Feb. 12, 2021 NASCUS Report

THIS WEEK: Harper sees state partnership as ‘invaluable;’ Final joint account rule on tap; HMDA filing date in two weeks; Summary looks at ‘seasoned QM’ rule; Fed makes 0% reserve permanent; An aggressive tone from CFPB; NY climate change action cited again; BRIEFLY: MA earns reaccreditation … Tool helps LIBOR transition … Have a terrific holiday!

New NCUA chair sees continuing partnerships with states as ‘invaluable’

(Feb. 12, 2021) A continuing partnership with state supervisors “will be invaluable” to ensuring a viable dual-chartering credit union system, NCUA Board Chairman Todd Harper said in a webinar Thursday,…

Board to consider final joint-account rule

(Feb. 12, 2021) A final rule on what records can be used to support the insured status of a joint ownership share account is slated for action during an open…

March 1 HMDA filing date coming up

(Feb. 12, 2021) Credit unions required to file reports on home mortgage loan applications made last year have until March 1 to do so, NCUA reminded this week in a…

Summary outlines complex ‘seasoned QM’ rule

(Feb. 12, 2021) The new “seasoned qualified mortgage” (QM) from CFPB is the focus of the latest summary published by NASCUS and now available on the association’s website (to members…

Fed makes 0% Reg D reserve permanent

(Feb. 12, 2021) A reprieve for financial institutions from reserve requirements on transactions accounts, implemented last March to keep money flowing amid the coronavirus pandemic, will be permanent under a…

Acting bureau director voices aggressive tone

(Feb. 12, 2021) The CFPB is voicing a more aggressive tone under the leadership of Acting Director Dave Uejio, as evidenced by two initiatives he announced this week. Uejio is…

NY climate change stance cited once more

(Feb. 12, 2021) The New York State Department of Financial Services (NYDFS) was cited, again, this week for its position on financial risk through climate change in a report issued…

BRIEFLY: MA earns reaccreditation; Tool aims to ease bank LIBOR transition; happy President’s Day!

(Feb. 12, 2021) Congratulations to the Massachusetts Division of Banks (credit union supervision) on being reaccredited by NASCUS. Established in 1989, the NASCUS Accreditation Program administers and assures quality standards…

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