On July 13, when federal banking regulators issued proposed guidance governing financial institution monitoring of third-party service providers, one agency was notably absent: the National Credit Union Administration.
Coronavirus-related forbearance programs succeeded in limiting mortgage default, particularly among borrowers with the greatest financial need, the Government Accountability Office said, in a report released Monday.
Amid Republican opposition, the House Financial Services Committee on Wednesday approved legislation that would make pandemic-related changes to the National Credit Union Administration’s Central Liquidity Facility permanent.
The Government Accountability Office once again is pressing the Treasury Department to examine the effectiveness of tax expenditures—a category of tax break that includes the credit union tax exemption.
The ranking Republican on the Senate Banking Committee is asking for an investigation into allegations that the Biden Administration’s Consumer Financial Protection Bureau is pushing out top career-level civil servants in an effort to fill the positions with the people who agree with the agency’s new leadership.
The House Financial Services Committee on Wednesday will mark up legislation to make pandemic-related changes to the National Credit Union Administration’s Central Liquidity Facility permanent.
Credit union trade groups and NCUA Chairman Todd Harper have called on the House and Senate to enact those changes, contending that they are needed, as credit unions recover from the economic crisis caused by the pandemic. The provisions currently are set to expire at the end of the year.
Federal banking agencies, including the National Credit Union Administration and Consumer Financial Protection Bureau, should develop specific directions on how credit unions and banks may use alternative data in the credit underwriting process, the Government Accountability Office said in a new report.
Appearing to confirm the suspicions of Democratic critics, the Government Accountability Office reported Monday that the Trump Administration haphazardly reorganized the consumer bureau’s fair lending office, resulting in confusion at the agency and a drop in enforcement actions.
In a scathing report, the Government Accountability Office said the Consumer Financial Protection Bureau, under then Acting Director Mick Mulvaney and then former Director Kathleen Kraninger, failed to produce any documentation to justify transferring the agency’s Office of Fair Lending and Equal Opportunity to another branch in the director’s office.
According to the American Bankers Association, the Office of the Comptroller of the Currency should reject any proposed merger of a credit union with a federal savings association because the OCC may not have the legal power to approve that type of deal. The ABA and the Independent Community Bankers of America are also accusing credit unions of using their tax exemption for financing the purchases.
The House Small Business Committee held a hearing on the Small Business Administration’s oversight of Paycheck Protection Program. The SBA is trying to mitigate fraud in the program.