Interested in what credit unions can expect from Washington in 2021? Here are some predictions.
The National Association of Federally-Insured Credit Unions and the Credit Union National Association have endorsed the National Credit Union Administration’s proposal to codify a 2018 policy statement making it clear that supervisory guidance does not carry the force of law.
Credit Union National Association President/CEO and longtime Republican Jim Nussle renounced his party affiliation late Wednesday after the invasion of the Capitol building.
Congress and federal regulators should protect the credit union tax exemption, while ensuring that the institutions have the same opportunities to serve consumers as banks and other financial companies, NAFCU officials said, as they released their 2021 advocacy agenda. “Credit unions have worked tirelessly to help Americans overcome adversity and hardship amid the coronavirus pandemic,” said NAFCU President/CEO B. Dan Berger. “For both new and returning members of Congress, it is vital they understand the good work not-for-profit credit unions have done and will continue to do to lift American families and communities up during these uncertain times.” Berger sent
The coronavirus economic impact payment may cause credit unions regulatory issues, credit union trade groups warned. The increase in credit union balance sheets may trigger new regulatory requirements. The Credit Union National Association wants a rule that will allow credit unions to use an earlier date for asset data.
Financial and industry trade groups, including the Credit Union National Association and the National Association of Federally-Insured Credit Unions, would like guidance and rules for the new Paycheck Protection Program issued soon so that there will not be constant updates and changes like those that occurred during the first PPP. The groups sent a letter to the Small Business Administration and Treasury Department, suggesting comprehensive and timely guidance on the program rules so that a smooth implementation can occur.
Comments on the Trump Administration from Credit Union National Association President/CEO Jim Nussle, National Association of Federally-Insured Credit Unions President/CEO B. Dan Berger and National Association of State Credit Union Supervisors President/CEO Lucy Ito.
The National Association of Federally-Insured Credit Unions and the Credit Union National Association comment on the combined economic stimulus bill and the FY21 appropriations bill that passed the House and Senate yesterday.
The National Credit Union Administration board’s decision to allow low-income, complex, and new credit unions to issue subordinated debt is another sign that the industry is eroding the mission of the institutions, banking lobbyists charged this week.
“This rule is yet another example of the NCUA pushing the envelope and expanding credit union powers well beyond limits justifying the industry’s tax exemption,” Rebeca Romero Rainey, president/CEO of the Independent Community Bankers of America said Thursday.
The NCUA board approved a final rule Thursday allowing credit unions to issue subordinated debt for purposes of regulatory capital treatment.
The National Association of Federally-Insured Credit Unions and the Credit Union National Association want credit unions exempt from reporting requirements under the Consumer Financial Protection Bureau’s small business reporting rule and the reporting requirements under Section 1071 of Dodd-Frank.