A recent proposal by the National Credit Union Administration (NCUA) to raise the threshold at which credit unions must obtain appraisals for commercial real estate (CRE) transactions from $250,000 to $1 million would create an unleveled playing field between banks and credit unions, according to the American Banking Association (ABA).
ABA officials say the proposal would put the NCUA’s regulatory treatment of credit unions dramatically out-of-step with its sister agencies.
Read on for more details from the comment letter.
The Administrative Conference of the United States has announced upcoming partnerships with renowned scholars on the use of artificial intelligence in the federal administrative process.
The collaborations with Stanford Law School and New York University School of Law will result in potential uses of artificial intelligence to improve rulemaking and other regulatory activities throughout the federal government.
Read on for details of the partnerships, which may be used to develop agency-wide recommendations on artificial intelligence.
The Consumer Financial Protection Bureau (CFPB) and the Federal Reserve Board jointly proposed amendments to Regulation CC that would adjust for inflation the amount of funds depository institutions must make available to their customers.
The amendments would apply in circumstances ranging from next business day withdrawal of certain check deposits to setting the threshold amount for determining whether an account has been repeatedly withdrawn.
Read on to find out what the proposed adjustment methodology would be.
Should credit unions be subject to Community Reinvestment Act (CRA) regulation?
Banking lobbyists think so. But National Association of Federally-Insured Credit Unions (NAFCU) President and CEO Dan Berger disagrees, arguing against proposed reforms to put credit unions under the CRA.
Read on for more details from a recent NAFCU letter to the Financial Services Committee detailing why the CRA law should not apply to credit unions.
Despite the lowest average credit scores since the housing market crash, the Federal Housing Administration’s (FHA) Mutual Mortgage Insurance (MMI) Fund is performing well above its congressionally required 2 percent threshold.
The MMI Fund’s capital ratio grew by more than $8 billion over last year and now stands at 2.76 percent, according to the U.S. Department of Housing and Urban Development’s (HUD) annual report to Congress. That’s the highest level since 2008.
Read on for more highlights from the report.
The American Bankers Association (ABA) and a bank advocacy group have asked regulators to issue a formal rulemaking about the use of supervisory guidance.
Last September, federal regulators issued a joint statement explicitly stating that regulatory guidance does not have the force of law, and that bank examiners should not take enforcement actions based on supervisory guidance.
But the ABA says that isn’t enough. Read on for details on their petition to the Board of Governors of the Federal Reserve System.
The Consumer Financial Protection Bureau (CFPB) received more complaints from consumers in California than any other state over the last three years.
And mortgages were the third most-complained about financial product or service in California, according to the CFPB’s latest Complaint Snapshot: 50-state report.
Read on for more details from the snapshot, which illustrates the challenges reported by people in all 50 states and Washington D.C. since Jan. 1, 2015.
The Consumer Financial Protection Bureau (CFPB) has updated the Home Mortgage Disclosure Small Entity Compliance Guide.
The changes in the guide reflect amendments made by Section 104(a) of the Economic Growth, Regulatory Relief, and Consumer Protection Act and the 2018 interpretive and procedural rule.
Read on for details on the updates, which include general information about Section 104(a) of the 2018 Act and loan-volume thresholds for the partial exemptions.
The Office of the Comptroller of the Currency (OCC) has issued a response to a lawsuit filed by the Conference of State Bank Supervisors (CSBS), claiming the federal regulator’s nonbank charter program is unconstitutional.
CSBS seeks to prevent the OCC from granting national bank charters to entities operating as nonbanks, including fintech companies.
Read on for details of the lawsuit filed recently in the U.S. District Court for the District of Columbia.
Thirty-three states attorney general have joined together to urge the Consumer Financial Protection Bureau (CFPB) not to discontinue reviewing lenders’ compliance with the Military Lending Act (MLA) as part of its examinations.
The attorneys generals recently wrote a joint letter to the CFPB in response to reports that the CFPB would no longer ensure compliance with the MLA as part of its regular, statutorily mandated supervisory examinations.
Read on for details of their letter and their appeal for bipartisan work.
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