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.

House to Consider Bill to Kill CFPB Debt Collection Rule

The House next week will consider H.R. 2547 that would prohibit the Consumer Financial Protection Bureau from implementing large parts of its third-party debt collection rule—a regulation that the Trump Administration wrote and the Biden Administration already has delayed.

Credit Union Trade Groups Support Proposed FinCEN Rule

A proposed rule that implements a law requiring companies to report their beneficial owners to the Financial Crimes Enforcement Network could significantly alleviate credit union compliance burdens according to CUNA and NAFCU.

NCUA Charters Islamic Credit Union That Will Charge No Interest on Loans

The National Credit Union Administration announced that it is chartering the Maun Federal Credit Union in Kendall Park, N.J. to serve a local Islamic community.

PPP Runs Out of Money for Most Credit Unions

The Small Business Administration’s Paycheck Protection Program has run out of money for loans that most credit unions and banks would make, but PPP loans are still available through Community Development Financial Institutions, an SBA spokesperson said.

Harper’s Term Has Expired. Now What?

It may seem as if Todd Harper just joined the National Credit Union Administration board, but actually his term expired last month. How long he continues to serve is now up to President Biden.

IRS: Credit Unions Are Free to Seize Stimulus Payments

Despite efforts by financial industry and consumer groups to reverse the policy, the third round of Economic Impact Payments to individuals may be seized by states and creditors, a Biden Administration official has told senators. The IRS plans to make that policy clear in its “Frequently Asked Questions” section on its website.

Consumer Groups Say CUSO Rule Would Authorize Predatory Lending

The National Credit Union Administration's proposed Credit Union Service Organization rule would allow CUSOs to become predatory payday lenders that could make loans that far exceed the interest rate in the Federal Credit Union Act, consumer groups are warning.

Consumers in Minority Counties Filing Disproportionately More CFPB Complaints

The Consumer Financial Protection Bureau issued a report indicating that consumers from predominantly minority counties submitted more complaints to the CFPB than consumers in other counties.

Credit Union Trade Groups Endorse Proposed CUSO Rule

Saying that the NCUA’s current rule governing Credit Union Service Organizations is sorely outdated and hampers innovation, CUNA and NAFCU are calling on the agency board to finalize an updated regulation.

NCUA to Begin Accepting Community Development Applications on May 3

Low-income credit unions will be able to submit grant applications for the National Credit Union Administration’s Community Development Revolving Loan Fund between May 3 and June 26, the agency announced.

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House Financial Services Dems Push for $8.5 Million Boost for Credit Union Community Development Fund

The Democrats on the House Financial Services Committee out-voted the Republicans to pass the Views and Estimates Report, which contained requests to congressional budget writers for an $8.5 million increase for the NCUA’s Community Development Revolving Loan Fund in FY22. It also contained strong support for the CFPB.

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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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Bankers Ask NCUA to Withdraw Proposed CUSO Rules

In comments submitted to the NCUA, the American Bankers Association and the Independent Community Bankers of America said that rules that would allow Credit Union Service Organizations to expand their lending services should be withdrawn from consideration.

This article, written by our editor, is posted on the Credit Union Times website. There is a free, one-time registration required to visit the Credit Union Times website. See the story at the top of the page about why you are being redirected.

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Harper Asks Congress for More Authority to Charge Premium

In a letter to Senate Banking Committee ranking Republican Pat Toomey of Pennsylvania, NCUA Chairman Todd Harper had suggestions about changing when the agency can assess premiums on credit unions, increasing the NCUA's Share Insurance fund ceiling, and changing the assessment basis.

This article, written by our editor, is posted on the Credit Union Times website. There is a free, one-time registration required to visit the Credit Union Times website. See the story at the top of the page about why you are being redirected.

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Citing Temporary Influx of Deposits, NCUA Board Delays Release of Equity Ratio

The NCUA board did not issue its regularly scheduled update of the equity ratio at this month's board meeting. Instead, according to Chairman Todd Harper, they will continue to analyze the equity ratio and will review the first quarter Call Reports.

This article, written by our editor, is posted on the Credit Union Times website. There is a free, one-time registration required to visit the Credit Union Times website. See the story at the top of the page about why you are being redirected.

READ MORE AT THE CU TIMES

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.

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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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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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