The U.S Supreme Court on Monday declared the single-director structure of the Consumer Financial Protection Bureau unconstitutional.
The agency’s configuration is “incompatible with the structure of the Constitution, which—with the sole exception of the Presidency—scrupulously avoids concentrating power in the hands of any single individual,” the court said.
The U.S. Supreme Court on Monday refused to consider the American Bankers Association’s challenge to the National Credit Union Administration’s Field of Membership rule.
The refusal is a major win for the agency and credit unions that have defended the rule.
Employees of financial institutions face a low risk of exposure for COVID-19 if the institutions take precautions, such as shields at teller counters, the Centers for Disease Control and Prevention said last week.
The CDC has issued guidance for the opening of various facilities that have been closed due to the pandemic. While most of the bank and credit union document covers such now-common steps as employee screening and social distancing, some of the recommendations specifically address issues at financial institutions, such as credit unions.
The Trump Administration’s poor oversight of the Paycheck Protection Program has placed billions of dollars at risk, left lenders confounded and invited fraud, the Government Accountability Office said Thursday.
Congress is unlikely to enact another economic stimulus bill until late July or early August, Brad Thaler, NAFCU’s vice president of legislative affairs predicted Thursday. Speaking at the trade group’s virtual “State of the Industry” conference, Thaler said, however, that with the legislative authority for the Small Business Administration’s Paycheck Protection Program expiring on June 30, the House and Senate might try to extend the program in a smaller bill. “This could happen before a large [stimulus bill] if there can be bipartisan agreement,” he said. The House has passed a large stimulus measure that includes aid to state and
As the coronavirus crisis drags on, the National Credit Union Administration board announced at its Thursday meeting that it will delay its phased-in reopening of the agency and approved a plan to explore expansion of virtual examinations of credit unions.
In a wish list sent to every office on Capitol Hill Tuesday, the Credit Union National Association renewed its call to allow expanded business lending by credit unions for one year to help businesses weather the coronavirus pandemic. A one-year exemption from the current Member Business Lending cap would open up some $5 billion for investment and could create as many as 50,000 jobs, CUNA said.
The National Credit Union Administration should complete the process for reviewing bank purchases by credit unions no later than 60 days after an application is filed, several credit unions have told the agency.
Federal and state banking regulators, including the National Credit Union Administration, pledged Tuesday to consider the impact that the coronavirus pandemic has had on financial institutions, as they conduct examinations of banks and credit unions.
It appears likely that a plan to allow banks to have the same free rent benefit on military bases that credit unions have will have to be settled later this year when House and Senate conferees meet to iron out differences in the annual defense authorization bill.