President-elect Biden has chosen Rohit Chopra to lead the Consumer Financial Protection Bureau. Chopra helped Sen. Elizabeth Warren (D-Mass.) organize the bureau, so it appears that the agency will be returning to a stricter regulatory stance.
House Financial Services Chairwoman Maxine Waters (D-Calif.) is urging President-elect Joe Biden to reverse so-called “midnight rulemaking” by outgoing Trump Administration agencies, including the National Credit Union Administration and the Consumer Financial Protection Bureau.
The agenda for the January board meeting of the National Credit Union Administration has been released. On the agenda is a rule on Risk-Based Net Worth, an Advance Notice of Proposed Rulemaking on the simplification of Risk-Based Capital Requirements, a proposed rule on CUSOs, a notice of proposed rulemaking on the CAMELS rating system and the agency’s annual performance plan.
House Financial Services Chairman Maxine Waters wrote a 45-page letter to President-elect Joe Biden listing all the regulatory decisions that were made in the last four years in the agencies under her committee’s jurisdiction that she thinks should be reversed when he gets into office. She also wants Consumer Financial Protection Bureau Director Kathleen Kraninger fired.
Rep. Ben McAdams (D-Utah), a freshman member of the House Financial Services Committee, on Monday conceded defeat to former National Football League player, Republican Burgess Owens, in their tight race for Congress. Owens received 47.5% of the vote, according to election results tabulated by state officials, while McAdams received 46.93% of the vote. The two national credit union trade groups had supported McAdams, with CUNA’s political action committee donating $10,000 to his campaign and NAFCU contributing $1,000. The race garnered national attention since Owens was an outspoken supporter of President Trump’s reelection effort. Last month, McAdams opposed the latest version
Rodney Hood, in testimony before the House Financial Services Committee, said that the Share Insurance Fund is healthy and defended the purchases of banks by credit unions.
Democratic members of the Senate Banking Committee and House Financial Services Committee have introduced legislation to extend the 1964 Civil Rights Act to cover financial institutions. While it won’t pass in this session, it may be an indicator of Democratic goals if they win a majority in both houses of Congress.
NAFCU says that three recent data breaches at retailers is a reminder to Congress that a data security standard for retailers needs to be enacted. NAFCU thinks the data security standards for retailers should be the same as those for financial institutions, especially since data breaches of retailers often have consequences for credit unions.
A senior Republican on the House Financial Services Committee, Rep. Bill Huizenga of Michigan, said Wednesday that he has tested positive for the coronavirus.
President Trump early Thursday signed a Continuing Resolution that keeps much of the federal government funded at its current level until Dec. 11.
The CR also reauthorizes the National Flood Insurance Program through Sept 30, 2021.