NCUA Board Agrees to Solicit Comments on Capital Adequacy Changes
The NCUA board agreed to solicit comments on a proposed rule that would amend the agency’s capital adequacy regulation governing credit unions with assets over $500 million, among other decisions at its July meeting.
Banking Regulators—But Not NCUA—Issue Third-Party Servicer Guidance
On July 13, when federal banking regulators issued proposed guidance governing financial institution monitoring of third-party service providers, one agency was notably absent: the NCUA.
House Hearing: No Consensus on How to Help Unbanked
At a House Consumer Protection and Financial Services Subcommittee hearing, members and financial services experts agreed that providing financial services to the unbanked should be a high priority for policymakers. There were various proposals and no agreement about how to do it.
CFPB to Issue Proposed Rule on Credit Data Collection by Sept. 30
The CFPB will issue a Notice of Proposed Rulemaking by the end of September on the collection of race, sex, and ethnicity information from credit applications, according to court documents.
FHFA Eliminates Controversial Refinancing Fee
The FHFA announced that on Aug. 1 it will eliminate the controversial Adverse Market Refinance Fee imposed last December under the Trump Administration.
Senate Dems: Cannabis Banking Must Be Part of Broad Legalization Bill
Key Democratic senators vowed Wednesday to block marijuana banking legislation unless it is enacted as part of a comprehensive federal cannabis legalization measure.
FinCEN to Develop ‘No Action Letter’ Program
The Financial Crimes Enforcement Network intends to develop a program that allows it to issue “no action letters” to financial institutions that request them.
Bank-Credit Union Mergers Ignored in Biden Executive Order
If President Biden’s Executive Order on competition is any indication, banker arguments that credit unions pose an unfair competitive threat may not be gaining traction in the White House.
It’s Summertime: Baseball, Fireworks and the Fight Over Military Banks
If it’s summertime, it’s time for the annual brawl between credit unions and banks over free access to military bases. The Senate Armed Services Committee is scheduled to mark up the annual defense authorization bill this week and the credit union trade groups are staking out their positions.
Biden Signs Resolution Killing OCC ‘Rent-a-Bank’ Rule
The Office of the Comptroller of the Currency’s so-called “rent-a-bank” rule that allowed banks and savings and loans to provide their charter to online lenders with annual interest rates exceeding 100% is dead.
Credit Unions Given Time to Adjust to New FinCEN Priorities
Credit unions will not yet be required to revise their Bank Secrecy Act policies to conform to priorities issued by the Financial Crimes Enforcement Network, NCUA Chairman Todd Harper said. But they might want to start planning.
CFPB Won’t Stop Foreclosures, But Will Require ‘Temporary Safeguards’
The CFPB said it will not impose a moratorium on mortgage foreclosures until the end of the year but will impose “temporary safeguards” to ensure that homeowners with pandemic-related hardships have time to make payments on their homes.
NCUA Board Approves Plan to Keep Current 18% Interest Rate Ceiling
At the June board meeting of the NCUA, the board voted on the interest rate ceiling for credit unions, adopted a final rule on capitalization of interest, and adopted a final rule to ease the impact of the Current Expected Credit Losses standard.
CFPB to Resume Military Lending Act Enforcement
Reversing a Trump Administration policy, the Consumer Financial Protection Bureau announced Wednesday that it will immediately resume enforcement and supervisory activities under the Military Lending Act.
Credit Unions Made $5.6 Billion in Loans During Latest PPP Round
As the PPP ends, the SBA reported that this year 859 credit unions made almost $5.6 billion in loans to businesses to help them weather the coronavirus pandemic.