Comments on the Trump Administration from Credit Union National Association President/CEO Jim Nussle, National Association of Federally-Insured Credit Unions President/CEO B. Dan Berger and National Association of State Credit Union Supervisors President/CEO Lucy Ito.
The National Association of Federally-Insured Credit Unions and the Credit Union National Association want credit unions exempt from reporting requirements under the Consumer Financial Protection Bureau’s small business reporting rule and the reporting requirements under Section 1071 of Dodd-Frank.
A new House Democratic economic stimulus plan is the basis for renewed negotiations. Here’s a review of the provisions in it.
With stimulus legislation stalled in Congress, the Credit Union National Association and the National Association of Federally-Insured Credit Unions argue that the National Credit Union Administration should help credit unions survive the coronavirus economic crisis by adjusting regulations.
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.
The Senate Republican “skinny” economic stimulus bill failed to get the necessary votes to open debate on the bill. Since the bill failed, it is unclear whether Congress will enact any of the credit union priorities before leaving at the end of the month.
Credit union trade groups are renewing their call for Congress to lift the credit union Member Business Lending cap, saying the limit is an arbitrary restriction that keeps financial institutions from providing crucial assistance during the coronavirus economic crisis.
National Credit Union Administration board nominee Kyle Hauptman told the Senate Banking Committee recently that he believes that the NCUA should give credit unions “significant incentives” to become Minority Depository Institutions.
With Congress seemingly stalled on its next economic stimulus measure, the Credit Union National Association and the National Association of Federally-Insured Credit Unions are pushing lawmakers to add things they want in the final bill and to drop things they do not like in the House and Senate measures.
The Senate Republican pandemic economic stimulus plan, a three-bill package released Monday, would simplify the loan forgiveness process for Paycheck Protection Program loans, but the measure so far contains few other priorities that credit union trade groups have been pushing.