National Credit Union Administration Chairman Rodney Hood is lending support to credit union trade groups seeking an exemption from Federal Communication Commission rules to allow banks and credit unions to make automated telephone calls during the coronavirus crisis.
Congress has given the National Credit Union Administration wide authority to define credit union fields of membership, the agency told the U.S. Supreme Court Tuesday, challenging arguments made by the nation’s bankers.
The Government Accountability Office has renewed its recommendation that Congress consider consolidating financial regulatory agencies, including the National Credit Union Administration, in an effort to improve oversight of financial institutions. In its annual report issued last week on duplicative and overlapping programs, the GAO said that the fragmented organization of the regulators results in inconsistent enforcement of federal rules and consumer protection. “Without additional actions, fragmentation and overlap in the financial regulatory structure will continue to create challenges related to the efficient and effective oversight of financial institutions and the consistency of consumer protections,” the GAO said. GAO has made
National Credit Union Administration Chairman Rodney Hood defended his decision Thursday to bring a final overdraft rule change to the board, saying he still believes the plan, which was tabled, is needed.
And he reserved the right to bring the plan back to the board for another vote.
In a startling turn of events, the National Credit Union Administration board tabled a final rule Thursday that would have allowed credit unions more flexibility in deciding when to require members to settle overdrafts.
Amid the pandemic crisis, credit unions and banks should offer members and customers safe short-term, small-dollar loans that would mitigate the need for borrowers to re-borrow to repay loans, federal banking regulators, including the National Credit Union Administration, said Wednesday.
“Federally supervised financial institutions are well-suited to meet the credit needs of customers affected by the current COVID-19 emergency,” the NCUA, Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board and the Office of the Comptroller of the Currency said in a joint statement.
A public-private partnership plan to help debt-burdened New York City taxi drivers is being revived by a city councilman and the founders of a mobile app designed for the taxi industry.
NCUA Chairman Rodney Hood announced Tuesday the establishment of an agency Culture, Diversity, and Inclusion Council.
The private equity fund that purchased New York City taxi medallions from the NCUA has announced a third payment holiday for owner-drivers whose business has plunged as a result of the coronavirus crisis.
The U.S. Supreme Court has given the National Credit Union Administration until May 26 to respond to a petition filed by the American Bankers Association challenging the agency’s Field of Membership rules. The ABA had challenged the rule amended in 2016.