(Dec. 23, 2021) The moratorium on federal student loan payments is extended through May 1, the Biden Administration announced Wednesday, pushing the deadline back from its previous end point of Jan. 31. The White House said the spread of the omicron variant of the COVID-19 virus prompted the extension … Landlords and mortgage servicers with military servicemembers and veterans as tenants and clients were put on notice about housing protections enacted for servicemembers during the coronavirus crisis in letters sent this week from the CFPB and the Department of Justice. In their joint letters, the agencies said they reminded landlords and mortgage servicers of important legal housing protections for military families. They noted that some servicemenbers “may have had to relocate or make other changes to their housing arrangements in response to the crisis,” the agencies said. “While military families enjoy the same legal protections and privileges afforded to all other homeowners and tenants, they also have additional housing protections under the Servicemembers Civil Relief Act (SCRA), which is enforceable by the DOJ and servicemembers themselves” … Federal banking regulators, along with federal securities industry and housing supervisors, have decided to leave unchanged their definitions of qualified residential mortgage (QRM), the community-focused residential mortgage exemption, and the exemption for qualifying three-to-four-unit residential mortgage loans under their 2014 federal credit risk retention regulations. The decision was based on a review of the rules that began in 2019; the agencies said they have decided, “at this time, not to propose to amend the definition of QRM, the community-focused residential mortgage exemption, or the exemption for qualifying three-to-four-unit residential mortgage loans” … A fourth new federal credit union (FCU) charter for the year, which would offer services to the community of Eatonville, Fla., was announced this week by NCUA. Eatonville FCU is sponsored by the Macedonia Missionary Baptist Church Eatonville Florida, Inc. NCUA said the new credit union is the first federally insured financial institution in the community. It has the agency’s low-income designation and may also qualify as a minority depository institution, NCUA said … This issue of NASCUS Report is the final one for 2021; we’re taking a week off next week for the holidays. The next issue of NASCUS Report is scheduled for Jan. 7. Until then: have a terrific Christmas and here’s to a happy New Year!

 

(Oct. 29, 2021) A Texas credit union that expects to start operations by year’s end is the third to be chartered in 2021 by NCUA, the agency said this week.

The agency said Capital Federal Credit Union (FCU) in Lubbock would provide services to a multiple common-bond field of membership that will include employees of Capital Mortgage Services of Texas, members of the League of United Latin American Citizens — Lubbock, Texas Council #263, and an underserved portion of Lubbock County consisting of 39 census tracts.

NCUA said the credit union will also seek the low-income credit union (LICU) designation by focusing on serving the Latin American population in the underserved area.

Although the new credit union will not initially offer checking accounts and debit card access (which it plans to do later, NCUA said), it will offer such services as savings accounts, vehicle and personal loans, online banking and mobile banking.

Earlier this year, the agency chartered Maun FCU in Kendall Park, N.J., as an Islamic-faith-based, no-interest credit union; and Community First Fund FCU in Lancaster, Pa., a community development financial institution (CDFI) aimed at serving the approximately 550,000-person community of Lancaster County.

LINK:

NCUA Charters Capital Federal Credit Union

(July 9, 2021) Community First Fund Federal Credit Union, of Lancaster, Penn., was chartered this week by NCUA, the second credit union chartered so far this year by the federal regulator. The new institution is sponsored by the nonprofit Community First Fund to serve the approximately 550,000-person community of Lancaster County; operations are expected to begin by year’s end. The credit union plans to offer credit cards and first mortgages … The position of chief operating officer (COO) is “retired” at the OCC under a reorganization plan announced this week by the agency; however, Blake Paulson, the veteran occupant of that position (and former acting comptroller) will stay with the agency but in a new role. The agency’s bank supervision units (the bank supervision policy, midsize and community bank supervision, large bank supervision, and supervision risk and analysis) and the office of management will now report directly to Acting Comptroller Michael J. Hsu. Since 2019, those divisions reported to the agency’s COO … NASCUS participated in this week’s annual conference of the International Credit Union Regulators’ Network (ICURN), held virtually Wednesday and Thursday. NASCUS President and CEO Lucy Ito serves on the ICURN Board of Directors. In conjunction with the event, ICURN announced a new virtual training program for credit union supervisors, running from Sept. 20-24. The virtual course is based on the group’s in-person training program, ICURN said.

(May 7, 2021) A new federal credit union chartered late last month in Kendall Park, N.J., to serve a local Islamic community will offer its members non-interest-bearing consumer loans, among other services, NCUA said this week. Maun FCU will be an Islamic-faith-based, no-interest credit union whose not-for-profit, cooperative business model will fill a need for affordable, federally insured financial services among members of its community, the agency said in a release. The new credit union will serve employees and members of the New Brunswick Islamic Center in New Brunswick, N.J., and employees and members of the Islamic Society of Central Jersey in Monmouth Junction, N.J. … the Federal Reserve this week called for comments on proposed guidelines it would use to evaluate requests for accounts and payment services at Federal Reserve Banks presented by “novel types” of banking institutions attempting to leverage new and emerging technologies and techniques. Generally, principles outlined in the guidelines would require the requesting entity to be eligible to receive Fed services, and cannot present “undue risk” to the Fed system or the financial system at large.

LINKS:
NCUA Charters Maun Federal Credit Union

Proposed Guidelines for Evaluating Account and Services Requests (PDF)