar. CPA credit information is below; recommended 1.5 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Associate Director of Education, NAFCU Learning Objectives: Learn about the comprehensive revisions to the Bank Secrecy Act (BSA). Discuss the likely impacts on credit unions. Understand the various effective dates and next steps for implementation for different changes. Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.5 credits Recommended Field of Study: Regulatory Ethics - Technical National Association of Federally-Insured Credit Unions (NAFCU) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. Learn more. About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, D.C. 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: NCCO, NCRM, NCBSO, CPE
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