Credit union trade groups are pushing the Federal Reserve to definitely state that it has no plans to reinstate a rule that limited consumers to six transactions a month from their savings account.
With some $130 billion still in the lending pot, the House and Senate have passed legislation to extend the Small Business Administration’s Paycheck Protection Program through August 8.
The measure now goes to President Trump, who is expected to sign it. The PPP program expired Tuesday.
Monday’s U.S. Supreme Court ruling upending the leadership structure of the Consumer Financial Protection Bureau did little to quell the arguments over the controversial agency and its work.
For credit union trade group and critics of the agency, the ruling did not go far enough since it did not rule the single-director structure unconstitutional. They said they hope the decision will increase the chance that Congress will enact legislation converting the agency into a commission.
Now that the U.S. Supreme Court has refused to overturn the National Credit Union Administration’s Field of Membership rule, the agency will begin implementing the sections of the rule that had been challenged, NCUA Chairman Rodney Hood said Monday.
In a wish list sent to every office on Capitol Hill Tuesday, the Credit Union National Association renewed its call to allow expanded business lending by credit unions for one year to help businesses weather the coronavirus pandemic. A one-year exemption from the current Member Business Lending cap would open up some $5 billion for investment and could create as many as 50,000 jobs, CUNA said.
It appears likely that a plan to allow banks to have the same free rent benefit on military bases that credit unions have will have to be settled later this year when House and Senate conferees meet to iron out differences in the annual defense authorization bill.
Under a new pilot program announced last week, credit unions and other financial institutions are now able to request an advisory opinion from the Consumer Financial Protection Bureau if they are uncertain about the application of bureau rules.
The agency will make certain requests and answers public in an effort to make its interpretation of rules clearer for the public.
The National Credit Union Administration may begin a reopening transition plan that could include voluntary on-site credit union exams as early as July 6, NCUA Chairman Rodney Hood said Thursday.
All 45 Democratic senators are pushing the Trump Administration to develop a streamlined process for the smallest businesses to obtain loan forgiveness under the Paycheck Protection Program.
The 45 senators, in a letter to Treasury Secretary Steven Mnuchin and Small Business Administration Administrator Jovita Carranza, did not go as far as credit union trade groups, which have called for automatic loan forgiveness for certain borrowers.
Contending that for-profit banks have no business getting free rent on military bases, three major credit union trade groups are asking leaders of the House Armed Services Committee to continue to give credit unions that benefit, while rejecting it for banks.