The Credit Union National Association on Tuesday endorsed the Biden Administration’s FY22 budget requests for the Community Development Financial Institutions program and the National Credit Union Administration’s Community Development Revolving Loan Fund program.
The heads of the U.S. financial regulatory agencies met with President Biden on Monday. Except for one: National Credit Union Administration Chairman Todd Harper, who an agency spokesman said was not invited and did not attend.
The National Credit Union Administration will consider adopting two final rules at its meeting Thursday, but the board continues to steer clear of the politically divisive rule proposals that have badly divided the board along political lines.
The board will consider rules on the capitalization of interest and implementation of the Current Expected Credit Loss methodology. The board also will discuss the credit union loan interest rate ceiling.
The ranking Republican on the Senate Banking Committee is asking for an investigation into allegations that the Biden Administration’s Consumer Financial Protection Bureau is pushing out top career-level civil servants in an effort to fill the positions with the people who agree with the agency’s new leadership.
The House Financial Services Committee on Wednesday will mark up legislation to make pandemic-related changes to the National Credit Union Administration’s Central Liquidity Facility permanent.
Credit union trade groups and NCUA Chairman Todd Harper have called on the House and Senate to enact those changes, contending that they are needed, as credit unions recover from the economic crisis caused by the pandemic. The provisions currently are set to expire at the end of the year.
The House next week will consider a resolution that would rescind a Trump Administration rule by the Office of the Comptroller of the Currency that credit union trade groups contend allows predatory online lenders to “rent” a bank to evade consumer protection laws. “In order to rein in predatory lenders and ‘rent-a-bank’ schemes, S.J. Res. 15 would overturn a rule by the Office of the Comptroller of the Currency and allow states once again to regulate these lenders and protect consumers,” House Majority Leader Steny Hoyer (D-Md.) wrote in a letter to colleagues outlining the June House agenda. Republicans have
House Republicans on Tuesday blocked quick passage of legislation that would have expanded reporting requirements under the Equal Credit Opportunity Act to LGBTQ-owned businesses.
Reversing a Trump Administration policy, the Consumer Financial Protection Bureau announced Wednesday that it will immediately resume enforcement and supervisory activities under the Military Lending Act.
The Biden Administration announced Tuesday it has awarded 244 Community Development credit unions a total of $401.8 million to help the institutions and the communities they serve recover from the economic problems caused by the coronavirus crisis.
Last week’s revelations by ProPublica that many of the richest Americans are paying little or no income taxes has galvanized Republican opposition to the proposal that additional records be reported by financial institutions to the Internal Revenue Service.