The NCUA’s equity ratio at the end of June was 1.22% and the NCUA will be required to implement a formal restoration plan when it hits 1.20%. Learn what transpired at the NCUA September board meeting.
Marblegate, the private equity firm that purchased taxi medallion loans from the NCUA, says it is working with cab drivers who are having trouble repaying. The New York Taxi Workers Alliance does not think enough is being done.
The National Credit Union Administration’s Chairman Rodney Hood and Board Member Todd Harper addressed participants at the National Association of Federally-Insured Credit Union’s virtual Congressional Caucus. Hood talked about his attempts to exempt credit unions from the Current Expected Credit Losses Standard and Harper discussed the NCUA’s approach to the pandemic.
Participants at the National Association of Federally-Insured Credit Unions’ virtual Congressional Caucus learn that senators from both parties think small businesses need additional assistance to get through the coronavirus economic crisis, but there is no agreement between Democrats and Republicans about how to proceed.
Federal officials are warning financial institutions about new ways that fraud can occur because of the pandemic. The Paycheck Protection Program has been a huge target for fraud and increasing cybercrime is a concern too.
The Senate Republican “skinny” economic stimulus bill failed to get the necessary votes to open debate on the bill. Since the bill failed, it is unclear whether Congress will enact any of the credit union priorities before leaving at the end of the month.
Only 118 of the nation’s 5,236 credit unions submitted the voluntary Diversity Survey to the NCUA last year. The NCUA wants to increase participation 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.
The Senate returns this week and the House will return next week. There is still much to be done and it is unlikely that Congress will get to everything related to credit unions before the election. Here is a summary of the decisions and legislation that remain.
At the NASCUS State Summit, a policy about diversity and inclusion was adopted and NASCUS reasserted its independence. A report on the NASCUS State Summit.
The Democratic staff of the House Coronavirus Crisis Subcommittee issued a report on the Paycheck Protection Program. The report says the PPP has been plagued by waste and fraud and that both lenders and a lack of oversight from the Small Business Administration and the Treasury Department are to blame.