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.
The House-passed defense bill has a provision that would require companies to disclose their beneficial owners when a company is formed and then that information would be available to law enforcement through the Financial Crimes Information Network.
The Federal Communications Commission should require telephone carriers to promptly notify customers when a call has been blocked, a coalition of business groups told the commission this week.
Credit union trade groups this week accused Acting Comptroller of the Currency Brian Brooks of skirting the rulemaking process in an attempt to allow risky fintech companies to expand their services. “Credit unions are concerned that non-regulated companies are engaged in financial activities by offering products and services that are traditionally offered by credit unions and banks,” CUNA President/CEO Jim Nussle told the House Financial Services task force on financial technology. “These non-bank providers often strive to offer these products and services without being subject to robust consumer protection laws and regulations in place for banks and credit unions.” Nussle
As businesses and credit unions move into the Paycheck Protection Program’s loan forgiveness process, they are reporting that it is so complex and burdensome that they have had to spend valuable time and resources on the paperwork.
Credit union trade groups are renewing their plea for a national data protection standard—an effort that has been bogged down in congressional intramural politics for several years. “The current complex layer of laws does provide protections for consumers, but the many laws and regulation are also inefficient as some businesses must comply with many different requirements while others manage to escape requirements to protect information” CUNA President/CEO Jim Nussle wrote in a letter to the Senate Commerce Committee this week. “As NAFCU has previously communicated to Congress, we believe there is an urgent need for a national data security standard
The National Credit Union Administration could take steps to restore its equity ratio that do not include charging credit unions additional fees, according to the National Association of Federally-Insured Credit Union’s Vice President of Research and Chief Economist Curt Long.
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.