CUNA, NAFCU Say PPP Rules Needed Before Loans Are Made

Financial and industry trade groups, including the Credit Union National Association and the National Association of Federally-Insured Credit Unions, would like guidance and rules for the new Paycheck Protection Program issued soon so that there will not be constant updates and changes like those that occurred during the first PPP. The groups sent a letter to the Small Business Administration and Treasury Department, suggesting comprehensive and timely guidance on the program rules so that a smooth implementation can occur.

Community Bankers to Continue Anti-Credit Union Campaign in Next Congress

The Independent Community Bankers of America’s anti-credit union campaign will continue in the next Congress.

In its briefing on the impact of the 2020 election, the ICBA said it will continue its “Wake Up” campaign during the 117th Congress. But the trade group said it does not expect any major policy shift in how policymakers view the credit union industry.

GAO Reports FDIC Vulnerable to ‘Regulatory Capture’—A Charge Often Leveled at NCUA

Bankers have long complained that the National Credit Union Administration is a cheerleader for the industry, but now one of their banking regulators is being accused of so-called “regulatory capture.”

In a new report, the Government Accountability Office said that the Federal Deposit Insurance Corporation failed to provide documentation necessary to demonstrate the objectivity of examiners.