Financial trade groups, including the Credit Union National Association and the National Association of Federally-Insured Credit Unions, are renewing their push to convince the Federal Communications Commission to allow financial institutions to use automated telephone calls to reach consumers during the coronavirus crisis.
National Credit Union Administration Chairman Rodney Hood defended his decision Thursday to bring a final overdraft rule change to the board, saying he still believes the plan, which was tabled, is needed.
And he reserved the right to bring the plan back to the board for another vote.
In a startling turn of events, the National Credit Union Administration board tabled a final rule Thursday that would have allowed credit unions more flexibility in deciding when to require members to settle overdrafts.
Amid the pandemic crisis, credit unions and banks should offer members and customers safe short-term, small-dollar loans that would mitigate the need for borrowers to re-borrow to repay loans, federal banking regulators, including the National Credit Union Administration, said Wednesday.
“Federally supervised financial institutions are well-suited to meet the credit needs of customers affected by the current COVID-19 emergency,” the NCUA, Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board and the Office of the Comptroller of the Currency said in a joint statement.
A public-private partnership plan to help debt-burdened New York City taxi drivers is being revived by a city councilman and the founders of a mobile app designed for the taxi industry.
NCUA Chairman Rodney Hood announced Tuesday the establishment of an agency Culture, Diversity, and Inclusion Council.
The Federal Reserve has no plans to reinstitute a rule that limits consumers to six transactions a month from their savings account.
Last month the Fed released an interim final rule revising so-called “Regulation D,” which imposed the limit. At the time, Fed officials indicated the rule was being loosened because of the coronavirus crisis. Consumers likely have a more urgent need for access to their funds by remote means, the Fed said.
CFPB Director Kathy Kraninger defended her agency’s payday loan rulemaking process on Monday, disputing claims that political appointees at the bureau have played an inappropriate role in deciding whether the strict rule should be repealed.
The Small Business Administration has told borrowers under its Paycheck Protection Program how to apply for loan forgiveness but has not yet told credit unions and banks how those applications should be handled—a problem that could be particularly thorny for credit unions.
A group of bipartisan lawmakers is asking Congress to set aside $50 billion to provide local governments with money to help small businesses recover from the effects of the coronavirus pandemic—bypassing financial institutions that have been criticized for failing to help the smallest businesses with the Paycheck Protection Program.