Credit union trade groups have told the Task Force on Federal Consumer Financial Law, a new CFPB task force, that The Consumer Financial Protection Bureau is over-regulating credit unions, throwing them into the same class as the bad actors that caused the last financial crisis.
Now that the Trump Administration has agreed to set aside $10 billion from the Paycheck Protection Program for loans made by Community Development Financial Institutions, Democrats are pushing the administration to do the same for minority institutions.
National Association of Federally-Insured Credit Unions President/CEO B. Dan Berger Thursday asked two National Credit Union Administration board members to reconsider their decision at May’s board meeting and to support Chairman Rodney Hood’s proposal to remove the 45-day time limit for credit unions to “cure” an overdraft by one of its members.
The National Credit Union Administration will continue conducting credit union examinations offsite because of the coronavirus crisis but will resume issuing reports written as a result of the exams, NCUA Chairman Rodney Hood announced Thursday.
The National Credit Union Administration decided to count military personnel in determining whether a credit union qualifies for a low-income designation without using the regulatory process required by law, the trade group representing the nation’s community bankers charged this week in a letter to the NCUA’s Inspector General.
In her letter, Independent Community Bankers of America President/CEO Rebeca Romero Rainey called on the IG to begin an investigation into whether the agency violated the Administrative Procedures Act, which requires that proposed rule changes must be open to public comment before they are adopted.
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.