Credit Union National Association President/CEO Jim Nussle sent a letter to new National Credit Union Administration Chairman Todd Harper asking that a list of previously proposed rules be brought to the agency board for votes. Harper has objected to some of the rules on the list in the past.
Consumer Financial Protection Bureau Acting Director Dave Uejio has notified agency employees that the CFPB will be tightening up supervision and enforcement policies, starting with the Military Lending Act. He is preparing the agency for the arrival of Biden’s nominee for director, Rohit Chopra, who is awaiting confirmation by the Senate.
The American Banker’s Association endorsed Todd Harper’s appointment as the board chairman of the National Credit Union Administration. After praising him, they went on to urge him to be a credit union watchdog and not a credit union cheerleader.
Credit union trade groups report that the Small Business Administration and the Treasury Department are still failing to anticipate problems with the Paycheck Protection Program rollout and are still playing catch-up with issues. Nevertheless, the trade groups also report that this rollout has gone a lot smoother than in the past.
President Biden appointed Democrat Todd Harper to serve as board chairman of the National Credit Union Administration, replacing Republican Rodney Hood. This puts Harper as chairman over two Republicans. What can credit unions expect from the NCUA now? This article, written by our editor, is posted on the Credit Union Times website. Clicking on the link will take you to the article. There is a free, one-time registration required to visit the Credit Union Times website. Todd Harper Selected as New NCUA Board Chairman Why am I being redirected to the Credit Union Times website? This will explain: Message from
The Consumer Financial Protection Bureau and the National Credit Union Administration released the Memorandum of Understanding that they signed recently, without waiting for the processing of a Freedom of Information Act request. The MOU says the NCUA and CFPB will attempt to coordinate their regulation of credit unions with assets of more than $10 billion.
President Biden has issued a temporary moratorium on regulations until they can be reviewed by people in his administration. His Executive Order, signed the day of his inauguration, says that, with a few exceptions, until rules are approved by someone designated by him, agencies should not send rules to the Federal Register for publication. Rules that have been published but have not become effective should be delayed for 60 days.
Consumer Financial Protection Bureau Director Kathleen Kraninger resigned Wednesday, at the request of President Biden.
The continuing coronavirus pandemic has the National Credit Union Administration adjusting its supervisory efforts during 2021. The extended exam cycle will continue, the targeted Small Credit Union Exam program will continue, and the larger credit unions will have risk-focused examinations. Chairman Rodney Hood explained the changes and risk-focus in a letter to credit unions.
President-elect Biden has chosen Rohit Chopra to lead the Consumer Financial Protection Bureau. Chopra helped Sen. Elizabeth Warren (D-Mass.) organize the bureau, so it appears that the agency will be returning to a stricter regulatory stance.