Congress and federal regulators should protect the credit union tax exemption, while ensuring that the institutions have the same opportunities to serve consumers as banks and other financial companies, NAFCU officials said, as they released their 2021 advocacy agenda. “Credit unions have worked tirelessly to help Americans overcome adversity and hardship amid the coronavirus pandemic,” said NAFCU President/CEO B. Dan Berger. “For both new and returning members of Congress, it is vital they understand the good work not-for-profit credit unions have done and will continue to do to lift American families and communities up during these uncertain times.” Berger sent
The coronavirus economic impact payment may cause credit unions regulatory issues, credit union trade groups warned. The increase in credit union balance sheets may trigger new regulatory requirements. The Credit Union National Association wants a rule that will allow credit unions to use an earlier date for asset data.
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.
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 comment on the combined economic stimulus bill and the FY21 appropriations bill that passed the House and Senate yesterday.
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.
The Credit Union National Association and the National Association of Federally-Insured Credit Unions question increases in the National Credit Union Administration budget.
Credit union and banking trade groups are warning that the plan of the Office of the Comptroller of the Currency to issue a national bank charter to Figure Technologies will violate federal law. National banks are required to be insured by a prudential regulator, and Figure Technologies says it does not plan to do that.
House and Senate conferees on the defense authorization bill have decided not to give banks the free rent benefits that credit unions have on military installations. The conferees have included the money laundering provisions that credit union trade groups wanted in the bill. But it’s still not clear if the bill will become law because President Trump has indicated he may veto it.
At the National Credit Union Administration budget hearings, the National Association of Federally-Insured Credit Unions praised the NCUA for selling the taxi medallions it held. New York City officials are still seeking a way to assist the taxi drivers.