NCUA Awards Credit Union Charter to Lancaster, Pa. CDFI

The National Credit Union Administration announced Tuesday that it was awarding a federal charter and share insurance fund coverage to establish the Community First Fund Federal Credit Union in Lancaster, PA.

The credit union will be operated by the Community First Fund, a Community Development Financial Institution. Establishment of the credit union is partially being funded by philanthropist MacKenzie Scott, who has provided $10 million to the group to support its work on racial equity and economic mobility. Scott is the ex-wife of former Amazon CEO Jeff Bezos.

House Committee to Consider Bill to Make CLF Changes Permanent

The House Financial Services Committee on Wednesday will mark up legislation to make pandemic-related changes to the National Credit Union Administration’s Central Liquidity Facility permanent.

Credit union trade groups and NCUA Chairman Todd Harper have called on the House and Senate to enact those changes, contending that they are needed, as credit unions recover from the economic crisis caused by the pandemic. The provisions currently are set to expire at the end of the year.

Harper Asks Congress for More Authority to Charge Premium

In a letter to Senate Banking Committee ranking Republican Pat Toomey of Pennsylvania, National Credit Union Administration Chairman Todd Harper had suggestions about changing when the agency can assess premiums on credit unions, increasing the NCUA’s Share Insurance fund ceiling, and changing the assessment basis. Harper is concerned about how the law may force the agency to charge premiums during poor economic times, not at times when credit unions might find it easier to pay.