In Draft Plan, CFPB Rejects Request to Exempt Credit Unions from Loan Reporting Rule

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.

NCUA Board Approves Final Field of Membership Rule at July Board Meeting

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.

Taxpayers Union: Attach Conditions to Increases in Credit Union Business Lending

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.”

ICBA Urges Small Credit Unions to Declare War Against Large Credit Unions

The vice chairman of the Independent Community Bankers of America is urging small credit unions to declare war on large credit unions.

In a recent post on the online publishing platform Medium, Brad Bolton accuses the National Credit Union Administration of adopting rules that favor large credit unions over smaller institutions, including community banks. And he is encouraging the small institutions to revolt against such decisions and join community bankers in demanding congressional investigations into the NCUA’s decisions.