Washington Credit Union Daily – Reporting on regulations, legislation and political developments affecting credit unions.

Credit Union Trade Groups Ask Federal Reserve to Carve 'Regulation D' Rule Change in Stone

Credit union trade groups are pushing the Federal Reserve to definitely state that it has no plans to reinstate a rule that limited consumers to six transactions a month from their savings account.

Puerto Rico’s Cooperativas Resilient Despite Crisis, Lack of Oversight, Regulatory Board Says

Puerto Rico’s cooperativas—island guaranteed credit unions—have thrived despite repeated crises and poor supervision by its regulator, the territory’s oversight board said in a report last week.

Interest Rate Change, Subordinated Debt on NCUA Spring Regulatory Agenda

The updated regulatory agenda is out. Here is what the NCUA has in mind for the next six months.

CFPB Plans to Issue Final Payday Lending Rule; Target Date Has Slipped

According to the "Spring 2020 Unified Agenda of Federal Regulatory and Deregulatory Actions,” the CFPB intends to repeal most of the Obama-era strict rule governing payday loans and issue a final rule governing third-party debt collectors.

Trump Likely to Sign Legislation to Extend PPP to August 8

The House and Senate have passed an extension of the Paycheck Protection Program. The bill now goes to the President.

NCUA: Biggest Credit Unions Continue to Thrive Amid Continuing Consolidation

The National Credit Union Administration releases its Quarterly Credit Union Data Summary for the first quarter of 2020. There are fewer credit unions, but overall credit unions are doing well.

Supreme Court Ruling Creates More Uncertainty for CFPB’s Future

The U.S. Supreme Court ruling upending the leadership structure of the Consumer Financial Protection Bureau did little to quell the arguments over the controversial agency and its work.

Supreme Court Decision in Hand, NCUA Will Begin Implementing Field of Membership Rule

Now that the U.S. Supreme Court has refused to overturn the National Credit Union Administration’s Field of Membership rule, the agency will begin implementing the sections of the rule that had been challenged, according to NCUA Chairman Rodney Hood.

Supreme Court Declares Single-Director Structure of CFPB Unconstitutional

The U.S Supreme Court on Monday declared the single-director structure of the Consumer Financial Protection Bureau unconstitutional.

Supreme Court Refuses to Consider Banker Challenge to NCUA Field of Membership Rule

The U.S. Supreme Court on Monday refused to consider the American Bankers Association’s challenge to the NCUA’s Field of Membership rule. The Supreme Court decision not to consider the case upholds the NCUA's Field of Membership rule.

CDC Issues COVID-19 Guidance for Financial Institutions

Employees of financial institutions face a low risk of exposure for COVID-19 if the institutions take precautions, such as shields at teller counters, the Centers for Disease Control and Prevention said last week.

Former Rep. Barney Frank: Dodd-Frank Has Held Up ‘Pretty Well’

Former Rep. Barney Frank and former Sen. Christopher Dodd reflect on the Wall Street Reform and Consumer Protection Act (also known as Dodd-Frank) at a virtual conference co-sponsored by the Brookings Institution and the University of Michigan.

House Panel Approves Defense Bill That Would Provide Credit Unions—But Not Banks—With Free Rent

The House Armed Services Committee approved legislation that would continue to provide credit unions—but not banks—free rent on military installations.

CUNA Sends Pandemic Legislative Wish List to Congress

The Credit Union National Association sent a pandemic legislative wish list to Congressional offices. The wish list is extensive and includes a one-year exemption from the current Member Business Lending cap,legislation that would protect lenders making PPP loans, and coronavirus liability protection for businesses.

NCUA Board Delays Reopening Plan; Seeks Comments on Increasing Virtual Examinations

As the coronavirus crisis drags on, the National Credit Union Administration board announced at its Thursday meeting that it will delay its phased-in reopening of the agency and approved a plan to explore expansion of virtual examinations of credit unions. In addition, it was briefed on the NCUA's annual Minority Depository Institution report.

NAFCU’s Thaler Predicts Enactment of Next Stimulus Bill in Late July or Early August

Brad Thaler, NAFCU’s vice president of legislative affairs, makes political predictions while speaking at the trade group’s virtual “State of the Industry” conference. Among his predictions is that Congress is not likely to enact another economic stimulus bill until late July or early August.

NASCUS Accuses NCUA of Attempting Major Power Grab

The NCUA is proposing to vastly expand its power in a proposed rule governing credit union bank purchases by including Federally Insured, State-Chartered Credit Unions (FISCUs) in the rule, the National Association of State Credit Union Supervisors charged this week.

CFPB Announces Advisory Opinion Pilot Program

Under a new pilot program announced last week, credit unions and other financial institutions are now able to request an advisory opinion from the Consumer Financial Protection Bureau if they are uncertain about the application of bureau rules.

GAO Blasts Trump Administration Implementation of PPP, Says Potential for Fraud is Huge

According to a Government Accountability Office report, the Trump Administration’s poor oversight of the Paycheck Protection Program has placed billions of dollars at risk, left lenders confounded and invited fraud.

NCUA, Banking Regulators Pledge Sensitivity to Pandemic Issues in Examinations

Federal and state banking regulators, including the National Credit Union Administration, pledged Tuesday to consider the impact that the coronavirus pandemic has had on financial institutions, as they conduct examinations of banks and credit unions.

Credit Unions Ask NCUA to Set Deadlines for Bank Merger Review

The National Credit Union Administration should complete the process for reviewing bank purchases by credit unions no later than 60 days after an application is filed, several credit unions have told the agency.

NCUA Nominee Hauptman: An Aggressive Dodd-Frank Opponent

Background of politcal positions and previous employment of Kyle Hauptman, President Trump’s choice to join the National Credit Union Administration board.

Bankers Contend Proposed NCUA Rule Won’t Stem the Tide of Predatory Purchases

A proposed National Credit Union Administration rule governing the purchase of banks by credit unions does not go far enough in governing predatory practices of the tax-exempt institutions, two banking trade groups told the agency this week.

Lender Identities Will Not Be Disclosed When SBA Releases PPP Loan Data

The specific information that the Small Business Administration will disclose for the Paycheck Protection Program loans will not include the name of the lenders making the loan.

Consumer Groups File Suit to Stop CFPB Task Force on Consumer Financial Law

“The biased composition of the Taskforce not only undermines its purpose—it is unlawful,” they said in the suit filed in the U.S. District Court for Massachusetts.