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.

Community Bankers Circulated Crib Sheet as NAFCU Met with Lawmakers

As NAFCU members met lawmakers and their staffs this week, the Independent Community Bankers of America circulated a crib sheet on Capitol Hill designed to make the credit union officials squirm.

NCUA Equity Ratio Drops to 1.22%, Close to Level Requiring ‘Restoration Plan’

The NCUA's equity ratio at the end of June was 1.22% and the NCUA will be required to implement a formal restoration plan when it hits 1.20%. Learn what transpired at the NCUA September board meeting.

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FinCEN Extends Money Laundering Rules to Non-Federally Insured Credit Unions

The Financial Crimes Information Network (FinCEN) has released a final rule requiring banks and credit unions that are not regulated by the federal government to comply with Anti-Money Laundering regulations. They have also issued another proposal on effective anti-money laundering programs, with comments due in November.

Marblegate Says It’s Helping Taxi Owners Burdened With Debt; Drivers Say More is Needed

Marblegate, the private equity firm that purchased taxi medallion loans from the NCUA, says it is working with cab drivers who are having trouble repaying. The New York Taxi Workers Alliance does not think enough is being done.

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In Draft Plan, CFPB Rejects Request to Exempt Credit Unions from Loan Reporting Rule

In an initial proposal being circulated by the bureau, the CFPB would not exempt credit unions from the requirement to report lending to women-owned businesses, minority-owned businesses, and small businesses. CUNA, NAFCU and ICBA have objections.

Hood Still Pushing for CECL Exemption for Credit Unions

NCUA Chairman Rodney Hood and Board Member Todd Harper addressed participants at NAFCU’s virtual Congressional Caucus. Hood talked about his attempts to exempt credit unions from the CECL standard and Harper discussed the NCUA's approach to the pandemic.

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Banker Super PAC Endorses Three Endangered Republican Senators

Encouraging bankers to create a “money bomb” of at least $300,000 for each candidate, the "Friends of Traditional Banking" Super Political Action Committee has endorsed three endangered Republican senators for reelection.

Senators Tell NAFCU Congressional Caucus That More Pandemic Help is Needed

Participants at NAFCU's virtual Congressional Caucus learn that senators from both parties think small businesses need additional assistance to get through the coronavirus economic crisis, but there is no agreement between Democrats and Republicans about how to proceed.

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Coin Task Force Issues New Tools to Increase Coin Circulation

A Federal Reserve U.S. Coin Task Force has developed a toolkit for financial institutions and retailers in an effort to push more coins into circulation.

GAO Reports FDIC Vulnerable to ‘Regulatory Capture’—A Charge Often Leveled at NCUA

In a new report, the Government Accountability Office said that the Federal Deposit Insurance Corporation failed to provide documentation necessary to demonstrate the objectivity of examiners, which shows the agency is vulnerable to regulatory capture.

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National Flood Insurance Program Set to Expire—Again

The National Flood Insurance Program is set to expire on Sept. 30. The Congressional Research Service estimated that during a National Flood Insurance Program lapse in June 2010, more than 1,400 home sale closings were canceled or delayed each day.

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Key CFPB Staffer Joins ABA

Kirsten Sutton, chief of staff for Consumer Financial Protection Bureau Director Kathleen Kraninger, has been named senior vice president and executive director of the American Bankers Association’s Card Policy Council.

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Credit Union Trade Groups Renew Push for Member Business Loan Cap Increase

Credit union trade groups are renewing their call for Congress to lift the credit union Member Business Lending cap, saying the limit is an arbitrary restriction that keeps financial institutions from providing crucial assistance during the coronavirus economic crisis.

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Democratic Senators Accuse CFPB’s Kraninger of ‘Coddling’ Mortgage Servicers

Five Democrats on the Senate Banking Committee are accusing Consumer Financial Protection Bureau Director Kathleen Kraninger of “coddling” large banks and mortgage servicers while failing to help borrowers.

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CFPB Arguing That Unconstitutional Structure Shouldn't Invalidate Old Decisions

The Consumer Financial Protection Bureau is asking at least three federal courts to affirm decisions the agency has made, even though the U.S. Supreme Court ruled earlier this summer that the structure of the agency was unconstitutional.

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Pandemic-Related Financial Crimes Spreading With Coronavirus

Federal officials are warning financial institutions about new ways that fraud can occur because of the pandemic.

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Senate Fails to Advance ‘Skinny’ Stimulus Containing New PPP Loans, Liability Protection

The Senate Republican "skinny" economic stimulus bill failed to get the necessary votes to open debate on the bill. It is now unclear whether Congress will enact any of the credit union priorities before the elections.

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NCUA May Offer Credit Unions Incentives to File Diversity Survey

The NCUA wants to increase participation in the voluntary Diversity Survey and is considering a monetary incentive for credit unions. The House Financial Services Committee’s Diversity and Inclusion Subcommittee might try to make participation mandatory.

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Payday Lender Group: CFPB Rule Still ‘Overreaching’

The Consumer Financial Services Association of America and its Texas affiliate have amended a court case to challenge the rest of the Consumer Financial Protection Bureau's payday lending rule in the U.S. District Court for the Western District of Texas.

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NCUA, Regulators Pledge Flexibility in Regulation of Institutions Affected by Hurricane, Wildfires

The National Credit Union Administration and the other banking regulators said that they will be flexible in their regulation and supervision of financial institutions affected by the California wildfires and Hurricane Laura.

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CFPB Will Use Peer Review Process for Key Research; Objectivity at Issue

The CFPB announced it will now subject its important research to peer review examination. The agency's objectivity in its review of key research has been questioned in the past.

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Regulators Urge Credit Unions, Banks to Extend ‘Prudent’ Help to Borrowers in Absence of Congressional Action

Congress is deadlocked over economic help for people impacted by the coronavirus crisis, so federal financial regulators and a key senator are urging financial institutions to do what Congress has not been able to do.

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Senate Banking Committee Recommends Hauptman Confirmation for NCUA Board

The Senate Banking Committee recommended that the full Senate confirm Kyle Hauptman as a member of the NCUA board. If confirmed by the Senate, Hauptman, a Republican, would replace J. Mark McWatters, also a Republican.

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NCUA Board Member McWatters May Be Around for a While

NCUA Board member J. Mark McWatters may have given his farewell comments during the board’s July meeting, but the Republican may not be going anywhere for a little while longer.

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