NCUA Board Not Considering Divisive Rule Proposals

The National Credit Union Administration will consider adopting two final rules at its meeting Thursday, but the board continues to steer clear of the politically divisive rule proposals that have badly divided the board along political lines.

The board will consider rules on the capitalization of interest and implementation of the Current Expected Credit Loss methodology. The board also will discuss the credit union loan interest rate ceiling.

House Committee to Consider Bill to Make CLF Changes Permanent

The House Financial Services Committee on Wednesday will mark up legislation to make pandemic-related changes to the National Credit Union Administration’s Central Liquidity Facility permanent.

Credit union trade groups and NCUA Chairman Todd Harper have called on the House and Senate to enact those changes, contending that they are needed, as credit unions recover from the economic crisis caused by the pandemic. The provisions currently are set to expire at the end of the year.

House to Vote on ‘Rent-A-Bank’ Rule Repeal

The House next week will consider a resolution that would rescind a Trump Administration rule by the Office of the Comptroller of the Currency that credit union trade groups contend allows predatory online lenders to “rent” a bank to evade consumer protection laws. “In order to rein in predatory lenders and ‘rent-a-bank’ schemes, S.J. Res. 15 would overturn a rule by the Office of the Comptroller of the Currency and allow states once again to regulate these lenders and protect consumers,” House Majority Leader Steny Hoyer (D-Md.) wrote in a letter to colleagues outlining the June House agenda. Republicans have