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.

Biden Orders Regulatory Review, Casting Doubt on NCUA Proposals

President Biden has issued a temporary moratorium on regulations until they can be reviewed by people in his administration. His Executive Order, signed the day of his inauguration, says that, with a few exceptions, until rules are approved by someone designated by him, agencies should not send rules to the Federal Register for publication. Rules that have been published but have not become effective should be delayed for 60 days.

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CFPB’s Kraninger Resigns at Request of President Biden

Consumer Financial Protection Bureau Director Kathleen Kraninger resigned January 20, at the request of President Biden. Biden intends to nominate Federal Trade Commissioner Rohit Chopra to head the CFPB.

NCUA Adjusts Supervisory Expectations Due to Coronavirus Crisis

The continuing coronavirus pandemic has the NCUA adjusting its supervisory efforts during 2021. The extended exam cycle will continue, the targeted Small Credit Union Exam program will continue, and the larger credit unions will have risk-focused examinations. Chairman Rodney Hood explained the changes and risk-focus in a letter to credit unions.

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Chopra Likely to Return Agency to Cordray-Era Enforcement at CFPB

President-elect Biden has chosen Rohit Chopra to lead the CFPB. Chopra helped Sen. Elizabeth Warren (D-Mass.) organize the bureau, so it appears that the agency will be returning to a stricter regulatory stance.

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Waters Asks Biden to Kill Trump’s ‘Midnight Rules’

House Financial Services Chairwoman Maxine Waters (D-Calif.) is urging President-elect Joe Biden to reverse so-called “midnight rulemaking” by outgoing Trump Administration agencies, including the NCUA and the CFPB.

NCUA Signs Cooperation Agreement With CFPB, but Won’t Release Document

After signing a memorandum of understanding the National Credit Union Administration and Consumer Financial Protection Bureau announce that they will do a better job of coordinating the consumer protection supervision of credit unions with more than $10 billion in assets. To independently confirm that, you will have to file a Freedom of Information Request as they are not releasing the memorandum to the public.

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.

Harper Blasts Agency Rulemaking, as NCUA Board Approves CUSO, Risk-Based Capital Proposals

At the January National Credit Union Administration board meeting, board member Todd Harper frequently found himself in the minority. Among other items, the board considered a proposed rule to change the definition of Complex Credit Union, a proposed rule that would expand permitted activities of Credit Union Service Organizations, and an advance notice of proposed rulemaking to make changes to the NCUA Risk-Based Capital.

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Uncertainty, Change Sweeps D.C.

Interested in what credit unions can expect from Washington in 2021? Here are some predictions.

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NCUA Renewing Streamlined CDFI Application Process

The NCUA will begin accepting applications on Jan. 24 for federally insured, low-income credit unions that want to use the agency’s streamlined qualification process to be certified as Community Development Financial Institutions. The application deadline is April 3.

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NAFCU Highlights Advocacy Agenda in Letter to Lawmakers

NAFCU sent members of the new Congress a letter outlining the trade group’s priorities.

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Bankers Say NCUA Subordinated Debt Rule Undermines Credit Union Mission

The Independent Community Bankers of America and the American Bankers Association have criticized the NCUA for a final rule allowing low-income, complex and new credit unions to issue subordinated debt.

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PPP Loans Approved for Businesses on Treasury 'Do Not Pay List,' IG Report Finds

The Inspector General of the Small Business Administration warned that during the earlier Paycheck Protection Program lending, businesses on a Treasury Department "Do Not Pay" list were approved for $3.6 billion in loans. It is not clear how much of the money was actually distributed.

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Democratic Control Likely to Increase Focus on Consumer Protection

Former NCUA board members and credit union lobbyists speculate on the legislative changes that will occur now that the Democrats will control the Senate.

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As Political Strife Intensifies, CUNA Delays Political Contributions

CUNA has decided to temporarily suspend all campaign contributions. Its PAC is one of the largest contributors to the members of Congress objecting to counting Electoral College votes from Arizona and Pennsylvania.

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NCUA Personnel Moves: Cole Retires; Hauptman Hires Sarah Canepa Bang

NCUA staff moves: J. Owen Cole is retiring and Sarah Canepa Bang has been hired by Vice Chairman Kyle Hauptman as his senior advisor.

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Kyle Hauptman Sworn In as NCUA Board Member

Kyle Hauptman was sworn in by Chairman Rodney Hood as a member of the National Credit Union Administration board on Monday, December 14, 2020.

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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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