The Credit Union National Association last week renewed its effort to convince the Financial Accounting Standards Board to amend the controversial Current Expected Credit Losses standard, contending that credit unions should not have to comply with it.
The Credit Union National Association will hold its annual Governmental Affairs Conference in-person Feb. 27-March 3, 2022 at the Walter E. Washington Convention Center in Washington, D.C.
A community banker, at a hearing before the House Small Business Committee on Wednesday, accused the Small Business Administration of attempting to coerce lenders in the Paycheck Protection Program into using an agency portal for loan forgiveness.
A fight is brewing between the Biden Administration and credit union trade groups over a Federal Reserve proposal to require financial institutions to give merchants a choice of debit card networks for online transactions and other purchases when consumers do not physically present their debit cards.
The Justice Department this week threw its support behind the Fed’s proposed rule, saying it would enhance competition and save consumers money. Credit union trade groups, on the other hand, said that the proposal would increase compliance costs, while not passing any savings on to consumers.
House Financial Services Committee Chairwoman Rep. Maxine Waters, D-Calif., has warned federal financial regulators that “robust supervision and enforcement” is needed to ensure that financial institutions help homeowners avoid foreclosures and weather the financial hardships caused by the pandemic.
The Consumer Financial Protection Bureau will not delay implementation of controversial debt collection rules, the agency announced Friday.
The rules will go into effect as scheduled on Nov. 30, 2021.
The Small Business Administration is preparing to launch a streamlined application portal that will allow Paycheck Protection Program borrowers with loans of $150,000 or less to apply for forgiveness through the SBA.
The Federal Housing Finance Agency on Friday announced that on Aug. 1, it will eliminate a controversial 0.5% fee on refinancing of Freddie Mac and Fannie Mae mortgages, a fee that the Trump Administration had said was needed to help the Enterprises weather the coronavirus economic crisis.
The National Credit Union Administration on July 19 will begin allowing staff and contractors to work onsite at credit unions where pandemic conditions have moderated, agency board Chairman Todd Harper announced Wednesday.
Coronavirus-related forbearance programs succeeded in limiting mortgage default, particularly among borrowers with the greatest financial need, the Government Accountability Office said, in a report released Monday.