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.

Loosely Regulated Fintech Companies Pose Risks to Credit Unions, CEO Tells House Panel

The House Consumer Protection and Financial Institutions Subcommittee held a hearing on trends in institutional charters that highlighted the different views on proper regulation of fintech companies and how the current regulatory arrangements may be becoming disadvantageous to credit unions. Carlos Pacheco, CEO of Premier Members Credit Union in Boulder, Colo., gave a credit union's perspective to the legislators.


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Nussle: USAID Award Process Biased Against WOCCU, Smaller Non-Profits

Jim Nussle, the President/CEO of CUNA, says efforts by the World Council of Credit Unions and other small non-profits to access funds to help development abroad is hampered by the procurement process used by the U.S. Agency for International Development. He is proposing a legislative solution.

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Waters Says FinCEN Needs at Least $74.3 Million Soon to Implement New Law

House Financial Services Chairwoman Maxine Waters (D-Calif.) is asking for a supplemental appropriation for the Treasury Department’s Financial Crimes Enforcement Network so that it can implement the anti-money laundering and Bank Secrecy Act changes Congress passed last year.

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CFPB Proposes Delaying Debt Collection Rules Criticized by Consumer Groups

Citing the pandemic, the CFPB is proposing to delay by 60 days the effective dates of debt collection rules that were issued by the Trump Administration last year. The agency is seeking public comment on the proposal, but the proposal first must be published in the Federal Register.


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Trade Groups Say IRS Coronavirus Payment Process is Confounding Credit Unions, Members

The Internal Revenue Service’s “Get My Payment” portal to provide information to consumers about their federal coronavirus Economic Impact Payments is providing inaccurate information to many financial institutions and their customers, creating confusion for everyone involved, groups including CUNA, NAFCU, the ABA and the ICBA wrote in a letter to IRS Commissioner Charles Rettig.

Biden Proposes 22% Boost for CDFI Program

The Biden Administration released a bare-bones funding blueprint for next year and it proposes a 22.2% increase for the Community Development Financial Institutions program, the opposite of Trump Administration budgets which always called for elimination of the program.

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VyStar CU President Accuses ICBA of 'Mischaracterizing' Bank Purchase

Vystar Credit Union agreed to buy Heritage Southeast Bank. The deal will be the credit union industry's largest-ever bank acquisition and set off a war of words over the credit union tax exemption. VyStar Credit Union and the Credit Union National Association have a few things to say about the Independent Community Bankers of America's characterization of the deal.

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ICBA's Anti-Credit Union Effort Intensifies, as FDIC Announces Unbanked Pilot Program

A "GetBanked" campaign in Houston and Atlanta was announced by the FDIC. Its goal is to get unbanked people to open checking accounts in banks.

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Legislation Introduced to Make It Easier for Credit Unions to Expel Members

Reps. Tom Emmer (R-Minn.) and Ed Perlmutter (D-Colo.) have introduced legislation that would allow credit unions to expel members without a membership vote and provides a procedure for reinstatement.

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Biden Signs PPP Extension Legislation

President Biden signed H.R. 1799 into law. The bill extends the deadline for businesses to apply for Paycheck Protection Program loans from March 31 to May 31 and allows the Small Business Administration to process the applications until June 30.

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CFPB May Reinstitute Strict Payday Loan Rule

The CFPB may reinstitute the agency’s rule that would require payday loan borrowers to demonstrate their ability to repay a loan before it is approved. When the Trump Administration took over the CFPB, Director Kathy Kraninger eliminated that requirement from the payday loan rule and now the Biden Administration may put it back.

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Marijuana Banking Bill Introduced in Senate

A bipartisan group of senators on Tuesday introduced legislation that would make it easier for credit unions and banks to provide financial services to marijuana-related businesses.

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CFPB Proposes to Stop Foreclosures Through the End of 2021

The CFPB is proposing a rule that would stop mortgage servicers from foreclosing on most home loans before December 31, 2021. This follows the agency's withdrawal of its earlier position that financial services companies would have flexibility in following agency rules during the pandemic. The comment period on the proposed mortgage rule will be open until May 10.

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CFPB Warns Mortgage Servicers to Be Flexible With Beleaguered Homeowners

The CFPB expects mortgage servicers to follow the regulations that help homeowners keep their homes as pandemic protections end. The CFPB released the criteria on which they plan to evaluate mortgage servicers.

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SBA Has No Ample Fraud Program in Place for PPP: GAO Report

According to the GAO, the SBA has not conducted a comprehensive assessment of the risks of the PPP because of the need for a rapid execution of the program. The GAO does not consider this an acceptable excuse and noted that an independent auditor reported multiple problems with the loan program.

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Senate Republicans Block Bill to Keep Stimulus Payments from Garnishment

Senate Republicans blocked legislation that would have prevented the federal Economic Impact Payments from being garnished for the payments of debts owed.

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Senators Introduce Legislation to Increase NCUA Loan Maturity Cap

Sens. Tim Scott (R-S.C.) and Catherine Cortez Masto (D-Nev.) have introduced legislation to increase the loan maturity cap of 15 years on credit union loans to 20 years.

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IG Says Reorganization, Staff Cuts Could Hamper CFPB’s Ability to Handle Complaints

The CFPB's Consumer Response staff has been reorganized and cut during the past three years, moves that could affect the agency’s handling of consumer complaints that have skyrocketed during the pandemic, the CFPB’s Inspector General said in a report recently released.

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