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

NCUA Approves Proposed Rule Requiring Succession Planning

The NCUA board approved a proposed rule that would require federal credit union boards of directors to establish succession plans to ensure that the institutions have a process for filling key positions. The board also received reports at their January meeting.

CFPB Seeks Comments on ‘Junk’ Fees; Trades Call Effort Misguided

The Consumer Financial Protection Bureau announced it will seek to limit “junk fees” that financial institutions, including credit unions, charge consumers for such services as online or telephone loan payments.

NASCUS: NCUA Guidance on Recording Exams Could Violate State Regs

The National Association of State Credit Union Supervisors is cautioning federally insured, state-chartered credit unions to check with state officials before they follow recent guidance from the National Credit Union Administration concerning the recording of meetings with examiners.

CU Trades to NCUA: Tread Lightly on Climate Rules

The NCUA should tread lightly as agency officials decide how best to address the risks that climate change poses to the stability of the credit union system according to credit union trade groups.

Dem Senators: Office of Financial Research Must Get Aggressive

Two Democratic senators are accusing the director of a little-known Treasury Department office of failing to conduct research needed to identify threats to the stability of the financial system.

NCUA Board to Consider Succession Planning Rule on Jan. 27

The National Credit Union Administration board will consider a proposed rule governing succession planning at credit unions on Jan. 27.

Banking Committee Approves Harper Nomination Amid Controversy

Even as a key Republican questioned the legality of the appointment, the Senate Banking Committee approved the nomination of Todd Harper to serve a full term on the National Credit Union Administration board.

Harper: NCUA to Continue Off-Site Exams

As a result of the continuing uncertainty associated with the COVID-19 pandemic, the National Credit Union Administration will continue to conduct examinations and supervision activities primarily offsite, NCUA Chairman Todd Harper wrote in a letter to credit unions.

Only Six People Have Participated in Postal Banking Pilot

A mere six people have participated in the United State Postal Service’s postal banking pilot program, USPS officials said.

Senators Have Mixed Reaction to CFPB Lending Proposal

Credit unions and consumer groups are not the only ones vehemently disagreeing over the Consumer Financial Protection Bureau’s proposed rule to require financial institutions to report their lending to minority-owned and women-owned businesses.

Postal Commission Says It Did Not Approve Banking Pilot

The United States Postal Service began a controversial banking pilot program without the knowledge of the commission that is supposed to oversee the service, according to newly filed documents with the Postal Regulatory Commission.

CUNA, State Leagues Ask NCUA to Form Reg Task Force

The Credit Union National Association and state credit union leagues are calling on the National Credit Union Administration to establish a Regulatory Reform Task Force to weed out outdated, unnecessary, and burdensome regulations.

NAFCU: Treasury Department is Not ‘Forthright’ About CDFI Backlog

The Community Development Financial Institutions program has a serious backlog of applications, and the Treasury Department is failing to be forthright about it with credit unions waiting for their applications to be reviewed, Ann C. Kossachev, vice president of regulatory affairs at NAFCU charged.

CU Trades: CFPB Plan Would Distort View of CU Lending

Credit union trade groups are warning the CFPB that requiring a credit union to report data reflecting its lending to minority-owned and women-owned businesses would deliver a skewed view of the financial institution’s business.

Consumer Groups to CFPB: Issue Tough Small Business Lending Rule

A CFPB rule to require financial institutions to report data on their lending to minority-owned and women-owned businesses should cover as many banks and credit unions as possible, with the information easily accessible to the public, consumer and community groups said.

Van Hollen Touts $90 Million Boost for CDFI Program; Advocates Want More

Senate Financial Services Appropriations Subcommittee Chairman Sen. Chris Van Hollen, D-Md., said he is pushing for a $90 million increase in Community Development Financial Institution funding—but witnesses told a Senate Subcommittee much more is needed.

Watchdog Group Blasts CUNA for Contributions To ‘Sedition Caucus’

A government watchdog group is blasting the Credit Union National Association for continuing to support members of Congress who voted against certifying the Electoral College votes in the 2020 presidential election.

GAO: Lenders Requiring Appraisals When None Are Needed

Lenders are obtaining appraisals in real estate transactions even when they are not required, the Government Accountability Office said in a new report.

Republicans Blast Chopra with Renewed Vigor

Republicans on Capitol Hill are attacking the Consumer Financial Protection Bureau with renewed zeal following Director Rohit Chopra’s attempt to force the Federal Deposit Insurance Corporation to solicit comments on bank merger policies.