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.
The specific information that the Small Business Administration will disclose for the Paycheck Protection Program loans will not include the name of the lenders making the loan.
The National Credit Union Administration may begin a reopening transition plan that could include voluntary on-site credit union exams as early as July 6, NCUA Chairman Rodney Hood said Thursday.
Kyle Hauptman, President Trump’s choice to join the National Credit Union Administration board, hates Dodd-Frank.
He has made that clear repeatedly.
That could cause some friction between Hauptman and Democratic board member Todd Harper and his policy advisor, Catherine Galicia, both of whom worked on Dodd-Frank when Congress passed it.
President Trump on Monday announced his intention to nominate Kyle Hauptman to be a member of the National Credit Union Administration board.
If confirmed by the Senate, Hauptman would replace Republican Mark McWatters.
“We can do more.”
That was the message National Credit Union Administration board member Todd Harper delivered Thursday, as he outlined his preliminary plans to increase the importance of economic equality and justice in the credit union community.
The chairman of the controversial Consumer Financial Protection Bureau’s Task Force on Consumer Financial Law this week defended the panel from charges that its membership is loaded with advocates of deregulation and pledged to hold an open hearing this summer.