With stimulus legislation stalled in Congress, the Credit Union National Association and the National Association of Federally-Insured Credit Unions argue that the National Credit Union Administration should help credit unions survive the coronavirus economic crisis by adjusting regulations.
The Consumer Financial Protection Bureau would not exempt credit unions from the requirement to report lending to women-owned businesses, minority-owned businesses, and small businesses to the agency, according to an initial proposal being circulated by the bureau.
Credit union trade groups have sought a blanket exemption from the reporting required under the Dodd-Frank Act.
A Federal Reserve U.S. Coin Task Force has developed a toolkit for financial institutions and retailers in an effort to push more coins into circulation.
In forming the task force earlier this year, Fed officials said that with many retail businesses where coins are used closed due to the coronavirus crisis, the normal coin circulation network has been disrupted. They said that there is not a shortage of coins, adding that more than $40 billion in coins are in circulation, but many of them are not being used.
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.
The Senate returns this week and the House will return next week. There is still much to be done and it is unlikely that Congress will get to everything related to credit unions before the election. Here is a summary of the decisions and legislation that remain.
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 Inspector General for the National Credit Union Administration found that the Share Insurance Fund is at risk because the NCUA does not have the power to supervise third-party vendors and Credit Union Service Organizations. The fix, according to the Inspector General, is that Congress pass legislation giving those supervisory powers to the NCUA.
Despite vehement opposition from much of the financial community, Acting Comptroller of the Currency, Scott Brooks, apparently is going ahead with his plan to issue narrow bank charters for activities such as payments.
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.