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05.20.2022
5 Things to Know this Week
NAFCU's widely read NAFCU Today is credit union leaders' go-to source for the latest on issues impacting the credit union industry. For those short on time, here's a roundup of this week's top need-to-know updates and resources.

Senate considers Michael Barr as Fed’s Vice Chairman of Supervision

On Thursday the Senate Banking Committee held a nomination hearing, which included the consideration of Michael Barr to be the Federal Reserve’s vice chairman for bank supervision. If confirmed by the Senate, Barr will be responsible for developing policy recommendations for the Fed board and overseeing its regulatory staff.

NCUA issues statement on House advancing Vendor Authority and Underserved Areas Bills

NCUA Chairman Todd Harper issued a statement after the House Financial Services Committee Wednesday advanced both the NAFCU opposed H.R. 7022, the Strengthening Cybersecurity for the Financial Sector Act of 2022 and the NAFCU-backed H.R. 7003, the Expanding Financial Access for Underserved Communities Act.

In the statement, Harper states that the Committee’s passage of H.R. 7022 is “an important step forward in closing a regulatory blind spot.” In addition, he addresses H.R. 7003 as “an important piece of legislation that would allow all federal credit unions to add underserved areas to their fields of membership – essential to increasing access to safe, fair, and affordable financial services in rural communities, communities of color, and other underserved places.”

Also, of note, Senate Majority Leader Chuck Schumer (D-NY) filed cloture on Harper’s nomination to another term on the NCUA Board, setting up a possible confirmation vote in upcoming weeks.

USAA wins RDC Patent Case against PNC

A federal jury in Texas awarded the United Services Automobile Association (USAA) over $218 million from PNC Bank for violating the association’s patent rights with the bank’s mobile check-deposit technology. A PNC spokesperson stated that the bank was disappointed in the verdict, but confident it would eventually "prevail as to all of the patents USAA has asserted."

CFPB releases mortgage servicing metric report

The CFPB published a report Monday examining mortgage servicers’ responses to the COVID-19 pandemic. The data collected from 16 large servicers from May through December 2021 revealed that “homeowners continue to face significant risks and challenges connected to working with their mortgage servicers.” In addition, the problem is “particularly acute for those borrowers struggling to make their mortgage payments after exiting COVID-19 hardship forbearances.”

White House outlines new housing plan to close supply gap

The White House released a new Housing Supply Action Plan Monday, naming it “the most comprehensive all-of-government effort to close the housing supply shortfall in history.”

According to the announcement, under the plan the Administration will:

• reward jurisdictions that have reformed zoning and land-use policies;

• deploy new financing mechanisms to build and preserve more housing where financing gaps currently exist;

• expand and improve existing forms of federal financing;

• ensure that more government-owned supply of homes and other housing goes to owners who will live in them; and

• finish construction in 2022 on the highest amount of new homes in any year since 2006.

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