A coalition of trade groups, including the Credit Union National Association and the National Association of Federally-Insured Credit Unions, is pushing Congress to pass legislation that would allow businesses receiving loans of $150,000 or less from the Paycheck Protection Program to have their loans forgiven by submitting a one-page form.
Even before the National Credit Union Administration decides whether to issue a final rule dealing with subordinated debt, it appears extremely likely that the issue will end up in federal court.
Credit union trade groups are pushing the Federal Reserve to definitely state that it has no plans to reinstate a rule that limited consumers to six transactions a month from their savings account.
Congress is unlikely to enact another economic stimulus bill until late July or early August, Brad Thaler, NAFCU’s vice president of legislative affairs predicted Thursday. Speaking at the trade group’s virtual “State of the Industry” conference, Thaler said, however, that with the legislative authority for the Small Business Administration’s Paycheck Protection Program expiring on June 30, the House and Senate might try to extend the program in a smaller bill. “This could happen before a large [stimulus bill] if there can be bipartisan agreement,” he said. The House has passed a large stimulus measure that includes aid to state and
In a wish list sent to every office on Capitol Hill Tuesday, the Credit Union National Association renewed its call to allow expanded business lending by credit unions for one year to help businesses weather the coronavirus pandemic. A one-year exemption from the current Member Business Lending cap would open up some $5 billion for investment and could create as many as 50,000 jobs, CUNA said.
The National Credit Union Administration is proposing to vastly expand its power in a proposed rule governing credit union bank purchases by including Federally Insured, State-Chartered Credit Unions (FISCUs) in the rule, the National Association of State Credit Union Supervisors charged this week.
A proposed National Credit Union Administration rule governing the purchase of banks by credit unions does not go far enough in governing predatory practices of the tax-exempt institutions, two banking trade groups told the agency this week.
The vice chairman of the Independent Community Bankers of America is urging small credit unions to declare war on large credit unions.
In a recent post on the online publishing platform Medium, Brad Bolton accuses the National Credit Union Administration of adopting rules that favor large credit unions over smaller institutions, including community banks. And he is encouraging the small institutions to revolt against such decisions and join community bankers in demanding congressional investigations into the NCUA’s decisions.
Contending that for-profit banks have no business getting free rent on military bases, three major credit union trade groups are asking leaders of the House Armed Services Committee to continue to give credit unions that benefit, while rejecting it for banks.
Credit union trade groups are asking the Trump Administration to automatically forgive the smallest loans made under the Paycheck Protection Program, although they disagree on the threshold for forgiveness.