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As widely expected, the Consumer Financial Protection Bureau on Tuesday rescinded its rule that requires that payday lenders verify that a borrower is likely to be able to repay the loan before it is approved.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.
The number of federally insured credit unions decreased by 160 between March 2019 and March 2020, the National Credit Union Administration said Wednesday in its “Quarterly Credit Union Data Summary.”.
Now that the U.S. Supreme Court has refused to overturn the National Credit Union Administration’s Field of Membership rule, the agency will begin implementing the sections of the rule that had been challenged, NCUA Chairman Rodney Hood said Monday.
The U.S. Supreme Court on Monday refused to consider the American Bankers Association’s challenge to the National Credit Union Administration’s Field of Membership rule.
The refusal is a major win for the agency and credit unions that have defended the rule.
Congress is unlikely to enact another economic stimulus bill until late July or early August, Brad Thaler, NAFCU’s vice president of legislative affairs predicted Thursday. Speaking at the trade group’s virtual “State of the Industry” conference, Thaler said, however, that with the legislative authority for the Small Business Administration’s Paycheck Protection Program expiring on June 30, the House and Senate might try to extend the program in a smaller bill. “This could happen before a large [stimulus bill] if there can be bipartisan agreement,” he said. The House has passed a large stimulus measure that includes aid to state and
As the coronavirus crisis drags on, the National Credit Union Administration board announced at its Thursday meeting that it will delay its phased-in reopening of the agency and approved a plan to explore expansion of virtual examinations of credit unions.