Brad Thaler, the National Association of Federally-Insured Credit Unions’ Vice President of Legislative Affairs, wrote to members of congressional tax-writing committees to warn them that the Independent Community Banker’s Association wants credit unions taxed to eliminate a source of competition for banks.
The National Credit Union Administration held a webinar to discuss new board Chairman Todd Harper’s priorities and the main message from Harper is that he cares about continuing to advance economic equity and justice, as well as consumer protection efforts. It is not clear what he plans to do about some of the proposed rules that were approved before he became chairman.
In December, the National Credit Union Administration approved a proposed rule that would expand credit union fields of membership. Bankers claim the rule would permit an illegal expansion of those fields.
The National Credit Union Administration on Oct. 14 will begin considering applications from credit unions that wish to seek a community charter under its expanded Field of Membership rule, NCUA Chairman Rodney Hood said this week.
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.
The National Credit Union Administration board on Thursday approved a final Field of Membership rule that had been delayed as a result of a lawsuit filed by the American Bankers Association.
The board unanimously agreed to allow a credit union to file an application to designate a Combined Statistical Area, or a contiguous portion of it, as a well-defined local community. To qualify, that area would be required to have a population of under 2.5 million people.
Congress should tighten credit union field of membership requirements before increasing the industry’s Member Business Lending cap, the National Taxpayers Union said Thursday.
“Many large credit unions have strayed from their limited mission and extended their services to nearly anyone,” the NTU said in a letter to committees with credit union oversight powers. “Congress should work to reestablish and clarify sensible common-bond requirements that are a condition of credit unions’ unique status.”
Even before the National Credit Union Administration decides whether to issue a final rule dealing with subordinated debt, it appears extremely likely that the issue will end up in federal court.
In light of last week’s U.S. Supreme Court decision, the National Credit Union Administration said Tuesday it will reinstate the rural districts for 18 credit unions that had been removed as federal courts evaluated the agency’s Field of Membership rule.
As the NCUA board is preparing to adopt a revised Field of Membership rule following a recent U.S. Supreme Court decision, credit union trade groups are asking agency officials to give credit unions greater freedom to expand.