The Consumer Financial Protection Bureau on Monday said it will not impose a moratorium on mortgage foreclosures until the end of the year but will impose “temporary safeguards” to ensure that homeowners with pandemic-related hardships have time to make payments on their homes.
The National Credit Union Administration board voted Thursday to maintain the current temporary maximum interest rate of 18% for virtually all loans through March 10, 2023.
Amid Republican opposition, the House Financial Services Committee on Wednesday approved legislation that would make pandemic-related changes to the National Credit Union Administration’s Central Liquidity Facility permanent.
The House Financial Services Committee on Wednesday will mark up legislation to make pandemic-related changes to the National Credit Union Administration’s Central Liquidity Facility permanent.
Credit union trade groups and NCUA Chairman Todd Harper have called on the House and Senate to enact those changes, contending that they are needed, as credit unions recover from the economic crisis caused by the pandemic. The provisions currently are set to expire at the end of the year.
The Biden Administration announced Tuesday it has awarded 244 Community Development credit unions a total of $401.8 million to help the institutions and the communities they serve recover from the economic problems caused by the coronavirus crisis.
The Consumer Financial Protection Bureau is delaying most new regulatory decisions until the Senate votes on the nomination of Rohit Chopra to serve as the agency’s director, the CFPB said Friday in its Spring regulatory agenda.
As the coronavirus crisis Paycheck Protection Program ends, the Small Business Administration reported that this year 859 credit unions made almost $5.6 billion in loans to businesses to help them weather the pandemic.
Saying that the number of applications regularly exceeds the funding available, National Credit Union Administration Chairman Todd Harper Tuesday urged Congress to increase appropriations for the agency’s Community Development Revolving Loan Fund program.
President Biden proposed Friday to increase the National Credit Union Administration’s Community Development Revolving Loan Fund program by $500,000 in FY22.
The Small Business Administration improperly blocked state-chartered, privately insured credit unions from participating in the Paycheck Protection Program, Credit Union National Association President/CEO Jim Nussle charged Wednesday.