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

CUNA Endorses Biden Budget for CDFI, NCUA Revolving Loan Fund

CUNA has endorsed the Biden Administration’s FY22 budget requests for the Community Development Financial Institutions program and the NCUA’s Community Development Revolving Loan Fund program.

Harper Left Out of Meeting Between Biden and Financial Regulators

The heads of the U.S. financial regulatory agencies met with President Biden on Monday. Except for one: NCUA Chairman Todd Harper, who an agency spokesman said was not invited and did not attend.

NCUA Board Not Considering Divisive Rule Proposals

The NCUA will consider adopting two final rules at its Thursday meeting, but the board continues to steer clear of the politically divisive rule proposals that have badly divided the board along political lines. Here's what is and what isn't on the agenda.

Sen Toomey Wants IG Probe of CFPB Politicization Allegations

The ranking Republican on the Senate Banking Committee is asking for an investigation into allegations that the Biden Administration’s CFPB is pushing out top career-level civil servants in an effort to fill the positions with the people who agree with the agency’s new leadership.

House Committee to Consider Bill to Make CLF Changes Permanent

The House Financial Services Committee on Wednesday will mark up legislation to make pandemic-related changes to the National Credit Union Administration’s Central Liquidity Facility permanent.

House to Vote on ‘Rent-A-Bank’ Rule Repeal

The House next week will consider a resolution that would rescind a Trump Administration rule by the Office of the Comptroller of the Currency that credit union trade groups contend allows predatory online lenders to “rent” a bank to evade consumer protection laws.

CFPB to Resume Military Lending Act Enforcement

Reversing a Trump Administration policy, the Consumer Financial Protection Bureau announced Wednesday that it will immediately resume enforcement and supervisory activities under the Military Lending Act.

House Republicans Block Bill to Add LGBTQ Businesses to ECOA

House Republicans on Tuesday blocked quick passage of legislation that would have expanded reporting requirements under the Equal Credit Opportunity Act to LGBTQ-owned businesses.

Biden Administration Announces $408 Million in Grants to CDFI Credit Unions

The Biden Administration announced it has awarded 244 Community Development credit unions a total of $401.8 million in grants to help the institutions and the communities they serve recover from the economic problems caused by the coronavirus crisis.

GOP Cites IRS Leaks in Its Opposition to Biden Financial Reporting Plan

Last week’s revelations by ProPublica that many of the richest Americans are paying little or no income taxes has galvanized Republican opposition to the proposal that additional records be reported by financial institutions to the Internal Revenue Service.

Reg Agenda: NCUA May Consider Changing Interest Rate Ceiling

The newest version of the federal regulatory agenda has been released and in it the NCUA has listed a number of possible rules it may consider. Among the list are changes to the interest rate ceiling for loans made by credit unions, as well as a number of proposals that the board has been debating.

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.