Deshundra Jefferson Named CUNA Chief Strategic Communications Officer
Deshundra Jefferson was appointed this week as CUNA’s chief strategic communications officer.
Democratic Senators Call Coronavirus Business Immunity ‘Unconscionable’
Senate Republican plans to provide liability immunity to businesses as they reopen following the pandemic are “unconscionable,” 42 senators said this week in a letter to Majority Leader Mitch McConnell (R-Ky.). The group, which includes Democrats and Sen. Bernie Sanders (I-Vt.), would be enough to block Senate consideration of pandemic-related legislation if the senators decide it is a large enough issue to oppose the overall bill. Due to the filibuster rule it often takes 60, rather than 51 senators, for controversial legislation to pass the Senate. The immunity provisions remain a sticking point as lawmakers and the Trump Administration try
Financial Trade Groups on Next PPP Legislation: Keep it Simple
As negotiators attempt to find common ground on the next round of coronavirus economic stimulus measures, financial trade groups Thursday urged lawmakers and federal agencies not to make piecemeal changes to the Paycheck Protection Program if it is reauthorized.
Despite Pressure to Start Sooner, Fed Says Instant Payment Service Will Launch in 2023 or 2024
The Federal Reserve’s FedNow payment system is expected to be launched in 2023 or 2024, even though many in the financial community have urged the agency to implement it sooner.
Once it is implemented, the Fed has said the service would allow customers to send and receive payments at financial institutions instantly.
Sen. Schatz Introduces Legislation to Create CDFI Emergency Fund
Amid signs that federal pandemic assistance funds have not reached businesses that need them the most, Sen. Brian Schatz (D-Hawaii) this week introduced legislation creating a new $2 billion emergency fund for Community Development Financial Institutions.
The legislation, S. 4430, would automatically provide capital for CDFIs during a natural disaster or economic crisis. The legislation is cosponsored by nine Democrats and Independent Bernie Sanders of Vermont.
Senate Banking Committee Recommends Hauptman Confirmation for NCUA Board
The Senate Banking Committee on Tuesday recommended that the full Senate confirm Kyle Hauptman as a member of the NCUA board.
If confirmed by the Senate, Hauptman, a Republican, would replace J. Mark McWatters, also a Republican.
Comptroller Under Fire for Special Bank Charter Proposal
Acting Comptroller of the Currency, Scott Brooks is under fire for seeking feedback on a proposal to offer narrow-purpose bank charters for activities such as payments—a plan that has been blasted as serving special interests, including one that formerly employed him.
Regulators Urge Credit Unions, Banks to Extend ‘Prudent’ Help to Borrowers in Absence of Congressional Action
Congress is deadlocked over economic help for people impacted by the coronavirus crisis, so federal financial regulators and a key senator are urging financial institutions to do what Congress has not been able to do.
Credit Union Trade Groups Continue Push for Coronavirus Liability Protection
The two major credit union trade groups late last week renewed their call to ensure that the next economic stimulus bill includes limited liability protection, even as the issue continued to be a major sticking point in negotiations over the coronavirus crisis response legislation.
CUNA Names Damon Smith as Senior Director of Advocacy and Council
Washington, D.C. attorney Damon Smith has been named the Credit Union National Association’s senior director of advocacy and counsel.