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Community Bankers Circulated Crib Sheet as NAFCU Met with Lawmakers
NCUA Equity Ratio Drops to 1.22%, Close to Level Requiring ‘Restoration Plan’
FinCEN Extends Money Laundering Rules to Non-Federally Insured Credit Unions
Marblegate Says It’s Helping Taxi Owners Burdened With Debt; Drivers Say More is Needed
In Draft Plan, CFPB Rejects Request to Exempt Credit Unions from Loan Reporting Rule
Hood Still Pushing for CECL Exemption for Credit Unions
Banker Super PAC Endorses Three Endangered Republican Senators
Senators Tell NAFCU Congressional Caucus That More Pandemic Help is Needed
Coin Task Force Issues New Tools to Increase Coin 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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.