ALEXANDRIA, Va. (6/18/13, UPDATED: 4:30 P.M. ET)--A final rule on loan participations has been added to the National Credit Union Administration's June open board meeting agenda.
WASHINGTON (6/18/13, UPDATED 10:55 a.m. ET)--CUNA witness Jerry Reed this morning detailed credit union concerns with the Consumer Financial Protection Bureau's ability-to-repay and qualified mortgage rules.
WASHINGTON (6/18/13, UPDATED 10:24 a.m. ET)--Opening today's House subcommittee hearing on "Examining How the Dodd-Frank Act Hampers Home Ownership," Rep. Shelly Moore Capito (R-W.Va.) said it could be the very consumers that are meant to be protected by the Consumer Financial Protection Bureau's Ability-to-Repay mortgage rule that could be harmed by unintended consequences of the rule.
CUNA witness Jerry Reed will detail credit union concerns with the Consumer Financial Protection Bureau's qualified mortgage regulations when he testifies today before the House Financial Services financial institutions and consumer credit subcommittee hearing entitled "Examining How the Dodd-Frank Act Hampers Home Ownership," scheduled to start at 10 a.m. (ET). Reed is chief lending officer at Alaska USA FCU.
Tax advocacy efforts by credit unions and their members have remained strong as the U.S. Congress prepares to draft comprehensive reform legislation in the coming weeks, with more than 100,000 separate congressional contacts being made to tell their legislators, "Don't Tax My Credit Union!"
The U.S. Supreme Court Monday announced it will hear a case that could decide the fate of the application of disparate impact theory under the Fair Housing Act. Disparate impact focuses on discrimination based on effects and not intent. The case, known as Mount Holly v. Mount Holly Citizens In Action Inc. (No.11-1507), is detailed in the June 17 issue of the CUNA Regulatory Advocacy Report.
"It's time for Congress to act" and pass legislation that would increase the credit union member business lending cap, and give credit unions greater authority to access secondary capital sources, National Credit Union Administration Board Member Michael Fryzel wrote in the June edition of The NCUA Report
A bill to update the Oregon Credit Union Act passed in the state House Wednesday. The Northwest Credit Union Association backed the bill.
Financial education presentations made by Northwest credit union professionals last year benefitted more than 65,000 people, according to the Northwest Credit Union Association.
A U.S. District Court judge--whose ruling that federal credit unions may not take on new members who don't share a common bond was upheld by the U.S. Supreme Court in 1996--has died. The ruling led to the passage of the National Credit Union Membership Access Act.