With the holiday season upon us, financial professionals are mindful of the heightened risk of cybersecurity issues, as well as the end-of-year activities by their prudential regulators as they finalize their budgets and last-minute rulemakings.
Read about these matters and more in this roundup:
MBA reports uptick in mortgage applications
The latest Mortgage Bankers Association Weekly Mortgage Applications Survey indicated a 6.3 percent increase in mortgage applications, on a seasonally adjusted basis, for the week ending Nov. 22. The Market Composite Index, which measures mortgage loan application volume, showed a 3 percent increase on an unadjusted basis compared with the previous week. Meanwhile, the Refinance Index dropped 3 percent from the previous week and was 119 percent higher than the same week one year prior. The seasonally adjusted Purchase Index increased 12 percent from one week earlier and the unadjusted Purchase Index increased 7 percent compared with the previous week and was 52 percent higher than the same week in the previous year. Find more insights here.
ICBA publishes guide for handling check fraud
Independent Community Bankers of America Check Fraud Task Force published a new guide that explains how and when community banks should contact regulators about check fraud. Titled, “Check Fraud: Engagement with Federal Bank Regulators,” the guide was developed by the community bankers, offering suggestions on how to frame feedback and where to direct communication, based on the experiences of peer community bankers. The task force previously published two other guides this year – “Check Fraud: Detection Mechanisms” and “Check Fraud: A Practical Guide to Altered, Forged, and Counterfeit Checks for Community Bankers.” Learn more here.
ACU complains about strain caused by NCUA proposed budget, updated exam cycle
America’s Credit Unions (ACU) voiced concerns about the National Credit Union Administration’s proposed 2025-2026 budget after it was shared with representatives of the ACU, the GoWest Credit Union Association, and Defense Credit Union Council during the agency’s recent public briefing. The proposed 2025 budget represents a 12.2 percent increase from 2024, and the 2026 budget calls for an additional 7.5 percent in spending. The agency staff also noted that federally insured credit unions that meet a certain criteria will be on a 12-to-16-month examination cycle (extended from the normal eight to 12 months for credit unions with more than $1 billion in assets). Credit unions that meet the criteria are those that: have between $1 billion and $10 billion in assets; have CAMELS code of 1 or 2; and had no change in CEO since their last exam. Read about the credit unions’ concerns here.
CBA publishes FAQ for consumers worried about holiday spending risks
The Consumer Bankers Association published a list of frequently asked questions (FAQ) tailored to address concerns consumers have when shopping during the holidays. Rather than addressing gift ideas or decorations, this list pertains to managing credit expenditures and keeping one’s finances safe and secure during a time of year when cybercrime is at its peak. The FAQ includes tips on how to safeguard against fraud and prudent credit monitoring. Read more here.