Marblegate, the private equity firm that purchased taxi medallion loans from the NCUA, says it is working with cab drivers who are having trouble repaying. The New York Taxi Workers Alliance does not think enough is being done.
The National Credit Union Administration’s Chairman Rodney Hood and Board Member Todd Harper addressed participants at the National Association of Federally-Insured Credit Union’s virtual Congressional Caucus. Hood talked about his attempts to exempt credit unions from the Current Expected Credit Losses Standard and Harper discussed the NCUA’s approach to the pandemic.
Federal officials are warning financial institutions about new ways that fraud can occur because of the pandemic. The Paycheck Protection Program has been a huge target for fraud and increasing cybercrime is a concern too.
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.
Only 118 of the nation’s 5,236 credit unions submitted the voluntary Diversity Survey to the NCUA last year. The NCUA wants to increase participation and is considering a monetary incentive for credit unions. The House Financial Services Committee’s Diversity and Inclusion Subcommittee might try to make participation mandatory.
The Senate returns this week and the House will return next week. There is still much to be done and it is unlikely that Congress will get to everything related to credit unions before the election. Here is a summary of the decisions and legislation that remain.
Bankers have long complained that the National Credit Union Administration is a cheerleader for the industry, but now one of their banking regulators is being accused of so-called “regulatory capture.”
In a new report, the Government Accountability Office said that the Federal Deposit Insurance Corporation failed to provide documentation necessary to demonstrate the objectivity of examiners.
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.
The Inspector General for the National Credit Union Administration found that the Share Insurance Fund is at risk because the NCUA does not have the power to supervise third-party vendors and Credit Union Service Organizations. The fix, according to the Inspector General, is that Congress pass legislation giving those supervisory powers to the NCUA.
The National Credit Union Administration and the other banking regulators said Monday that they will be flexible in their regulation and supervision of financial institutions affected by the California wildfires and Hurricane Laura. In a joint statement, the agencies said they want to encourage institutions “operating in the affected areas to meet the financial services needs of their communities.” In the statement, the regulators said that financial institutions should work “constructively” with borrowers and pledged that prudent efforts to adjust or alter terms of loans will not be subject to examiner criticism. They added that “the agencies recognize that efforts