Message from the Editor About Story Links to the CU Times

David Baumann is again writing for the Credit Union Times. This means some of his articles will be on the Credit Union Times website and some will be on the Washington Credit Union Daily website. There are some details you need to know about how this will work.

More PPP Money Will Be Needed to Help Recovery, Nussle Tells Congress

CUNA and NAFCU are warning Congress that small businesses are going to continue to struggle from the economic impact of COVID-19, even after the most recent cycle of the PPP is completed.

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It’s Groundhog Day: Postal Banking Remerges

In the closing minutes of a hearing on the United States Postal Service this Wednesday, Rep. Ayanna Pressley (D-Mass.) brought up the suggestion that postal banking could help the post office recover financially while also helping serve those who do not have access to traditional banks.

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Biden Administration Promises Smoother PPP Process

The Biden Administration has been studying the Paycheck Protection Program loan processes and has made some changes designed to smooth the process, cut down on fraud, and give the smallest businesses access to the loans. For two weeks beginning on Wednesday, PPP applications will be limited to businesses with fewer than 20 employees. Other changes have been made to the program too.

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In Ongoing Feud, NCUA's Hood Blasts McWatters Over Cost of Office Furniture

Former NCUA Chairman Rodney Hood took to Twitter to accuse former Board Member J. Mark McWatters of exorbitant spending on office furniture that is now being sold at a government auction. McWatters said that Hood's comments give an inaccurate reflection of the situation and that he has no idea why Hood is bringing up the issue now. McWatters left the NCUA Board in November.

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CU Trades Say Premium Not Needed Despite 1.26% Equity Ratio

The Normal Operating Level of the Share Insurance Fund, set by the agency before the pandemic, is 1.38%. The ratio currently sits at 1.26% and at 1.20% the NCUA will be required to develop a restoration plan that will involve additional premiums on credit unions. CUNA, NAFCU and NASCUS all oppose a premium now, arguing that the ratio is higher because of economic stimulus payments to members and that charging additional premiums of credit unions during an economic downturn is not a good plan.

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NCUA Equity Ratio Drops to 1.26%, Board Does Not Impose Immediate Premium

At the February National Credit Union Administration meeting it was reported that the equity ratio dropped to 1.26%. The board did not immediately impose a premium, but Chairman Todd Harper noted that it may eventually be required. A restoration plan is legally required if the equity ratio dips below 1.2%. Other issues were also reported and discussed at the meeting.

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Credit Unions Say SBA Has Improved Management of PPP Lending, But That Problems Persist

The second iteration of the Small Business Administration’s Paycheck Protection Program is operating much more efficiently than the first version, credit union trade groups said, but added that they continue to run into persistent problems that hamper lenders and borrowers.

CUs May Be Headed for Showdown With Harper on Overdraft Rule

Under current NCUA rules, negative balances need to be resolved in 45 days. In December, the board approved a proposed rule that allows credit unions to establish their own specific time limits to resolve negative balances. Credit unions argue this is good for credit unions and their members but consumer advocacy groups and NCUA Chairman Todd Harper are not convinced.


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NCUA Failed to Inform Examiners of Consumer Complaints: IG Report Says

The National Credit Union Administration's Inspector General issued a report that says the NCUA's Consumer Assistance Center focuses on consumer complaint resolution, not on whether or not those complaints indicate a violation of consumer protection laws. Since the NCUA instructs examiners not to reinvestigate complaints, violations of consumer protection laws may not be identified during exams. The IG report indicates better coordination is needed.


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CUNA Continues Push for Liability Protection from Coronavirus Lawsuits

CUNA signed a letter with hundreds of other organizations urging Congress to include temporary coronavirus liability protection in any new economic stimulus legislation.

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NAFCU Highlights Advocacy Agenda in Letter to Lawmakers

NAFCU sent members of the new Congress a letter outlining the trade group’s priorities.

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Waters Asks Biden to Kill Trump’s ‘Midnight Rules’

House Financial Services Chairwoman Maxine Waters (D-Calif.) is urging President-elect Joe Biden to reverse so-called “midnight rulemaking” by outgoing Trump Administration agencies, including the NCUA and the CFPB.

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Future NCUA Rulemaking Remains Unclear

The NCUA held a webinar to discuss new board Chairman Todd Harper's priorities and the main message from Harper is that he cares about continuing to advance economic equity and justice, as well as consumer protection efforts. It is not clear what he plans to do about some of the proposed rules that were approved before he became chairman.

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Bankers & Credit Unions Fighting Again Over Field of Membership Rules

In December, the National Credit Union Administration approved a proposed rule that would expand credit union fields of membership. Bankers claim the rule would permit an illegal expansion of those fields.

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Banking Chairman: Marijuana Banking Bill Will Have to Wait for Sentencing Reform

Cannabis banking legislation just got more complicated since Senate Banking Chairman Sherrod Brown (D-Ohio) says it should be combined with comprehensive criminal sentencing reform, which goes through the Judiciary committees.

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NCUA Renewing Streamlined CDFI Application Process

The NCUA will begin accepting applications on Jan. 24 for federally insured, low-income credit unions that want to use the agency’s streamlined qualification process to be certified as Community Development Financial Institutions. The application deadline is April 3.

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CFPB’s Kraninger Resigns at Request of President Biden

Consumer Financial Protection Bureau Director Kathleen Kraninger resigned January 20, at the request of President Biden. Biden intends to nominate Federal Trade Commissioner Rohit Chopra to head the CFPB.

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Kyle Hauptman Sworn In as NCUA Board Member

Kyle Hauptman was sworn in by Chairman Rodney Hood as a member of the National Credit Union Administration board on Monday, December 14, 2020.

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