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.