The National Credit Union Administration’s Chairman Rodney Hood and Board Member Todd Harper addressed participants at the National Association of Federally-Insured Credit Union’s virtual Congressional Caucus. Hood talked about his attempts to exempt credit unions from the Current Expected Credit Losses Standard and Harper discussed the NCUA’s approach to the pandemic.
Participants at the National Association of Federally-Insured Credit Unions’ virtual Congressional Caucus learn that senators from both parties think small businesses need additional assistance to get through the coronavirus economic crisis, but there is no agreement between Democrats and Republicans about how to proceed.
The Senate Republican “skinny” economic stimulus bill failed to get the necessary votes to open debate on the bill. Since the bill failed, it is unclear whether Congress will enact any of the credit union priorities before leaving at the end of the month.
Credit union trade groups are renewing their call for Congress to lift the credit union Member Business Lending cap, saying the limit is an arbitrary restriction that keeps financial institutions from providing crucial assistance during the coronavirus economic crisis.
Senate Republicans on Tuesday unveiled a “skinny” economic stimulus bill that calls for another round of Payroll Protection Program loans, a simplified loan forgiveness process and limited liability for businesses reopening during the coronavirus economic crisis.
The Senate is likely to vote on the bill later this week. It is unlikely the measure has the votes to pass, but it could serve as the next step in the haggling over the next stimulus legislation.
Five Democrats on the Senate Banking Committee are accusing Consumer Financial Protection Bureau Director Kathleen Kraninger of “coddling” large banks and mortgage servicers while failing to help borrowers.
Federal Housing Finance Agency Director Mark Calabria again defended the agency’s plan to charge a new 0.5% fee on refinancing of Freddie Mac and Fannie Mae mortgages, telling Credit Union National Association President/CEO Jim Nussle that, “This fee is necessary to keep people in their homes during the pandemic.”
The Democratic staff of the House Coronavirus Crisis Subcommittee issued a report on the Paycheck Protection Program. The report says the PPP has been plagued by waste and fraud and that both lenders and a lack of oversight from the Small Business Administration and the Treasury Department are to blame.
CUNA, NAFCU, and NASCUS raise concerns about exam consistency with the NCUA.
Credit unions and other businesses that must reach consumers still are having their automated phone calls blocked despite the urgency of their messages, groups representing the financial services, collections and healthcare management industries told the Federal Communications Commission Monday.