Consumer Financial Protection Bureau Director Kathleen Kraninger resigned Wednesday, at the request of President Biden.
The continuing coronavirus pandemic has the National Credit Union Administration 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.
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 National Credit Union Administration and the Consumer Financial Protection Bureau.
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.
CUNA has decided to temporarily suspend all campaign contributions. Its Political Action Committee is one of the largest contributers to the members of Congress objecting to counting Electoral College votes from Arizona and Pennsylvania.
The National Credit Union Administration 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.
Interested in what credit unions can expect from Washington in 2021? Here are some predictions.
The new Paycheck Protection Program starts with initial lending limited to businesses who have not received a PPP loan and lending going through Community Development Financial Institutions, Minority Depository Institutions, certified development corporations and microlenders. After a few days the lending options open further.
A controversial Consumer Financial Protection Bureau task force on consumer financial law released its final report the day before a hearing about its makeup was to be held in a federal court in Massachusetts. Credit unions will like its recommendation that all credit unions be allowed to serve underserved areas. Consumer groups will object to many of the other recommendations and it is unlikely the Biden Administration will accept them.
Congress and federal regulators should protect the credit union tax exemption, while ensuring that the institutions have the same opportunities to serve consumers as banks and other financial companies, NAFCU officials said, as they released their 2021 advocacy agenda. “Credit unions have worked tirelessly to help Americans overcome adversity and hardship amid the coronavirus pandemic,” said NAFCU President/CEO B. Dan Berger. “For both new and returning members of Congress, it is vital they understand the good work not-for-profit credit unions have done and will continue to do to lift American families and communities up during these uncertain times.” Berger sent