The Normal Operating Level of the Share Insurance Fund, set by the National Credit Union Administration before the pandemic, is 1.38%. The ratio currently sits at 1.26% and at 1.20% the NCUA will be required to develop a restoration plan that will involve additional premiums on credit unions. The Credit Union National Administration, the National Association of Federally-Insured Credit Unions and the National Association of State Credit Union Supervisors all oppose a premium now, arguing that the ratio is higher because of economic stimulus payments to members and that charging credit unions additional premiums during an economic downturn is not a good plan.
President Biden appointed Democrat Todd Harper to serve as board chairman of the National Credit Union Administration, replacing Republican Rodney Hood. This puts Harper as chairman over two Republicans. What can credit unions expect from the NCUA now? This article, written by our editor, is posted on the Credit Union Times website. Clicking on the link will take you to the article. There is a free, one-time registration required to visit the Credit Union Times website. Todd Harper Selected as New NCUA Board Chairman Why am I being redirected to the Credit Union Times website? This will explain: Message from
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.
At the NCUA budget hearing, Todd Harper made it clear that he sharply disagrees with Chairman Rodney Hood’s budget proposal. Their main clash is over whether the agency needs to increase its consumer protection staff, with Harper arguing that more than one new staff position is needed. CUNA, NAFCU and NASCU also delivered comments on the budget at the hearing.
At the NASCUS State Summit, a policy about diversity and inclusion was adopted and NASCUS reasserted its independence. A report on the NASCUS State Summit.
CUNA, NAFCU, and NASCUS raise concerns about exam consistency with the NCUA.
Rodney Hood may be the head of a federal agency, but as a Black man, that doesn’t make him immune from being pulled over by the police twice a year for no good reason. “You all, I get stopped twice a year for driving, for doing nothing wrong,” the chairman of the National Credit Union Administration board said Thursday, during a web conference, “Discovery 2020,” sponsored by the CUNA Mutual Group. Hood continued, “I’m not a speed demon or anything of that sort. I get stopped because the rationale is that if you stop someone who looks like me, there’s
Credit union trade groups are pushing the Federal Reserve to definitely state that it has no plans to reinstate a rule that limited consumers to six transactions a month from their savings account.
The Small Business Administration has told borrowers under its Paycheck Protection Program how to apply for loan forgiveness but has not yet told credit unions and banks how those applications should be handled—a problem that could be particularly thorny for credit unions.