J. Owen Cole, the National Credit Union Administration’s associate director in the Policy and Markets Division in the Office of Examination and Insurance, has announced he will retire at the end of the month.
Comments on the Trump Administration from Credit Union National Association President/CEO Jim Nussle, National Association of Federally-Insured Credit Unions President/CEO B. Dan Berger and National Association of State Credit Union Supervisors President/CEO Lucy Ito.
The National Association of Federally-Insured Credit Unions and the Credit Union National Association comment on the combined economic stimulus bill and the FY21 appropriations bill that passed the House and Senate yesterday.
Congress is preparing to pass legislation that contains a $12 billion set-aside for the Community Development Financial Institutions program, and extensions of the Paycheck Protection Program, the Troubled Debt Restructuring provisions, and the pandemic-related provisions of the National Credit Union Administration’s Central Liquidity Facility. Congress is combining the coronavirus economic stimulus bill and the FY21 omnibus appropriations measure into one bill totally 5,593 pages.
A guide to what must happen and what may happen as Congress rushes to wrap everything up in the two weeks that remain before it adjourns for the year.
During his testimony before the Senate Banking Committee, National Credit Union Administration Chairman Rodney Hood said the Share Insurance Fund remains strong and that the Central Liquidity Facility changes that are set to expire at the end of the year need to be extended. He said the CLF needs the increased borrowing authority to continue dealing with the economic problems arising from the pandemic.
A group of House members is pushing their leaders to extend two provisions of coronavirus economic stimulus laws that the group says is crucial to the ability of banks and credit unions to help their customers and members weather the pandemic. Led by Rep. Danny Davis (D-Ill.), the group wants any future coronavirus legislation to include an extension of the temporary Troubled Debt Restructuring and the National Credit Union Administration’s Central Liquidity Facility provisions that were included in coronavirus economic stimulus legislation earlier this year. Both provisions are scheduled to expire at the end of the year and the House
Due to federal programs, credit unions and banks have experienced major changes to their balance sheets, which may push them across regulatory thresholds. Sen. Crapo wants regulators, including the NCUA, to use their discretion to minimize the impact of this problem.
The President and three Republican senators are sick and there is a Supreme Court nomination to be fought over. It is not clear how much attention will be available for the coronavirus economic stimulus bill and other issues important to credit unions and their members.
A new House Democratic economic stimulus plan is the basis for renewed negotiations. Here’s a review of the provisions in it.