Oct. 23, 2020 NASCUS Report

THIS WEEK: State system backs CECL proposal (but some changes needed); Hood keeps commitment to financial inclusion; Agencies (and soon, NCUA) issue proposed rule on guidance; BUSY CFPB: Chart outlines HMDA data to be collected …  Rulemaking on financial records access opened … ‘GSE Patch’ extended for now; Replacement of LIBOR building steam

State system supports CECL proposal, but seeks some changes from NCUA

The state credit union system offered support for mitigating the day-one effect of the current expected credit loss (CECL) accounting standard on capital levels, but also offered a number of…

NCUA’s Hood recommits to financial inclusion

Saying he has “reinforced” his commitment to financial inclusion, NCUA Board Chairman Rodney Hood this week announced a new program sponsored by the agency to do just that, by launching…

Agencies issue proposed rule on guidance; NCUA to follow

The role of “supervisory guidance” would be clarified as meaning it doesn’t have the force of law in a proposed rule issued this week by federal banking regulators, CFPB and,…

BUSY CFPB: Issues chart of HMDA data to be collected …

A reference tool for HMDA data required to be collected and recorded in 2021 and reported in 2022 was published by CFPB late last week and is intended to help…

BUSY CFPB: Begins rulemaking on financial records access …

Information from the public on the best way to go about developing a rule on consumer access to financial records is being sought by CFPB in an advance notice of…

BUSY CFPB: Extends ‘GSE patch’ until new QM rule finalized

The “government-sponsored enterprise” (GSE) patch – which gives mortgages guaranteed by Freddie Mac and Fannie Mae “qualified mortgage” (QM) status – will be extended until a final rule is approved…

Momentum growing for abandonment of LIBOR

The forward motion to officially sideline LIBOR (London Interbank Offering Rate) as a reference rate for such financial products as adjustable mortgages and others continued this week with two top…

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