NCUA Board Approves Final Field of Membership Rule at July Board Meeting

The National Credit Union Administration board on Thursday approved a final Field of Membership rule that had been delayed as a result of a lawsuit filed by the American Bankers Association.

The board unanimously agreed to allow a credit union to file an application to designate a Combined Statistical Area, or a contiguous portion of it, as a well-defined local community. To qualify, that area would be required to have a population of under 2.5 million people.

Trade Groups Send Congress Latest Legislative Wish Lists for Pandemic Stimulus Bill

From expanded member business lending to remote notary services, credit union trade groups on Tuesday sent congressional leaders their latest wish list for the next coronavirus pandemic economic stimulus legislation.

Since House and Senate leaders have indicated that the next bill to be enacted may be the last stimulus legislation for a while, the stakes are particularly high.

CUNA Sends Pandemic Legislative Wish List to Congress

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.

Corporate Credit Unions Join CLF, Increasing Loan Liquidity by Over $13 Billion

All 11 corporate credit unions have joined the NCUA Central Liquidity Facility, a move that will allow thousands of credit unions to apply for loans through the CLF, the NCUA announced Monday.

It will allow CLF coverage to be extended to more than 3,700 credit unions and increase the facility’s borrowing capacity by more than $13 billion, according to agency officials. All credit unions with assets of less than $250 million that are members of a corporate credit union are now eligible to apply for a loan from the CLF.