The Independent Community Bankers of America’s anti-credit union campaign will continue in the next Congress.
In its briefing on the impact of the 2020 election, the ICBA said it will continue its “Wake Up” campaign during the 117th Congress. But the trade group said it does not expect any major policy shift in how policymakers view the credit union industry.
In response to the Treasury Department’s proposed changes to the CDFI application process, Joseph Pigg of the American Banker’s Association points out that nearly half of all credit unions are now designated as “low income” and questions whether they should meet the definition of CDFI.
CUNA objects to the Federal Communications Commission placing new restrictions on informational calls made by credit unions to their members.
The National Credit Union Administration’s proposed new operating fee structure will help ensure that federal credit unions will not be penalized for participating in the Paycheck Protection Program, Luke Martone, the Credit Union National Association’s senior director of advocacy and council recently told the agency.
CUNA and NAFCU have all sorts of suggestions on how the NCUA can help credit unions during the coronavirus economic crisis.
Paycheck Protection Program loans are remaining on credit union balance sheets for longer than expected, causing regulatory headaches for credit union officials, Credit Union National Association President/CEO Jim Nussle said last week.
NAFCU says that three recent data breaches at retailers is a reminder to Congress that a data security standard for retailers needs to be enacted. NAFCU thinks the data security standards for retailers should be the same as those for financial institutions, especially since data breaches of retailers often have consequences for credit unions.
CUNA has launched the “Advancing Communities” campaign, a new effort designed to provide state and federal policymakers and communities with information about the economic and social impact that credit unions provide across the country.
The trade group representing the nation’s community bankers is asking leaders of the Senate Banking Committee to request a Government Accountability Office investigation of the credit union industry.
Acting Comptroller Brian Brooks of the Office of Comptroller of the Currency claims he can grant special charters to companies handling payments, without going through the traditional rulemaking regulatory process. Many financial trade groups disagree and note there are substantive issues involved in granting these charters.