With stimulus legislation stalled in Congress, the Credit Union National Association and the National Association of Federally-Insured Credit Unions argue that the National Credit Union Administration should help credit unions survive the coronavirus economic crisis by adjusting regulations.
As National Association of Federally-Insured Credit Union members met lawmakers and their staffs this week, the Independent Community Bankers of America circulated a crib sheet on Capitol Hill designed to make the credit union officials squirm.
The Financial Crimes Information Network (FinCEN) has released a final rule requiring banks and credit unions that are not regulated by the federal government to comply with Anti-Money Laundering regulations.
The Consumer Financial Protection Bureau would not exempt credit unions from the requirement to report lending to women-owned businesses, minority-owned businesses, and small businesses to the agency, according to an initial proposal being circulated by the bureau.
Credit union trade groups have sought a blanket exemption from the reporting required under the Dodd-Frank Act.
Encouraging bankers to create a “money bomb” of at least $300,000 for each candidate, the “Friends of Traditional Banking” Super Political Action Committee has endorsed three endangered Republican senators for reelection.
Friends of Traditional Bankers endorsed Republican Sens. Joni Ernst of Iowa, Thom Tillis of North Carolina, and Cory Gardner of Colorado.
A Federal Reserve U.S. Coin Task Force has developed a toolkit for financial institutions and retailers in an effort to push more coins into circulation.
In forming the task force earlier this year, Fed officials said that with many retail businesses where coins are used closed due to the coronavirus crisis, the normal coin circulation network has been disrupted. They said that there is not a shortage of coins, adding that more than $40 billion in coins are in circulation, but many of them are not being used.
Kirsten Sutton, chief of staff for Consumer Financial Protection Bureau Director Kathleen Kraninger, has been named senior vice president and executive director of the American Bankers Association’s Card Policy Council.
The Card Policy Council handles legislative, regulatory and communications issues facing credit card issuers and payment card networks.
As if Congress does not have enough on its plate, the National Flood Insurance Program is set to expire once again on Sept. 30.
The expiration threat is nothing new for the NFIP. Since the end of FY17, the program has operated under 15 short-term extensions. Continuing Resolutions keeping the government funded often also contain an NFIP extension.
Credit union trade groups are renewing their call for Congress to lift the credit union Member Business Lending cap, saying the limit is an arbitrary restriction that keeps financial institutions from providing crucial assistance during the coronavirus economic crisis.
Senate Republicans on Tuesday unveiled a “skinny” economic stimulus bill that calls for another round of Payroll Protection Program loans, a simplified loan forgiveness process and limited liability for businesses reopening during the coronavirus economic crisis.
The Senate is likely to vote on the bill later this week. It is unlikely the measure has the votes to pass, but it could serve as the next step in the haggling over the next stimulus legislation.