Presidents of 12 Federal Home Loan Banks urge NCUA Board to consider them as an option to the CLF or Fed's Discount Window.
The Consumer Financial Protection Bureau released final mortgage rules that restrict loan originator compensation methods and increase the level of service loan servicers must provide to borrowers. However, due to the way credit unions already do business, trade associations say neither rule will have a major impact on the industry.
Credit union trade groups reviewing the details; concern is whether strategic defaults would be encouraged.
Because credit unions don’t typically pay for more profitable terms, the rule isn’t expected to have a major impact on the industry.
Mortgage rules expected at Baltimore meeting next week; remittance rules expected to be posted on agency website in weeks to come.
Bank regulator budget compares with 6.1% budget hike for NCUA.
Proposal was part of 5300 Call Report changes but pulled after public comment.
NCUA comment period closed Monday on proposed threshold to be defined as small credit union.
Final liquidity rule not on October agenda for NCUA Board.
Comments from credit unions express concerns about rates, compliance burden as January effective date approaches.