Washington Credit Union Daily – Reporting on regulations, legislation and political developments affecting credit unions.

NAFCU Digital Ad Campaign Seeks to ‘Stop Big Bank Bullies'

NAFCU has launched a “Stop Big Bank Bullies” digital advertising campaign in an effort to fire back at banking trade groups that are arguing that credit unions no longer deserve their tax exemption.

NCUA Board Asks Congress to Make CLF Changes Permanent

The National Credit Union Administration board is asking Congress to make permanent the pandemic-related changes to the agency’s Central Liquidity Facility.

CU Issues Unresolved as Congress Returns for Legislative Sprint

Congress returns to Washington this week, with a huge number of issues—including some directly affecting credit unions—unresolved.

Governors to Congress: Include Marijuana Banking in Defense Bill

A bipartisan group of the nation’s governors is pressing congressional leaders to ensure that a marijuana banking plan is included in the defense authorization bill the Senate will take up after Thanksgiving.

Community Coalition Joins Banks in Blasting Credit Unions

The National Community Reinvestment Coalition joined the American Bankers Association and the Independent Community Bankers of America in telling Congress that credit unions are not fulfilling their mission and are not sufficiently accountable to the communities they serve.

NCUA Board Strikes Deal on Service Facility Rule, Climate Change

Cutting deals on contentious issues, the NCUA board approved a draft Strategic Plan that includes a climate change statement and adopted a compromise final rule governing shared facilities.

NCUA Proposes 3.6% Boost in Operating Expenses in 2022

The NCUA has proposed a $326.6 million operating budget for 2022, a 3.6% increase from the 2021 budget.

CFPB Soliciting Comment on Often-Criticized HMDA Rule

The CFPB announced it is soliciting comments on the agency’s Home Mortgage Disclosure Act rule—a controversial regulation often criticized by credit union trade groups.

House Committee Approves CU Member Expulsion Bill

The House Financial Services Committee approved legislation that would make it easier for credit unions to expel members who pose a threat or engage in dangerous or illegal conduct.

NCUA Extends Virtual Credit Union Meeting Permission Through 2022

The NCUA will continue to allow credit unions to conduct membership and board of directors meetings virtually until the end of 2022, as long as the national pandemic emergency continues, agency Chairman Todd Harper announced.

Berger to NCUA: Delay Call Report Changes, Improve Communication

The NCUA should delay changes to the credit union Call Report system since the agency has failed to provide “meaningful and proactive communication,” about the changes, NAFCU President/CEO B. Dan Berger argued.

Trades Ask for More Time to Comment on CFPB Lending Rule

Financial trade groups, including CUNA and NAFCU, are asking the Consumer Financial Protection Bureau for an additional 45 days to review and comment on the agency’s 913-page proposed small business credit reporting rule.

GOP Senators: Postal Banking is Ill-Advised and Maybe Illegal

A postal banking pilot program being run by the U.S. Postal Service is a bad idea, is not needed, and may violate federal law, 19 Republican senators wrote in a letter to Postmaster General Louis DeJoy.

NCUA Union: Don’t Set Date for Mandatory Return to Offices

For the health and safety of their employees, NCUA officials should not set an arbitrary date for workers to return to their offices as the pandemic subsides, the president of the union representing agency employees said.

Most Community Banks Won’t Sell to Credit Unions

A majority of community bankers say they would not sell their institutions to a credit union, even if the credit union offered the best price, according to a new survey conducted by the IntraFi Network.

Is NCUA’s Lack of Vendor Oversight a ‘Regulatory Blind Spot?'

Federal cybersecurity supervision has a “regulatory blind spot” since the NCUA lacks the power to regulate third-party vendors that offer cybersecurity services, witnesses told a House Financial Services Committee subcommittee.

NTU Panel: No Difference Between Banks, Credit Unions

There are no differences between banks and credit unions, speakers at a National Taxpayers Union forum agreed. Therefore credit unions should be treated just like banks.