Reg Agenda: CFPB to Delay Major Rules Until Director’s Confirmation
In the Spring federal regulatory agenda, the CFPB states that it is delaying most new regulatory decisions until the Senate votes on the nomination of Rohit Chopra to serve as the agency’s director. It mentions a few priorities, including a new rule on mortgage servicing.
CU Trades: Biden Reporting Plan Creates Larger Burden Than Expected
A Biden Administration proposal to create new reporting requirements for financial institutions is far more expansive than expected, financial trade groups told the House Ways and Means Committee.
NYC Taxi Drivers Still Seeking ‘Mission-Driven’ Lenders for Assistance
A union representing New York City’s beleaguered taxi drivers is seeking “mission-driven” credit unions and banks to purchase and refinance loans that drivers remain unable to pay.
GAO: Trump’s CFPB Sabotaged Fair Lending Enforcement
The GAO has issued a report that the Trump Administration haphazardly reorganized the Consumer Financial Protection Bureau's fair lending office, resulting in confusion at the agency and a drop in enforcement actions.
Credit Unions Made $5.6 Billion in Loans During Latest PPP Round
As the PPP ends, the SBA reported that this year 859 credit unions made almost $5.6 billion in loans to businesses to help them weather the coronavirus pandemic.
GAO: Regulators Should Provide Better Guidance on Use of Alternative Data
Federal banking agencies, including the NCUA and CFPB, should develop specific directions on how credit unions and banks may use alternative data in the credit underwriting process, the GAO said in a new report.
CUNA to FHFA: Don’t Forget the Smallest Credit Unions
The Federal Housing Finance Agency must tailor its programs to ensure that small credit unions have access to its secondary markets, Elizabeth LaBerge, the CUNA’s senior director of regulatory advocacy and council told the agency.
Harper Warns Credit Unions to Ensure Policies Follow CFPB Discrimination Rule
National Credit Union Administration Chairman Todd Harper this week warned credit unions to ensure that their policies are consistent with a new Consumer Financial Protection Bureau policy that prohibits discrimination based on sexual orientation and/or gender identity.
CUNA Says Appeals Court Ruling Will Hamper Debt Collection Efforts
Financial trade groups, including the CUNA, are asking the U.S. Court of Appeals for the 11th Circuit to reconsider a ruling that the groups say will hamper the debt collection industry by imposing “overly broad restrictions” on it.
Biden Proposes Increase in CDRLF
President Biden's FY22 Budget proposal includes an increase to the NCUA’s Community Development Revolving Loan Fund program by $500,000 as well as a 22.2% increase for the Community Development Financial Institutions program.
Harper Urges Funding Boost for CDLRF
Releasing the Community Development Revolving Loan Fund annual report to Congress, NCUA Chairman Todd Harper urged Congress to increase CDRLF appropriations, saying that the number of applications regularly exceeds the available funding.
Trade Groups Ask OCC to Withdraw Payment, Crypto-Currency Charters
Credit union and banking trade groups are asking Acting Comptroller of the Currency Michael Hsu to withdraw a Trump Administration policy that allows the agency to issue charters to payment companies and crypto-currency firms. They also want the conditional approvals for three trust charters to be withdrawn.