Low-income, federally insured credit unions that wish to be certified as Community Development Financial Institutions may apply for the National Credit Union Administration’s streamlined qualification process between Sept. 12 and Oct. 15, agency officials announced last week.
Consumer advocates are asking a federal judge to prohibit the Consumer Financial Protection Bureau from using any of the recommendations of a controversial consumer law task force.
Credit union trade groups once again are pushing a bill that would convert the Consumer Financial Protection Bureau into a five-member commission—a measure that has slim chances of being enacted in a Democratic-controlled Congress. The National Association of Federally-Insured Credit Unions and the Credit Union National Association joined banking trade groups and a group representing the payday lending industry in endorsing H.R. 4773, which was introduced by Rep. Blaine Luetkemeyer, R-Mo., the ranking Republican on the House Financial Services Committee’s Consumer Protection and Financial Institutions Subcommittee. The legislation has long been a Republican talking point. However, House Financial Services Chairwoman
National Credit Union Administration examiners are too picky in their Anti-Money Laundering/Bank Secrecy Act enforcement and are citing financial institutions for small technical violations, credit union trade groups have told the agency.
The National Credit Union Administration staff will update the public and the agency board on the status of the agency’s budget in the near future, an agency spokesperson said Friday.
That briefing often has occurred in July but did not occur this year.
A fight is brewing between the Biden Administration and credit union trade groups over a Federal Reserve proposal to require financial institutions to give merchants a choice of debit card networks for online transactions and other purchases when consumers do not physically present their debit cards.
The Justice Department this week threw its support behind the Fed’s proposed rule, saying it would enhance competition and save consumers money. Credit union trade groups, on the other hand, said that the proposal would increase compliance costs, while not passing any savings on to consumers.
National Credit Union Administration Chairman Todd Harper railed against the overdraft fee practices of some federal credit unions Thursday, in a speech at the Defense Credit Union Council annual meeting in Naples, Fl.
Also speaking at the conference, NCUA board member Rodney Hood renewed his pitch for the establishment of a credit union advisory committee at the NCUA.
President Biden’s decision to renominate National Credit Union Administration Chairman Todd Harper for a full term on the agency board is unprecedented, several sources in the credit union community said Monday.
Four sources said that Harper’s nomination is not only unprecedented, but that under past interpretations of the Credit Union Act, it might be considered illegal.
President Biden on Friday announced his intention to nominate National Credit Union Administration Chairman Todd Harper to serve a full term on the agency board.
The acting director of the Consumer Financial Protection Bureau and a key Republican senator clashed Thursday over whether agency officials are overstepping the agency’s authority even before it has a permanent leader.