The National Credit Union Administration approved an interim final rule by notation. The rule is designed to assist credit unions facing the sudden enforcement of prompt corrective action regulations due to an influx of deposits from the additional Economic Impact Payments. The rule was listed on the April agenda, but the board decided there was an immediate need for the rule.
Low-income credit unions will be able to submit grant applications for the National Credit Union Administration’s Community Development Revolving Loan Fund between May 3 and June 26, the agency announced last week.
The House Consumer Protection and Financial Institutions Subcommittee held a hearing on trends in institutional charters that highlighted the different views on proper regulation of fintech companies and how the current regulatory arrangements may be becoming disadvantageous to credit unions. Carlos Pacheco, CEO of Premier Members Credit Union in Boulder, Colo., gave a credit union’s perspective to the legislators.
Jim Nussle, the President/CEO of the Credit Union National Association, says efforts by the World Council of Credit Unions and other small non-profits to access funds to help development abroad is hampered by the procurement process used by the U.S. Agency for International Development. He is proposing a legislative solution.
House Financial Services Chairwoman Maxine Waters (D-Calif.) is asking for a supplemental appropriation for the Treasury Department’s Financial Crimes Enforcement Network so that it can implement the anti-money laundering and Bank Secrecy Act changes Congress passed last year.
Citing the pandemic, the Consumer Financial Protection Bureau is proposing to delay by 60 days the effective dates of debt collection rules that were issued by the Trump Administration last year. The agency is seeking public comment on the proposal, but the proposal first must be published in the Federal Register.
The Internal Revenue Service’s portal to provide information to consumers about their federal coronavirus Economic Impact Payments is providing inaccurate information to many financial institutions and their customers, creating confusion for everyone involved, trade groups said last week.
“The information provided by the portal is often inaccurate, causing confusion for recipients because it is not updated in a sufficiently timely manner, resulting in erroneous messages to recipients,” groups including the Credit Union National Association, the National Association of Federally-Insured Credit Unions, the American Bankers Association and the Independent Community Bankers of America, wrote in a letter to IRS Commissioner Charles Rettig.
The Biden Administration released a bare-bones funding blueprint for next year and it proposes a 22.2% increase for the Community Development Financial Institutions program, the opposite of Trump Administration budgets which always called for elimination of the program.
Vystar Credit Union agreed to buy Heritage Southeast Bank. The deal will be the credit union industry’s largest-ever bank acquisition and set off a war of words over the credit union tax exemption. VyStar Credit Union and the Credit Union National Association have a few things to say about the Independent Community Bankers of America’s characterization of the deal.
A “GetBanked” campaign in Houston and Atlanta was announced by the FDIC. Its goal is to get unbanked people to open checking accounts in banks.