Democratic senators on Monday demanded that CFPB Director Kathy Kraninger abandon efforts to overhaul the agency’s controversial payday lending rule, contending that political appointees exerted improper influence in the process.
Clashing with NCUA Chairman Rodney Hood, board member Todd Harper is asking Congress not to reduce credit union capital standards in response to the coronavirus crisis.
“Reductions in capital standards could ultimately lead to greater losses for the Share Insurance Fund, which all surviving federally insured credit unions would need to pay,” Harper wrote to leaders of the House and Senate committees with NCUA oversight powers.
Congress should expand the ability of all credit unions to serve underserved areas, NCUA Chairman Rodney Hood wrote this week, as he sent Senate Banking Chairman Mike Crapo (R-Id.) a list of legislative changes he believes will help the agency respond to the coronavirus crisis.