Regulatory relief -- a top priority for the Credit Union National Association--would be realized for credit unions under a number of measures that will be considered next week on the House floor.
Among the items on the House schedule for consideration are:
Credit unions will soon be permitted to invest in hybrid charitable and investment vehicles known as charitable donation accounts (CDAs) under a new regulation approved by the National Credit Union Administration on Thursday.
Specifically, the rule clarifies that federal credit unions are authorized to create and fund a CDA, a hybrid charitable and investment vehicle, as an activity incidental to the business for which the credit union is chartered, provided the account is primarily charitable in nature and meets other regulatory conditions to ensure safety and soundness.
"This innovative rule strikes the right balance to provide flexibility.." Read More
A final rule that sets the definition of "qualified mortgage" (QM) for single-family residential mortgage loans was released by the U.S. Department of Housing and Urban Development Wednesday.
The rule was published in the Federal Register. HUD was required under the Dodd-Frank Act to issue its own qualified mortgage rule, separate from the one issued earlier this year by the Consumer Financial Protection Bureau. The QM rule will replace the CFPB's QM definition for Federal Housing Administration loans or certain other HUD insured loans. Read More