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NAFCU outlines CFPB’s final rule extending the GSE patch

first_img This post is currently collecting data… ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr NAFCU Monday sent members a Final Regulation summary on the CFPB’s final rule extending the government-sponsored enterprise (GSE) patch and offered highlights on how the final rule impacts credit unions.The final rule extends the GSE patch under the Truth in Lending Act until the mandatory compliance date of a final rule amending the general qualified mortgage (QM) loan definition in Regulation Z or the GSE’s exit conservatorship; the GSE patch was originally set to expire Jan. 10, 2021.In the Final Regulation, NAFCU highlights that the bureau had previously stated it hoped to have the general QM rule finalized by April 2021. However, NAFCU notes, the CFPB’s final rule indicates that the bureau will “afford credit unions time to implement the new rule and the GSE Patch may be used during that time frame.”NAFCU has previously called for the bureau to allow for an 18- to 24-month extension of the GSE patch, at a minimum. Earlier this year, the association joined with nine other organizations to urge CFPB Director Kathy Kraninger to delay rulemakings on the general QM definition and extend of the patch in the wake of the coronavirus pandemic, in addition to calling on Congress to establish an emergency QM standard with flexible requirements and extend the patch if the CFPB did not provide one.center_img This is placeholder text continue reading »last_img read more

​Velliv gets tough on aggressive tax planning by asset managers

first_imgIn practice, Velliv said this meant it would run more checks on its unlisted investments and participate in schemes such as the United Nations’ (UN) Principles for Responsible Investment (PRI), which works to promote fair taxation.“We are in dialogue with the initiators of the Danish Tax Code (ATP, PFA, Pension Denmark and Industriens Pension), which we fully support. It is a strong initiative for the unlisted investments, and we would also like to help focus on the listed investments – and the international aspect,” said Kjærgaard.The four Danish pension funds he mentioned formed the agreement on tax practices by external managers this summer, after ATP, PFA and PKA moved to distance themselves in 2018 from Australia’s Macquarie when the bank was named as part of an international tax scandal last year.The funds agreed on principles to stamp out aggressive tax planning, such as a call for transparency in the field of tax and for external managers to adopt their own tax policy.Earlier this year, Danish labour market pension fund PenSam also added tax as a special area in its responsible investment policy following a number of high-profile scandals.The fund said it would investigate any companies it invested in if they paid less than 10% tax on their total earnings, or if a firm had placed all its profits in a country with a low tax rate, for example, adding it would extend this to include companies that issue equities and corporate bonds. Danish pension fund Velliv — formerly Nordea Liv & Pension Denmark — says it is cracking down on aggressive tax planning among its asset managers in listed and unlisted investments.The move follows action by four of Denmark’s largest pension funds to lay down a set of common principles on responsible tax behaviour in August.Thomas Kjærgaard, Velliv’s head of investment governance, said: “We want to ensure that our partners pay a fair tax and avoid using aggressive tax planning.”The DKK255bn (€34.1bn) pension provider said it is introducing new tax practices for its investments, under which it will actively work to avoid aggressive tax planning among the company’s managers for unlisted investments in future, increase efforts in relation to listed investments and enter into cooperation with other investors to promote responsible tax practices.last_img read more

Ayews respond favorably- GFA

first_imgThe Ghana Football Association is pleased to announce that Andre Ayew and Jordan Ayew have responded favourably to our request for them to reconsider their decision to temporarily retire from the Black Stars.However, they have asked to be excluded from this month’s World Cup qualifier against Sudan while they ponder the exact date for their return to the national team.We will continue our dialogue with the players to ensure they are available for selection in our future matches.last_img


first_imgDONEGAL’S motorists have been urged to shop around for petrol and diesel after a survey found as much as a 10 cent difference locally between some garages for the price of a litre of fuel.With many garages around the county now topping the €1.50 a litre mark, motorists are feeling the pinch more than ever.Some are continuing to hike up the prices while others are trying to keep the prices as low as they can despite Government tax hikes. One of the cheapest places in the county and indeed the country for fuel is still Tinney’s Fuel Depot at Bonagee outside Letterkenny where a litre of diesel is still around €1.42.However other stations across the county are steadily putting the prices up and claim they have no choice because of rising costs including that at which they are buying the fuel from suppliers.However Conor Faughnan of the Automobile Association urged Donegal drivers to vote with their feet and to go to where the fuel is cheapest to fill up.“Donegal is a very large county and people drive long distances to work including across the border into Northern Ireland. “If people are doing a lot of mileage then they will need to shop around so they can save themselves some serious money.“The price of petrol and diesel is at an all-time high and it could go up even further.“If people continue to buy off the more expensive garages then there will be no sense in them dropping their prices to compete.“Motorists can’t bring the price of petrol down but we can make sure that garages see they must be competitive,” he said.For a full list of the latest prices for petrol and diesel at Donegal’s garages see www.pumps.ie EndsMOTORISTS URGED TO SHOP AROUND FOR PETROL AS 10C PRICE DIFFERENCE REVEALED was last modified: March 9th, 2011 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)last_img read more