The heads of the U.S. financial regulatory agencies met with President Biden on Monday. Except for one: National Credit Union Administration Chairman Todd Harper, who an agency spokesman said was not invited and did not attend.
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.
The ranking Republican on the Senate Banking Committee is asking for an investigation into allegations that the Biden Administration’s Consumer Financial Protection Bureau is pushing out top career-level civil servants in an effort to fill the positions with the people who agree with the agency’s new leadership.
Reversing a Trump Administration policy, the Consumer Financial Protection Bureau announced Wednesday that it will immediately resume enforcement and supervisory activities under the Military Lending Act.
The Biden Administration announced Tuesday it has awarded 244 Community Development credit unions a total of $401.8 million to help the institutions and the communities they serve recover from the economic problems caused by the coronavirus crisis.
The Consumer Financial Protection Bureau is delaying most new regulatory decisions until the Senate votes on the nomination of Rohit Chopra to serve as the agency’s director, the CFPB said Friday in its Spring regulatory agenda.
The National Credit Union Administration board may issue an advance notice of proposed rulemaking to solicit comments on changes to the interest rate ceiling for loans made by credit unions in the coming months, according to the Spring version of the federal regulatory agenda that was released Friday.
Federal banking agencies, including the National Credit Union Administration and Consumer Financial Protection Bureau, should develop specific directions on how credit unions and banks may use alternative data in the credit underwriting process, the Government Accountability Office said in a new report.
As the coronavirus crisis Paycheck Protection Program ends, the Small Business Administration reported that this year 859 credit unions made almost $5.6 billion in loans to businesses to help them weather the pandemic.
Appearing to confirm the suspicions of Democratic critics, the Government Accountability Office reported Monday that the Trump Administration haphazardly reorganized the consumer bureau’s fair lending office, resulting in confusion at the agency and a drop in enforcement actions.
In a scathing report, the Government Accountability Office said the Consumer Financial Protection Bureau, under then Acting Director Mick Mulvaney and then former Director Kathleen Kraninger, failed to produce any documentation to justify transferring the agency’s Office of Fair Lending and Equal Opportunity to another branch in the director’s office.