March 12, 2021 NASCUS Report

THIS WEEK: Comments seeks clear communications on rules for state charters; Summaries look at corporate sub debt, joint ownership rules; Board to consider CLF, asset threshold rules; Alert explains HPML escrow exemptions; Comments finally taken on RBC, CAMEL(S) proposals; ECOA cited in prohibiting discrimination for sexual orientation, gender; Summary examines QM rule delay; Officers named to CU advisory council; BRIEFLY: Bureau rescinds ‘abusiveness’ policy; Top Treasury official tapped; CFPB nomination squeaks through; Q&A proposed on private flood insurance

Letter seeks clear communications on rules for state charters

(March 12, 2021) Clear communication to federally insured state credit unions (FISCUs) of which regulations do and do not apply to them – and also providing a clear chain of…

Summaries outline corporate sub debt, joint ownership rules

(March 12, 2021) Two new summaries of final rules on corporate credit union purchase of subordinated debt, and on joint ownership share accounts, were posted by NASCUS this week. Both…

Board to consider final rules on CLF, asset thresholds

 (March 12, 2021) Two interim final rules – one on the agency’s Central Liquidity Facility, the other on asset thresholds pertaining to large credit unions – are slated for action…

Alert explains requirements for HPML escrow exemptions

(March 12, 2021) Requirements for exemptions for some credit unions from establishing escrow accounts for certain high-priced mortgage loans (HPMLs) are outlined in a “regulatory alert” sent Wednesday from NCUA….

Comment periods finally open on two proposals

(March 12, 2021) After a delay of nearly two months since approval, two proposals from NCUA – on simplifying rules for risk-based capital and on adding an “S” to the…

Bureau: ECOA prohibits sexual orientation/gender discrimination

(March 12, 2021) Sexual orientation discrimination and gender identity discrimination is prohibited under equal credit opportunity regulations, CFPB said this week in an interpretive rule. Further, the subhead for the…

Delay in QM rule examined in summary

(March 12, 2021) NASCUS also this week published a summary of CFPB’s proposal to delay the general “qualified mortgage” loan proposal, which would push the mandatory compliance date back by…

Officers named to CU Advisory Council (and more)

(March 12, 2021) Two officers were named this week to the NASCUS Credit Union Advisory Council (CUAC), which represents the credit union members of the association in leadership. Mike Ryan,…

BRIEFLY: Bureau rescinds ‘abusiveness’ policy; Liang tapped for Treasury post; Chopra nomination advances despite tie vote; Q&A proposed on private flood insurance

(March 12, 2021) A policy unveiled early last year by CFPB that limited the extent of the agency’s response to certain abusive acts or practices affecting consumers was rescinded Thursday,…

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