NCUA Board Facing Potentially Contentious Issues

The agenda for the January board meeting of the National Credit Union Administration has been released. On the agenda is a rule on Risk-Based Net Worth, an Advance Notice of Proposed Rulemaking on the simplification of Risk-Based Capital Requirements, a proposed rule on CUSOs, a notice of proposed rulemaking on the CAMELS rating system and the agency’s annual performance plan.

CFPB Task Force: Allow All Credit Unions to Serve Underserved Areas

A controversial Consumer Financial Protection Bureau task force on consumer financial law released its final report the day before a hearing about its makeup was to be held in a federal court in Massachusetts. Credit unions will like its recommendation that all credit unions be allowed to serve underserved areas. Consumer groups will object to many of the other recommendations and it is unlikely the Biden Administration will accept them.