The National Credit Union Administration held a webinar to discuss new board Chairman Todd Harper’s priorities and the main message from Harper is that he cares about continuing to advance economic equity and justice, as well as consumer protection efforts. It is not clear what he plans to do about some of the proposed rules that were approved before he became chairman.
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.
Cannabis banking legislation just got more complicated since Senate Banking Chairman Sherrod Brown (D-Ohio) says it should be combined with comprehensive criminal sentencing reform, which goes through the Judiciary committees.
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.
Earlier this month it was announced that Rep. Ed Perlmutter (D-Colo.) will be chairman of the House Consumer Protection and Financial Institutions Subcommittee and now the Republicans have designated Rep. Blaine Lutkemeyer (R-Mo.) as the ranking Republican on that committee. Lutkemeyer’s position is of interest to credit unions as his family owns a community bank. On the Senate side, Sen. Sherrod Brown (D-Ohio) will be chairman of the Banking Committee and the ranking Republican will be Sen. Pat Toomey (R-Pa.). Priorities may be changing on the Senate side.
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.