In Draft Plan, CFPB Rejects Request to Exempt Credit Unions from Loan Reporting Rule

The Consumer Financial Protection Bureau would not exempt credit unions from the requirement to report lending to women-owned businesses, minority-owned businesses, and small businesses to the agency, according to an initial proposal being circulated by the bureau.

Credit union trade groups have sought a blanket exemption from the reporting required under the Dodd-Frank Act.

NAFCU: Taxpayers Union Misleading Congress about Credit Unions

The National Taxpayers Union is purposely attempting to mislead lawmakers by attempting to link the credit union tax exemption to proposals to increase member business lending, Carrie Hunt, the National Association of Federally-Insured Credit Unions’s executive vice president of government affairs and general counsel charged this week. “It is unfortunate that the NTU continues to misrepresent the facts in order to fit their narrative on credit unions,” Hunt said in a letter to key members of the House and Senate. “It is disappointing that while our country seeks to recover from a pandemic and an economic crisis, the NTU continues

Trade Groups Send Congress Latest Legislative Wish Lists for Pandemic Stimulus Bill

From expanded member business lending to remote notary services, credit union trade groups on Tuesday sent congressional leaders their latest wish list for the next coronavirus pandemic economic stimulus legislation.

Since House and Senate leaders have indicated that the next bill to be enacted may be the last stimulus legislation for a while, the stakes are particularly high.

Taxpayers Union: Attach Conditions to Increases in Credit Union Business Lending

Congress should tighten credit union field of membership requirements before increasing the industry’s Member Business Lending cap, the National Taxpayers Union said Thursday.

“Many large credit unions have strayed from their limited mission and extended their services to nearly anyone,” the NTU said in a letter to committees with credit union oversight powers. “Congress should work to reestablish and clarify sensible common-bond requirements that are a condition of credit unions’ unique status.”

CUNA Sends Pandemic Legislative Wish List to Congress

In a wish list sent to every office on Capitol Hill Tuesday, the Credit Union National Association renewed its call to allow expanded business lending by credit unions for one year to help businesses weather the coronavirus pandemic. A one-year exemption from the current Member Business Lending cap would open up some $5 billion for investment and could create as many as 50,000 jobs, CUNA said.