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.

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Anti-Money Laundering Provisions Move Forward as CU Military Base Benefits Stall

Congressional negotiators will include anti-money laundering provisions in the annual defense authorization bill. The negotiators have not come to a decision on whether banks should be treated the same as credit unions with free rent benefits on military bases. Passage of the bill is further complicated by President Trump threatening a veto of the bill because it contains provisions to rename military bases.

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Community Bankers to Continue Anti-Credit Union Campaign in Next Congress

The Independent Community Bankers of America's anti-credit union "Wake Up" campaign will continue in the next Congress, although the trade group said it does not expect any major policy shift in how policymakers view the credit union industry.

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More Resignations Announced as NCUA Officials Silent on Ousting of McWatters

Sarah Vega, J. Mark McWatters’ senior policy advisor, and Katie Supples, McWatters’ executive assistant, have resigned from the National Credit Union Administration. NCUA officials have declined to address McWatters' ouster. CUNA and NAFCU gave statements on McWatters' service.

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McWatters Forced Off NCUA Board Following Disagreement With Hood: Source

J. Mark McWatters was forced off the NCUA board Friday, November 20. Thursday he told Chairman Rodney Hood he would not support the proposed 2021 budget. Friday he was given the option of resigning or being removed by the White House according to a source familiar with the situation.

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Watchdog Group Calls for Overhaul of Two CFPB Rules

The incoming Biden Administration must “urgently” act to reverse the Consumer Financial Protection Bureau’s payday lending and debt collection rules created by the Trump Administration, according to the government watchdog group, Accountable.US.

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Budget Intrigue at the NCUA, as Two Members Voice Opposition to Hood Plan

At the National Credit Union Administration board meeting, Todd Harper and J. Mark McWatters indicated they oppose the 2021 budget proposed by Chairman Rodney Hood. Under normal circumstances, that would keep the proposed budget from passing. However, the Senate is preparing to vote on McWatter's replacement before the December meeting when the budget will be considered.

This article, written by our editor, is posted on the Credit Union Times website. Clicking on the button will take you to the article. 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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NCUA’s Harper Says Agency Will Likely Need to Charge Premium

At its November 2020 board meeting, the NCUA board approved a rule to allow credit unions to capitalize interest in connection with loan modifications made due to the pandemic, discussed the probable need for credit unions to pay a premium because the Share Insurance Fund equity ratio may fall lower, heard a report on the 2019 credit union diversity assessment, and Harper and McWatters indicated they opposed Hood's proposed budget for the agency. The NCUA board may change by the December meeting as the nomination of Todd Harper is showing some movement in the Senate.

This article, written by our editor, is posted on the Credit Union Times website. Clicking on the button will take you to the article. 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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Trump Administration Asks D.C. Court for Delay in Release of PPP Data

The Trump Administration wants to delay the court-ordered release of all data for businesses that received Paycheck Protection Program loans and funds from the Small Business Administration’s Economic Injury Disaster Loan program. Under an order issued by U.S. District Judge James Boasberg, the Small Business Administration is required to release that data by November 19, 2020.

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Former NCUA Chairman and Senator, Roger Jepsen, Dies

Former Sen. Roger Jepsen (R-Iowa), who chaired the NCUA board from 1985 to 1993, died November 13, 2020.

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Rep. Ben McAdams (D-Utah) Defeated in Reelection Bid; Was Supported by Credit Union Trade Groups

Rep. Ben McAdams (D-Utah), a freshman member of the House Financial Services Committee, on Monday conceded defeat to Republican Burgess Owens in their tight race for Congress. The political action committees of two credit union trade groups, CUNA and NAFCU, had donated to Rep. McAdams' campaign.

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Biden Names CU Executive Bill Bynum, Former CFPB Deputy Director Leandra English to Transition Team

President-elect Joe Biden has appointed his Consumer Financial Protection Bureau transition team and his Federal Reserve, Banking and Securities transition team. The appointees best known by the credit union community are Bynum and English. The rest of the appointees are listed in this article.

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Names Circulating for Biden’s CFPB, as NCUA Board Membership Remains Uncertain

With the election, change is coming to the NCUA and the CFPB. Biden is expected to remove the current CFPB Director Kathy Kraninger and there are seven names that come up often as possible replacements. The party balance of the NCUA is going to be determined by the Senate, although Biden may change the chairman.

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NCUA Board to Consider Proposed Rule on Interest Capitalization

At its meeting on November 19, the NCUA Board will consider a proposed rule that would allow credit unions to capitalize interest on consumer mortgage loan modifications. The board will also hear reports on the status of the Share Insurance Fund, the agency's diversity assessments, and the agency's proposed 2020 budget.

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Brown Pleased With Kraninger’s Move to Kill CFPB Reorganization

Consumer Financial Protection Bureau officials say they are suspending a reorganization plan that had been blasted by Sen. Sherrod Brown and 83 consumer groups as weakening the agency. It is expected that Biden will replace the current director with one more interested in a strict regulatory approach.

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NCUA Proposes $315.6 Million Operating Budget, New Priorities Emerge

The NCUA announced its proposed operating budget for 2021. They will hold a hearing on the plan December 2, comments are due by December 11 and the board will vote on the plan at its December meeting.

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CUNA Endorses NCUA Plan to Exempt Paycheck Protection Program Loans from Fee Calculations

The NCUA’s proposed new operating fee structure will help ensure that federal credit unions will not be penalized for participating in the PPP, Luke Martone, CUNA’s senior director of advocacy and council recently told the agency.

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CUNA’s Nussle: PPP Loans Causing Net Worth Problems at Credit Unions

PPP loans are remaining on credit union balance sheets for longer than expected, causing regulatory headaches for credit union officials, according to CUNA President/CEO Jim Nussle.

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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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