The Senate Banking Committee on July 21 will hold a confirmation hearing for Kyle Hauptman, President Trump’s choice to replace J. Mark McWatters on the National Credit Union Administration board.
Even before the National Credit Union Administration decides whether to issue a final rule dealing with subordinated debt, it appears extremely likely that the issue will end up in federal court.
The House Financial Services Appropriations Subcommittee Wednesday approved an FY21 spending measure that calls for $273.5 million for the Community Development Financial Institutions program—less than what many credit unions wanted.
It seems that a lot of people are unhappy with the revised payday lending rule the Consumer Financial Protection Board issued Tuesday.
Credit union trade groups said the rule should have done more to exempt credit unions.
Consumer groups, on the other hand, said the rule eliminates virtually all consumer protections.
In light of last week’s U.S. Supreme Court decision, the National Credit Union Administration said Tuesday it will reinstate the rural districts for 18 credit unions that had been removed as federal courts evaluated the agency’s Field of Membership rule.
The House Financial Services Appropriations Subcommittee on Wednesday will consider FY21 spending legislation that would provide $273.5 million for the Community Development Financial Institution program.
That would represent an $11.5 million increase from this year’s total, but much less than program advocates wanted. Wednesday’s markup of the financial services funding bill is the first step in the FY21 CDFI appropriations process.
As widely expected, the Consumer Financial Protection Bureau on Tuesday rescinded its rule that requires that payday lenders verify that a borrower is likely to be able to repay the loan before it is approved.
As the NCUA board is preparing to adopt a revised Field of Membership rule following a recent U.S. Supreme Court decision, credit union trade groups are asking agency officials to give credit unions greater freedom to expand.
Credit unions that recently became members of the NCUA Central Liquidity Facility have substantially increased the facility’s borrowing capacity, National Credit Union Administration officials said Monday.
The National Credit Union Administration board will explore the possibility of changing the maximum interest rate that credit unions may charge, the agency said Tuesday in an updated regulatory agenda.