House Panel Approves Bill to Require Regulators to Focus on Charter Simplification

The House Financial Services Committee on Wednesday approved legislation which would require federal financial regulators to develop a strategic plan to encourage the chartering of new credit unions and banks. The panel approved H.R 4590 by voice vote. The bill, sponsored by Rep. Jake Auchincloss, D-Mass., would require the regulators to conduct an 18-month study examining the challenges that newly chartered credit unions and banks face. Following that study, the regulators would be required to develop a strategic plan to promote creation of new financial institutions, particularly minority depository institutions and community development financial institutions. In a memo prepared for

NCUA Board Not Considering Divisive Rule Proposals

The National Credit Union Administration will consider adopting two final rules at its meeting Thursday, but the board continues to steer clear of the politically divisive rule proposals that have badly divided the board along political lines.

The board will consider rules on the capitalization of interest and implementation of the Current Expected Credit Loss methodology. The board also will discuss the credit union loan interest rate ceiling.