Federal financial regulators must adopt a rule to address inequities in appraisal and valuation services, National Credit Union Administration Chairman Todd Harper said Monday.
The National Credit Union Share Insurance Fund remains healthy, and Congress should take no action to give the agency board new power to manage it or charge premiums, the two national credit union trade groups said Tuesday.
Senate Banking Committee ranking Republican Sen. Pat Toomey of Pennsylvania on Tuesday blasted financial regulators, particularly National Credit Union Administration Chairman Todd Harper, for emphasizing that climate change poses a risk to the stability of the financial system.
Credit trade groups are continuing to press the National Credit Union Administration to lower its Normal Operating Level to 1.30%–a request that so far has been denied.
The National Credit Union Administration board agreed Thursday to solicit comments on a proposed rule that would amend the agency’s capital adequacy regulation governing credit unions with assets over $500 million.
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.
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.
President Biden Thursday asked the nation’s financial regulators to assess and reduce the risks that climate change pose to the stability of the financial system.
The National Credit Union Administration’s Share Insurance Fund’s equity ratio is expected to dip to 1.22% by the end of June, but the agency board decided Thursday not to require the development of a fund restoration plan.
That plan would have been legally required if the equity ratio had dipped to 1.20% and could have included charging credit unions a premium.
National Credit Union Administration Chairman Todd Harper asked the House Financial Services Committee Wednesday to push legislation that would give the agency more flexibility to impose premiums to shore up the agency’s Share Insurance Fund.