Credit unions are using their income tax exemption to gobble up taxpaying banks and Congress should do something about it, Jim Reuter, CEO of FirstBank will tell a House Financial Services Committee subcommittee Wednesday, according to written testimony posted on websites Tuesday.
The Biden Administration released a bare-bones funding blueprint for next year and it proposes a 22.2% increase for the Community Development Financial Institutions program, the opposite of Trump Administration budgets which always called for elimination of the program.
The Consumer Financial Protection Bureau and the National Credit Union Administration released the Memorandum of Understanding that they signed recently, without waiting for the processing of a Freedom of Information Act request. The MOU says the NCUA and CFPB will attempt to coordinate their regulation of credit unions with assets of more than $10 billion.
President-elect Joe Biden on Tuesday appointed longtime credit union executive Bill Bynum and former Consumer Financial Protection Bureau Deputy Director Leandra English to his CFPB agency review team. The teams are designed to help ease the transition from Trump Administration agencies to Biden Administration agencies. The teams also include one that will examine the Federal Reserve, Banking and Securities Regulators. English is the team lead for the CFPB team. She served as deputy director of the CFPB under former Director Richard Cordray. Her appointment is likely a sign that Biden intends to re-invigorate the CFPB, which has tilted toward a
If Joe Biden wins the election, he can be expected to replace the CFPB Director quickly and that new director is likely to restore the strict payday lending rule that was adopted during the Obama Administration, according to CUNA Chief Advocacy Officer Ryan Donovan. Donovan gave credit unions a heads up on what may happen next year.
Bankers have long complained that the National Credit Union Administration is a cheerleader for the industry, but now one of their banking regulators is being accused of so-called “regulatory capture.”
In a new report, the Government Accountability Office said that the Federal Deposit Insurance Corporation failed to provide documentation necessary to demonstrate the objectivity of examiners.
Despite vehement opposition from much of the financial community, Acting Comptroller of the Currency, Scott Brooks, apparently is going ahead with his plan to issue narrow bank charters for activities such as payments.
Under intense pressure from members of Congress and financial trade groups, the Federal Housing Finance Agency announced Tuesday that it will delay a new fee on the refinancing of Fannie Mae and Freddie Mac mortgages until Dec. 1.
The new fee had been scheduled to take effect on Sept. 1.
Acting Comptroller of the Currency, Scott Brooks is under fire for seeking feedback on a proposal to offer narrow-purpose bank charters for activities such as payments—a plan that has been blasted as serving special interests, including one that formerly employed him.
Puerto Rico’s cooperativas—island guaranteed credit unions—have thrived despite repeated crises and poor supervision by its regulator, the territory’s oversight board said in a report last week. “The cooperative system proved to be resilient through…disasters and played an important role in enabling the recovery process to start,” the oversight board, created by Congress to oversee the island’s recovery from bankruptcy said in a fiscal report that must be prepared for all government agencies on the island. Puerto Rico has faced a fiscal crisis, devastating damage from hurricanes and now the coronavirus crisis. The oversight board has the responsibility of assisting the