Sen. Warren Calls CFPB’s Kraninger a ‘Miserable Failure;’ Says She Should Resign
The Democratic senator who conceived of the CFPB more than ten years ago told CFPB Director Kathleen Kraninger that the agency is doing little to protect consumers during the pandemic.
Taxi Workers Alliance Pleads with Marblegate to Negotiate Over NCUA Loans
Marblegate Asset Management, the private equity fund that purchased New York City taxi medallion loans from the National Credit Union Administration (NCUA) is so far unwilling to negotiate reasonable settlements with drivers who are unable to repay the money they borrowed from credit unions and banks, according to Bhairavi Desai, executive director of the New York Taxi Workers Alliance.
SBA Inspector General Roasts Agency for Poor Oversight of Economic Injury Disaster Loan Program
In a blistering report, the Small Business Administration’s Inspector General said Tuesday that the agency’s COVID-19 Economic Injury Disaster Loan program is an open door for fraudsters seeking easy money.
Senate Passes Bill to Protect Stimulus Checks from Garnishment
The Senate passed S. 3841, legislation that would protect federal pandemic economic stimulus payments to individuals from garnishment.
CUNA Names Damon Smith as Senior Director of Advocacy and Council
Washington, D.C. attorney Damon Smith has been named the Credit Union National Association’s senior director of advocacy and counsel.
NCUA Board Approves Final Field of Membership Rule at July Board Meeting
The NCUA approved a final Field of Membership rule that allows a credit union to file an application to designate a Combined Statistical Area. In addition, the NCUA board adopted a proposed rule intended to ease the transition to CECL. The pandemic's impact on the agency budget was also discussed at the July board meeting.
Credit Union Trade Groups Continue Push for Coronavirus Liability Protection
The two major credit union trade groups renewed their call to ensure that the next economic stimulus bill includes limited liability protection, even as the issue continued to be a major sticking point in negotiations over the coronavirus crisis response legislation.
Biden: Use CDFIs to Fight Racial Economic Disparities
Presumptive Democratic presidential nominee Joe Biden outlined his plans to attack the racial economic disparities in the U.S, including increasing funding and expanding options for Community Development Financial Institutions.
Democratic Draft Platform: Renew Glass-Steagall, Explore Postal Banking
The Democratic National Committee is scheduled to consider a draft of the 2020 national Democratic platform that calls for an “up-dated and modernized version” of the Glass-Steagall Act, reinvigorating the CFPB, doubling funding for the CDFI program and for an examination of postal banking.
With Lawmakers Stalled, CUNA, NAFCU Continue Economic Stimulus Push
With Congress seemingly stalled on its next economic stimulus measure, the Credit Union National Association and the National Association of Federally-Insured Credit Unions are pushing lawmakers to add things they want in the final bill and to drop things they do not like in the House and Senate measures.
Senate Republican Stimulus Bills So Far Ignore Credit Union Proposals
A summary of the provisions of interest to credit unions in the the Senate Republican pandemic economic stimulus plan, a three-bill legislative package released on July 27, 2020.
Postal Banking Pilot Receives $2 Million in FY21 House Spending Bill
The House passed an FY21 spending measure that would increase CDFI funding by $11.5 million and set aside $2 million for a pilot test of postal banking.
NCUA Exhausts Funding for COVID-19 Emergency Grants
The NCUA has exhausted all available funds for coronavirus crisis urgent needs grants and no new applications will be accepted, agency officials announced.
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.
NCUA Delays Implementation of New Examination Tool, CECL Evaluation
Citing the coronavirus crisis, NCUA Chairman Rodney Hood said Wednesday that the agency will delay implementation of its new NCUA Connect user portal and its Modern Examination and Risk Identification Tool until the second half of 2021. The NCUA also will not begin assessing credit union efforts to comply with the CECL standard until further notice.