CUNA writes to CFPB with QM, HPML pre-rule suggestions

By on December 18, 2020

first_img 6SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr The Credit Union National Association (CUNA) wrote to the Consumer Financial Protection Bureau (CFPB) last week asking the bureau to make regulatory changes based on several provisions signed into law last December.The provisions were part of the long-term highway funding package–Fixing America’s Surface Transportation (FAST) Act. They allow the CFPB to provide more flexibility for small creditors to qualify for exemptions to Regulation Z’s qualified mortgage (QM) balloon loan provisions and escrow requirements for higher-priced mortgage loans (HPMLs).“CUNA urges the CFPB to promptly amend TILA’s Regulation Z to allow for credit unions that make at least one (1) loan in a rural or underserved area to qualify for the exemptions from the QM balloon loan provisions and escrow requirements for HPMLs,” the letter reads.“Credit unions will benefit by being able to provide balloon loans that meet the definition of QM and being exempt from escrow requirements under certain circumstances,” CUNA wrote. continue reading »last_img read more

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Madrid emergency looms over lockdown chaos

By on October 19, 2020

first_imgImposed on Oct.2, the restrictions barred residents of the capital and nine nearby towns from leaving the city limits except for work, school or on medical grounds, and also imposed an 11:00 pm curfew on bars and restaurants. Ahead of the cabinet meeting, Madrid government leader Isabel Diaz Ayuso, a member of the conservative Popular Party, was locked in talks with her administration to decide what to do. In a phone conversation late on Thursday, Sanchez told her the region could issue an order validating the restrictions or ask the central government to impose a state of emergency to ratify the measures. The third option was for the central government to impose such a measure, he told her, saying that in all three cases, the restrictions would remain the same.  With Sanchez away at a ceremony in Barcelona with King Felipe VI, the cabinet meeting was to be chaired by Carmen Calvo, one of his deputies. “We have been continually reaching out to the region to deal with the situation to ensure that these measures are kept in place in order to contain the pandemic in Madrid,” Calvo said ahead of the meeting. “We have only one objective: to protect Madrid.. If the community cannot do it, we will.”Despite opposing the partial lockdown of the capital, mainly on economic grounds, Diaz Ayuso urged residents to stay within city limits, especially over the forthcoming three-day weekend for Spain’s National Day on Oct.12.”We remain in a situation where incidence of the virus remains very, very high,” national emergencies coordinator Fernando Simon warned on Thursday, urging people to act responsibly. “If people go to their second residence in the mountains, or go on holiday even within the region, it implies risk.” Meanwhile, a group of scientific and medical organizations representing 170,000 professionals published a letter online pleading for an end to the political infighting.”You must accept, once and for all, that to deal with the pandemic, key decisions must be based on the best-available scientific evidence and completely disconnected from the ongoing political confrontation,” it said.By late morning the petition, which was published on change.org, had been signed by nearly 100,000 people. The court refused to ratify the restrictions on grounds they were imposed by the central government and not by the regional authorities. The infection rate in the region of Madrid currently stands at 564 cases per 100,000 people, compared with just 257 in the rest of Spain, which is the highest in the European Union. Topics :center_img Spain’s cabinet was to open urgent talks on Friday to consider imposing a state of emergency in Madrid after judges overturned a partial lockdown that was opposed by the regional authorities.Thursday’s bombshell court decision in effect canceled restrictions covering some 4.5 million people in and around the capital, where the rate of infections is twice the national average. Caught in a bitter standoff with Madrid’s rightwing administration which opposes the restrictions, Spain’s socialist Prime Minister Pedro Sanchez has issued an ultimatum: either the region passes the measures itself, or the government declares a state of emergency to push them through. last_img read more

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Ferguson ‘had to go out a winner’

By on September 21, 2020

first_imgSir Alex Ferguson admits he was desperate “to go out a winner” after being beaten to the Barclays Premier League title by rivals Manchester City last year. He added: “We had a terrific points lead. The problem is when you have a lead and you start to lose a point. When we lost to City in the Monday night game you start to think ‘Christ, you can’t throw this away’.” That need to end on a high note extends to the final game of the Ferguson era at West Bromwich Albion on Sunday too. The silverware may have been sewn up already, but Ferguson has no interest in signing off with defeat. “We need to win the game on Sunday,” he added. “We won the last home game (against Swansea) and I don’t want to lose my last game, that’s for sure.” Ferguson was instrumental in the decision to appoint Everton manager David Moyes as his successor and he explained why he felt his fellow Scot was the man for the job. United may have known plenty of success in recent seasons, but Ferguson feels the ability to deal with adversity could be crucial for Moyes. “What I know of David is he’s hard working, there’s an integrity about him, he’s got a work ethic about him and he’s a serious football man,” Ferguson said. “These are qualities he’s going to need. If you look at what he’s done at Everton for instance. “Eleven years without real financial backing, but he persevered and created some decent teams in the last few years.” The Manchester United manager, who retires after 26 years of unprecedented success at Old Trafford, explained how important it was to him to leave his post with the club back on top of the pile. Speaking on stage at the club’s end of season awards ceremony, Ferguson told MUTV: “That was an issue when (wife) Cathy and I chatted about this at Christmas. At that point we had a five-point lead and I thought we had a great chance. I said ‘I really need to go out a winner. We need to win something’. After the disappointment of last season we couldn’t take a second one. I was hopeful we’d win it and we did.” center_img Press Associationlast_img read more

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