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.
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.
The U.S. Supreme Court on Monday refused to consider the American Bankers Association’s challenge to the National Credit Union Administration’s Field of Membership rule.
The refusal is a major win for the agency and credit unions that have defended the rule.
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.
The National Credit Union Administration is using “extravagant interpretations” of federal law to allow credit unions to expand their fields of membership far beyond the restrictions imposed by Congress, the American Bankers Association told the U.S. Supreme Court in a brief filed on Tuesday.