NCUA and Export-Import Bank Launch Collaborative Effort
The National Credit Union Administration will work with the federal Export-Import Bank to help link credit unions with exporters in need of credit, the two agencies announced Tuesday.
NCUA and FDIC Take Opposing Positions on Marijuana Banking
Two financial regulators—the National Credit Union Administration and the Federal Deposit Insurance Corporation—are taking differing positions on whether institutions under their supervision are safe to provide services to marijuana-related companies.
NCUA Chairman Hood Calls For “Justice, Healing and Peace”
Reflecting on recent racial strife, National Credit Union Administration Chairman Rodney Hood on Tuesday called on Americans to have “difficult conversations” about diversity and inclusion in their communities.
NCUA to Resume Issuing Examination Reports
The National Credit Union Administration will continue conducting credit union examinations offsite because of the coronavirus crisis but will resume issuing reports written as a result of the exams, NCUA Chairman Rodney Hood announced Thursday.
NCUA Failed to Follow Federal Law in Adding Military to Low-Income Designation: ICBA
The National Credit Union Administration decided to count military personnel in determining whether a credit union qualifies for a low-income designation without using the regulatory process required by law, the trade group representing the nation’s community bankers charged this week in a letter to the NCUA’s Inspector General.
In her letter, Independent Community Bankers of America President/CEO Rebeca Romero Rainey called on the IG to begin an investigation into whether the agency violated the Administrative Procedures Act, which requires that proposed rule changes must be open to public comment before they are adopted.
Trump Administration Sets Aside $10 Billion for CDFI Loans, Boosting a Program It Tried to Kill
In a major policy reversal, the Trump Administration announced Thursday that it was setting aside $10 billion in the Paycheck Protection Program for loans made by Community Development Financial Institutions.
Hood Endorses Trade Groups’ Petition to FCC to Allow Robocalls
National Credit Union Administration Chairman Rodney Hood is lending support to credit union trade groups seeking an exemption from Federal Communication Commission rules to allow banks and credit unions to make automated telephone calls during the coronavirus crisis.
GAO Still Pushing for Consolidation of Financial Regulators
The Government Accountability Office has renewed its recommendation that Congress consider consolidating financial regulatory agencies, including the National Credit Union Administration, in an effort to improve oversight of financial institutions. In its annual report issued last week on duplicative and overlapping programs, the GAO said that the fragmented organization of the regulators results in inconsistent enforcement of federal rules and consumer protection. “Without additional actions, fragmentation and overlap in the financial regulatory structure will continue to create challenges related to the efficient and effective oversight of financial institutions and the consistency of consumer protections,” the GAO said. GAO has made
Hood Defends Defeated NCUA Credit Union Overdraft Rule
National Credit Union Administration Chairman Rodney Hood defended his decision Thursday to bring a final overdraft rule change to the board, saying he still believes the plan, which was tabled, is needed.
And he reserved the right to bring the plan back to the board for another vote.
In Shocking Move, NCUA Board Defeats Overdraft Policy Presented by Chairman Hood
In a startling turn of events, the National Credit Union Administration board tabled a final rule Thursday that would have allowed credit unions more flexibility in deciding when to require members to settle overdrafts.