In December, the National Credit Union Administration approved a proposed rule that would expand credit union fields of membership. Bankers claim the rule would permit an illegal expansion of those fields.
The Credit Union National Association and the National Association of Federally-Insured Credit Unions have been letting the Biden administration and legislators know the actions they believe will help credit unions help their members during the pandemic. These lists are extensive, but may be tough to achieve with an administration focused on tightening up financial regulations.
Sen. Jack Reed (D-R.I.), Senate Banking Chairman Sherrod Brown (D-Ohio) and Senate Appropriations Chairman Patrick Leahy (D-Vt.) have introduced legislation to create a $75 billion Homeowner Assistance Fund, designed to help homeowners hit by the coronavirus crisis. The fund is targeted to prevent avoidable foreclosures, evictions and utility shutoffs. Credit union trade groups are supportive.
Credit union trade groups like a National Credit Union Administration proposed rule that would allow federal credit unions to purchase mortgage servicing rights from other federally-insured credit unions. NCUA Chairman Todd Harper is worried about the risks associated with mortgage servicing.
The re-invigorated Paycheck Protection Program remains beset with problems that are keeping small businesses from obtaining much-needed assistance, trade groups representing credit unions and accountants said this week.
The Credit Union National Association again is urging Congress to include temporary coronavirus liability protection in any new economic stimulus legislation it considers.
In an open letter to the new Congress, Rebeca Romero Rainey, the president/CEO of the Independent Community Bankers of America, outlined the current priorities of community bankers, including a request that Congress re-examine the credit union tax exemption.
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.