With stimulus legislation stalled in Congress, the Credit Union National Association and the National Association of Federally-Insured Credit Unions argue that the National Credit Union Administration should help credit unions survive the coronavirus economic crisis by adjusting regulations.
As National Association of Federally-Insured Credit Union members met lawmakers and their staffs this week, the Independent Community Bankers of America circulated a crib sheet on Capitol Hill designed to make the credit union officials squirm.
Participants at the National Association of Federally-Insured Credit Unions’ virtual Congressional Caucus learn that senators from both parties think small businesses need additional assistance to get through the coronavirus economic crisis, but there is no agreement between Democrats and Republicans about how to proceed.
Credit union trade groups are renewing their call for Congress to lift the credit union Member Business Lending cap, saying the limit is an arbitrary restriction that keeps financial institutions from providing crucial assistance during the coronavirus economic crisis.
At the NASCUS State Summit, a policy about diversity and inclusion was adopted and NASCUS reasserted its independence. A report on the NASCUS State Summit.
Credit unions and other businesses that must reach consumers still are having their automated phone calls blocked despite the urgency of their messages, groups representing the financial services, collections and healthcare management industries told the Federal Communications Commission Monday.
The Credit Union National Association’s Governmental Affairs Conference, the largest gathering of credit union officials each year, will be going all-virtual on March 2-4, 2021, the trade group announced Monday.
If underserved areas of the U.S. are going to be revitalized, non-banks—including credit unions—should be subject to the Community Reinvestment Act, the National Community Reinvestment Coalition said Thursday. “If one segment of the lending industry complies with CRA while the other segments do not, this ultimately will make lending to underserved communities more difficult,” Josh Silver, a senior policy advisor at the NCRC, said in a policy statement. “The non-CRA covered institutions can skim the most profitable parts of the market and focus their lending on the most affluent borrowers.” The NCRC policy statement is the latest salvo in the
The coronavirus economic crisis demonstrated the failure of large banks to reach small and minority-owned businesses, Cathie Mahon, president/CEO of Inclusiv told the Community Development Financial Advisory Board Thursday.
Community Development Financial Institutions stepped up to fill that void as much as they could, Mahon, whose trade group represents community development credit unions, told the board. She added, however, that Minority Depository Institutions and CDFIs were hampered in that effort because they need the capital, technical support, and platforms to keep up with the evolving financial services world.
Charging that any postal banking deal between the U.S. Postal Service and JPMorgan Chase would be an invitation for corruption, the trade group representing the nation’s community banks on Monday asked the Postal Regulatory Commission to investigate reports of such a deal.