Entering the home-stretch of the year, mortgage applications are trending in a positive direction and the financial industry remains busy making sure regulators know where banks and credit unions stand on a number of issues. Learn more about these matters in this roundup:
Mortgage applications increase for fourth straight week
The Mortgage Bankers Association (MBA) reported an uptick in mortgage applications for the fourth consecutive week. The trade group’s latest Weekly Mortgage Applications Survey, for the week ending Nov. 29, indicated a 2.8 percent increase in applications with a seasonal adjustment for the Thanksgiving holiday. The increase was 30 percent on an unadjusted basis compared to the previous week when the adjusted application index was 6.3 percent higher. Applications have not fallen since the week ending Nov. 1. Read more about the latest figures here.
ICBA comments on proposed check holds amendment
The Independent Community Bankers of America (ICBA) submitted a comment letter regarding a joint rule to shorten maximum permissible hold times for funds deposited by consumers issued by the Federal Reserve and the Consumer Financial Protection Bureau. The trade group stated that shortening check hold times “would limit banks’ ability to detect and mitigate instances of check fraud, which would ultimately harm consumers and businesses.” ICBA further asserted amendments to Regulation CC should be tailored to help banks address check fraud, which is a growing concern among community banks and other institutions. Read the full letter here.
Credit union leader champions AI for meeting consumer financial needs
America’s Credit Unions (ACU) President and CEO Jim Nussle emphasized his association’s belief that credit unions artificial intelligence (AI), which used safely and securely, is a valuable tool for helping its members meet consumers’ financial needs. He previously highlighted the value of AI for credit unions in a letter to the House Financial Services Committee. ACU has provided numerous representatives for the committee’s bipartisan working group and multiple hearings on the topic. Learn more about Nussle’s thoughts here.
CBA leader writes column highlighting good consumer financial habits
Consumer Bankers Association (CBA) President and CEO Lindsey Johnson authored a syndicated column describing ways consumers can keep their financial lives in order through the holiday season and into the New Year. The column has appeared in more than 2,500 outlets across 185 markets in all 50 states. It highlights various bank products, services and general advice, such as the Consumer Financial Protection Bureau’s recommendation that consumers contact their credit card company directly before seeking outside debt consolidation services. Read the full column here.