Articles Tagged with ''NAFCU''

NAFCU pushes CFPB for more exceptions to payday lending rule

Wants all "payday alternative loans exempted"
Back in October last year, the CFPB announced its new 1,690-page-long payday lending rule that included several exceptions for credit unions. The final rule exempts some loans issued by credit unions in conformance with the NCUA for PAL loans, but now, NAFCU wants more.
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NAFCU to CFPB: It's time to roll back regulations with Cordray's departure

Outlines nine areas where credit unions are looking for relief
With the future of the CFPB up in the air now that Director Richard Cordray will step down by the end of the month, the National Association of Federally-Insured Credit Unions took the opportunity to reiterate a message the group has long stressed: Credit unions are over-regulated. NAFCU outlined nine areas in which the bureau could improve its operations and provide some relief to credit unions.
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Credit unions, community banks want Fannie and Freddie to retain capital

NAFCU, ICBA ask FHFA to take steps to avoid another bailout
In a letter sent Thursday to FHFA Director Mel Watt, the National Association of Federally-Insured Credit Unions and the Independent Community Bankers of America ask Watt and the FHFA to “do everything within its authority to ensure the GSEs maintain a capital buffer” to address any potential losses and avoid a bailout in the future.
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NAFCU supports CFPB TRID proposal to fix "black hole"

Comment period closed Monday
The Consumer Financial Protection Bureau shut the door on the comment period for its proposal to amend part of the TILA-RESPA Integrated Disclosure rule involving changes to the Closing Disclosure form. The bureau’s proposed amendments sought to resolve the "black hole" issue under TRID, an issue NAFCU strongly supports.
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Industry responds to updated TRID rule

MBA, NAFCU, NAR weigh in on updates
After much anticipation, industry associations weighed in on the Consumer Financial Protection Bureau’s finalized updates to the Know Before You Owe mortgage disclosure rule, also known as the TILA-RESPA Integrated Disclosure rule. The new updates, after all, were meant to answer cries from the same associations for more clarity and certainty around TRID.
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NAFCU: The credit union perspective on housing finance reform

Core housing finance reform principles to ensure safety for credit unions
As talks surrounding housing finance reform persist, the National Association of Federally-Insured Credit Unions published its own thoughts on the matter to ensure the safety of the credit union system in whatever reform is ultimately implemented. While the paper is not an official proposal for GSE reform, it suggests that whatever reform is adopted must include these core principles.
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CFPB to credit unions: New mortgage regulations level the lending playing field

TRID is good news
After the financial crisis, the government unleashed a wave of new regulation; a move that left credit unions constantly fighting to make sure they don’t drown in the aftermath. The latest speech from CFPB Director Richard Cordray comes off as persuasive, trying to get credit unions to see all the good the rules do for them, but that's not the vibe credit unions received. Is TRID a win for credit unions?
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Monday Morning Cup of Coffee: Fannie Mae sets official date for using trended credit data

Also: Homebuyers beware of fake HAMP offers
After market anticipation, the launch date is finally set for the release of Fannie Mae’s Desktop Underwriter Version 10.0. Best part is this update is expected to open up the credit box to potential borrowers previously deemed unworthy. With Home Affordable Refinance Program extended into 2017, it also means that the threat of scammers pretending to offer government-sponsored modifications isn't going away. Beware.
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