This week: NAFCU monitoring financial regulators, payday hearings
Ahead of a hearing Thursday where lawmakers are set to discuss the CFPB's proposed repeal of the payday lending rule, NAFCU and member credit unions will meet today with the bureau and NCUA to discuss the payday lending rule and credit unions' payday alternative loans (PALs) programs.
The House Oversight and Reform subcommittee hearing Thursday will examine the CFPB's role in empowering predatory lenders and the proposed repeal of its payday lending rule. While NAFCU believes regulators must crack down on bad actors, the association has expressed support for the payday rule delay and continues to urge the CFPB to expand its safe harbor for all future iterations of PALs. The association's advocacy led the bureau to take into account credit unions' concerns in the final rule and create a safe harbor for NCUA's PALs.
Also happening this week, the Senate Banking Committee on Wednesday will hear from Comptroller of the Currency Joseph M. Otting, NCUA Chairman Rodney Hood, FDIC Chairman Jelena McWilliams, and Vice Chair for Supervision, Board of Governors of the Federal Reserve System Randal Quarles to discuss oversight of financial regulators. The same panel goes before the House Financial Services Committee Thursday.
NAFCU will also monitor a Senate Committee on Small Business and Entrepreneurship hearing on the reauthorization of the Small Business Administration's (SBA) innovation programs set to begin at 2:30 p.m. Eastern Wednesday. The association works closely with the SBA to increase credit unions' participation in SBA lending programs in order to better serve their communities; the association met with the agency in March to discuss these efforts.
Last week, House Financial Services Chairwoman Maxine Waters, D-Calif., and Ranking Member Patrick McHenry, R-N.C., announced legislation that would extend the National Flood Insurance Program through September 30. Discussions are expected to continue in the House as the program is currently set to expire at the end of the month. A number of NAFCU-sought reforms for the program were discussed during a House Financial Services Committee hearing on its reauthorization in March.
Also happening this week:
- NAFCU is offering a webinar tomorrow focused on website and social media compliance violations. Register here.
- Tomorrow, NAFCU's Regulatory Committee will meet to discuss issues affecting credit unions.
- Tomorrow, the Senate Finance Committee will hold a hearing on challenges in the retirement system.
- Wednesday, a Senate Appropriations subcommittee will examine the Treasury Department's proposed budget estimates for fiscal year 2020.
- Thursday, NAFCU will meet at the Treasury Department to discuss the Telephone Consumer Protection Act (TCPA) and efforts to further clarify the definition of "autodialer" to ensure legitimate businesses such as credit unions can contact consumers without fear of breaking the law.
Add to Calendar 2021-01-14 14:00:00 2021-01-14 14:00:00 HMDA Fundamentals & Advanced Topics for Accurate Reporting Learn essential HMDA points that will aide both beginners and experienced HMDA personnel in quickly and accurately determining the reportability of transactions and the correct completion of specific HMDA fields. It is easy to get lost in the nuances of the Home Mortgage Disclosure Act. This webinar will cut through the haze and share crucial information for a strong HMDA program, including where to locate the guidance. Topics Covered Revised mandatory reporting and partial exemption thresholds. Defining an application for HMDA. Covered and excluded dwellings including mixed use properties. Excluded transactions including all about temporary financing. Conditional versus final approvals. Special rules for early decisions with missing information. Key Takeaways Helpful hints for a full understanding of requirements and accurate decision making. Where to locate the various types of guidance available. Tips for establishing a solid HMDA program to enhance accuracy and ease testing and scrubbing. Purchase Now$295 Members | $395 Nonmembers (Additional $50 for CD)One registration gives your entire credit union access to the on-demand recording until January 14, 2022.Already registered? Go to the Online Training Center to view live. Who Should Attend? NAFCU Certified Risk Managers (NCRMs) NAFCU Certified Compliance Officers (NCCOs) Compliance Titles Risk Titles Education Credits NCRMs will receive 1.5 CEUs for participating in this webinar. NCCOs 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: Helpful hints for a full understanding of requirements and accurate decision making. Where to locate the various types of guidance available. Tips for establishing a solid HMDA program to enhance accuracy and ease testing and scrubbing. 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 Federal 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 firstname.lastname@example.org America/New_York public
Credits: NCRM, NCCO, CPE
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