NCUA Chairman Rodney Hood announced Tuesday the establishment of an agency Culture, Diversity, and Inclusion Council.
The Federal Reserve has no plans to reinstitute a rule that limits consumers to six transactions a month from their savings account.
Last month the Fed released an interim final rule revising so-called “Regulation D,” which imposed the limit. At the time, Fed officials indicated the rule was being loosened because of the coronavirus crisis. Consumers likely have a more urgent need for access to their funds by remote means, the Fed said.
CFPB Director Kathy Kraninger defended her agency’s payday loan rulemaking process on Monday, disputing claims that political appointees at the bureau have played an inappropriate role in deciding whether the strict rule should be repealed.
The Small Business Administration has told borrowers under its Paycheck Protection Program how to apply for loan forgiveness but has not yet told credit unions and banks how those applications should be handled—a problem that could be particularly thorny for credit unions.
All 11 corporate credit unions have joined the NCUA Central Liquidity Facility, a move that will allow thousands of credit unions to apply for loans through the CLF, the NCUA announced Monday.
It will allow CLF coverage to be extended to more than 3,700 credit unions and increase the facility’s borrowing capacity by more than $13 billion, according to agency officials. All credit unions with assets of less than $250 million that are members of a corporate credit union are now eligible to apply for a loan from the CLF.
Credit union trade groups said Monday that the long-awaited CFPB final rule governing remittances does not go far enough in exempting financial institutions that make a relatively small number of transactions each year.
The Small Business Administration has failed to issue guidance to lenders to help ensure that pandemic Paycheck Protection Program Loans reach the businesses that most need them, as required by federal law, the SBA’s Inspector General said in a report issued late Friday.
In addition, since the agency has failed to require the collection of demographic information about borrowers, officials cannot determine if the loans are reaching businesses that need the funds.
The NCUA will now count military personnel in determining whether a credit union qualifies for the agency’s low-income designation.
With the pandemic crisis taking up so much time and energy, it is understandable that people may forget about the everyday nuts and bolts of government.
Consider, for example, the NCUA board. The term of board member J. Mark McWatters expired in August. Sources in the credit union community said they have not heard any discussion of replacing him.
Four credit unions have joined marijuana advocates who are pushing Congress to make marijuana firms eligible for Small Business Administration coronavirus crisis loans.