NCUA, Regulators Pledge Flexibility in Regulation of Institutions Affected by Hurricane, Wildfires

The National Credit Union Administration and the other banking regulators said Monday that they will be flexible in their regulation and supervision of financial institutions affected by the California wildfires and Hurricane Laura. In a joint statement, the agencies said they want to encourage institutions “operating in the affected areas to meet the financial services needs of their communities.” In the statement, the regulators said that financial institutions should work “constructively” with borrowers and pledged that prudent efforts to adjust or alter terms of loans will not be subject to examiner criticism. They added that “the agencies recognize that efforts

Message from the Editor About Story Links to the CU Times

As many of you know, I used to cover Washington for the Credit Union Times. When the pandemic struck, the parent company furloughed all freelancers–including me. As all of us who have lived through the pandemic chaos also know, things change from day to day. Well, the Credit Union Times has offered me the opportunity to contribute stories once again. But who knows? Things may change again, so I’m not furloughing the Washington Credit Union Daily. I will continue to write about the regulatory, legislative and political developments affecting credit unions for both the Credit Union Times and the Washington

Payday Lender Group: CFPB Rule Still ‘Overreaching’

The Consumer Financial Protection Bureau may have rescinded large parts of its payday lending rule, but the parts that remain are “unnecessary, arbitrary, capricious, overreaching, procedurally improper, and substantially harmful to lenders and borrowers alike,” associations representing payday lenders said last week, in an amended suit challenging the rule.

The Consumer Financial Services Association of America and its Texas affiliate had challenged the strict payday lending rule issued during the Obama Administration in the U.S. District Court for the Western District of Texas in 2018.