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News Now

July 31, 2014

Senators introduce more reg relief for CUs, small banks

U.S. Sens. Angus King (I-Maine), Deb Fischer (R-Neb.), Mark Warner (D-Va.), and Jon Tester (D-Mont.) unveiled new legislation Wednesday intended to provide immediate regulatory relief for America's credit unions and community banks. ReadMore

HELOC reporting burden unjustified, CUNA tells CFPB

With an eye toward reducing regulatory burden on credit unions, CUNA has sent a letter to the Consumer Financial Protection Bureau outlining several concerns with the bureau's proposed changes to Home Mortgage Disclosure Act rules. ReadMore

Two bills with CU relief approved by House panel

The House Financial Services Committee passed two more regulatory relief bills that were held over for a recorded vote from Tuesday's hearing ReadMore

House passes SAFE enhancement, cyber protection acts

The House passed the SAFE Confidentiality and Privilege Enhancement Act (H.R. 4626) and the National Cybersecurity and Critical Infrastructure Protection Act of 2014 (H.R. 3696) this week. ReadMore

Fixed-asset cap, mid-year budget on today's NCUA agenda

Elimination of the 5% fixed-asset cap and a mid-year operating budget report highlight today's monthly National Credit Union Administration board meeting. ReadMore

30 days added to CFPB complaint narrative comment period

The Consumer Financial Protection Bureau received a number requests for a longer comment period on its recent proposal to allow consumers to include narratives along with complaints posted to the bureau's database and the CFPB has pushed the deadline out by one month. ReadMore

Growth continues, interest rates could rise, says NCUA economist

Increased loan demands, delinquency reductions and other positive performance indicators show an economy on the rise, but also bring the potential for higher interest rates, according to the latest economic update released by the National Credit Union Administration. ReadMore

Court orders BoA to pay $1.3B for Countrywide's risk disguise

Bank of America is the subject of a court order to pay a penalty in excess of $1.27 million in a case that charges that subprime lender Countrywide disguised risks associated with some of the mortgages it sold to the government-sponsored housing enterprises, Freddie Mac and Fannie Mae. A jury found Countrywide at fault. ReadMore

FHFA Announces Atlanta HARP Outreach Program

Noting that Atlanta is one of the cities with the highest number of borrowers who could benefit from a federal mortgage refinancing program, the Federal Housing Finance Agency Wednesday announced an outreach event there for Aug. 14. It is intended to reach remaining homeowners who could benefit from the Home Affordable Refinance Program. ReadMore
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News Now LiveWire
NCUA re-schedules start of tomorrow's closed meeting to 9 a.m. ET. Open meeting still at 10 a.m. ET.
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.@lisamurkowski @SenatorEnzi @SenJohnBarrasso are latest to weigh in on NCUA risk-based capital proposal. See #NewsNow tomorrow for more
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Now up on News Now: Fed stays course on taper, interest rates
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Positive performance indicators and the potential for rising interest rates in @TheNCUA 's latest economic update.
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The @CFPB has launched a nationwide effort to provide financial education.
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