The National Credit Union Administration board on Oct. 21 will consider a final rule governing the permissible activities for Credit Union Service Organizations—an issue that has been a contentious one for board members in the past.
The contents of that final rule will not be released until the Thursday meeting.
Citing deficiencies that National Credit Union Administration examiners found during the past year, board Chairman Todd Harper renewed his call Thursday for the agency to develop a separate consumer protection examination.
“We should be going in and looking at [credit union] consumer protection compliance systems,” Harper said, during his confirmation hearing before the Senate Banking Committee.
As National Credit Union Administration Chairman Todd Harper continued his call for solving bias in the appraisal industry, the Federal Home Loan Mortgage Company released new data last week showing that property in minority neighborhoods is appraised lower than property elsewhere.
The partisan divisions on the National Credit Union Administration board came to the forefront Thursday, as Republican members of the board voted to bring three contentious final rules to the board over the objection of Democratic board Chairman Todd Harper.
GOP board members Rodney Hood and Kyle Hauptman voted to force a rule governing the activities of Credit Union Service Organizations onto the October agenda. They voted to force a rule governing service facilities onto the November agenda and they voted to force a rule governing the purchase of mortgage servicing rights by credit unions onto the December agenda.
The National Credit Union Administration will test a post-exam survey to allow financial institutions to provide timely feedback to the agency, board Chairman Todd Harper said in a letter sent to credit unions last week.
The two Republicans on the National Credit Union Administration board intend to join forces to bring final rules that Chairman Todd Harper opposes to a vote by the agency board, Washington Credit Union Daily has learned.
Republicans Rodney Hood and Kyle Hauptman intend to push three final rules onto the board agenda starting in October, according to a source familiar with the agency. The three rules were considered as proposed rules before Harper, a Democrat, was appointed as chairman to replace Hood. As a board member, he opposed the three rules. They have not been brought back to the board in final form.
The National Credit Union Administration must make it easier for groups to form new credit unions and should stop encouraging small, struggling credit unions to merge, NCUA board Vice Chairman Kyle Hauptman said Wednesday.
Federal financial regulators must adopt a rule to address inequities in appraisal and valuation services, National Credit Union Administration Chairman Todd Harper said Monday.
National Credit Union Administration Board member Rodney Hood on Thursday called on federal banking regulators to begin developing a joint principles-based approach to marijuana banking.
Federal financial regulators, including the National Credit Union Administration, pledged this week to provide regulatory flexibility to financial institutions affected by Hurricane Ida and California wildfires.