Charging that any postal banking deal between the U.S. Postal Service and JPMorgan Chase would be an invitation for corruption, the trade group representing the nation’s community banks on Monday asked the Postal Regulatory Commission to investigate reports of such a deal.
The Consumer Financial Protection Bureau this week agreed to extend the period for comments on how it can better enforce the Equal Credit Opportunity Act.
The original deadline was Oct. 2; the new deadline is Dec. 1.
The House on Friday passed an FY21 spending measure that would increase Community Development Financial Institutions funding by $11.5 million and set aside $2 million for a pilot test of postal banking.
Voting 217-197, the House passed H.R. 7617, which combines six of the annual appropriations bills, including the Financial Services spending measure.
A proposed National Credit Union Administration rule governing the purchase of banks by credit unions does not go far enough in governing predatory practices of the tax-exempt institutions, two banking trade groups told the agency this week.
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 Independent Community Bankers of America has launched three grassroots campaigns in its battle against credit unions.
The National Credit Union Administration decided to count military personnel in determining whether a credit union qualifies for a low-income designation without using the regulatory process required by law, the trade group representing the nation’s community bankers charged this week in a letter to the NCUA’s Inspector General.
In her letter, Independent Community Bankers of America President/CEO Rebeca Romero Rainey called on the IG to begin an investigation into whether the agency violated the Administrative Procedures Act, which requires that proposed rule changes must be open to public comment before they are adopted.
A new NCUA policy on counting servicemembers in determining whether a credit union is” low-income” is an illegal expansion of the limits Congress has placed on the institutions, the Independent Community Bankers of America charged Thursday.
“The NCUA’s changes–made without a formal rule subject to public review and comment–is another example of this captive regulator expanding the powers of credit unions well beyond the limits established by Congress to justify their tax exemption,” ICBA President/CEO Rebeca Romero Rainey said.