Rodney Hood, in testimony before the House Financial Services Committee, said that the Share Insurance Fund is healthy and defended the purchases of banks by credit unions.
During his testimony before the Senate Banking Committee, National Credit Union Administration Chairman Rodney Hood said the Share Insurance Fund remains strong and that the Central Liquidity Facility changes that are set to expire at the end of the year need to be extended. He said the CLF needs the increased borrowing authority to continue dealing with the economic problems arising from the pandemic.
Only 118 of the nation’s 5,326 credit unions completed the National Credit Union Administration’s diversity survey. Would a monetary reward for completing the survey be helpful or harmful? Credit union trade groups weigh in on that question.
Myra Toeppe has been named director of the Office of Examination and Insurance at the National Credit Union Administration, agency chairman Rodney Hood announced Monday. “Myra brings a wealth of management and financial supervision experience to this important position,” Hood said. “She has a passion for public service and has spent her career promoting the safety and soundness of financial institutions.” Toeppe has been serving as the office’s director in an acting capacity since March 2020. She has nine years of experience with the NCUA and 25 years of experience with the Office of Thrift Supervision and the Federal Home
The NCUA board adopted a proposed rule that states that the NCUA will not take action, solely based on administrative guidance, against a credit union.
A proposed rule on agency guidance was not approved by the NCUA board before it was released this week. Now the NCUA is catching up by having a special board meeting.
Does agency guidance have the force of law? The National Credit Union Administration, the Consumer Financial Protection Bureau and other financial regulators issue a proposed rule that says it does not.
At its October 2020 meeting, the National Credit Union Administration board approved a proposed rule expanding the ability of credit unions to invest in derivatives, discussed their oversight powers over vendors, and received a briefing on cybersecurity.
The National Credit Union Administration is an independent agency and not subject to President Trump’s executive order that restricts diversity and inclusion training, but the agency has said that it tries to follow the “spirit” of Executive Orders. Now NCUA officials decline to comment on their plans.
Rosa Clemente reports she was told that her speaking engagement, entitled “Unapologetically Black: Afro-Latinx Culture and Identity,” was canceled due to President Trump’s Executive Order that restricted diversity training at government agencies.