Credit unions that recently became members of the NCUA Central Liquidity Facility have substantially increased the facility’s borrowing capacity, National Credit Union Administration officials said Monday.
The Consumer Financial Protection Bureau said this week it still intends to repeal most of the Obama-era strict rule governing payday loans, although the date appears to have slipped.
The National Credit Union Administration board will explore the possibility of changing the maximum interest rate that credit unions may charge, the agency said Tuesday in an updated regulatory agenda.
The number of federally insured credit unions decreased by 160 between March 2019 and March 2020, the National Credit Union Administration said Wednesday in its “Quarterly Credit Union Data Summary.”.
Monday’s U.S. Supreme Court ruling upending the leadership structure of the Consumer Financial Protection Bureau did little to quell the arguments over the controversial agency and its work.
For credit union trade group and critics of the agency, the ruling did not go far enough since it did not rule the single-director structure unconstitutional. They said they hope the decision will increase the chance that Congress will enact legislation converting the agency into a commission.
The Trump Administration’s poor oversight of the Paycheck Protection Program has placed billions of dollars at risk, left lenders confounded and invited fraud, the Government Accountability Office said Thursday.
As the coronavirus crisis drags on, the National Credit Union Administration board announced at its Thursday meeting that it will delay its phased-in reopening of the agency and approved a plan to explore expansion of virtual examinations of credit unions.
The National Credit Union Administration should complete the process for reviewing bank purchases by credit unions no later than 60 days after an application is filed, several credit unions have told the agency.
Federal and state banking regulators, including the National Credit Union Administration, pledged Tuesday to consider the impact that the coronavirus pandemic has had on financial institutions, as they conduct examinations of banks and credit unions.
Under a new pilot program announced last week, credit unions and other financial institutions are now able to request an advisory opinion from the Consumer Financial Protection Bureau if they are uncertain about the application of bureau rules.
The agency will make certain requests and answers public in an effort to make its interpretation of rules clearer for the public.