The National Association of Federally-Insured Credit Union’s Curt Long is predicting that the National Credit Union Association’s Share Insurance Fund will be strong enough that a new premium will not be needed. The official word on this will come at the NCUA’s board meeting on February 18.
The Credit Union National Association and the National Association of Federally-Insured Credit Unions have been letting the Biden administration and legislators know the actions they believe will help credit unions help their members during the pandemic. These lists are extensive, but may be tough to achieve with an administration focused on tightening up financial regulations.
Credit union trade groups like a National Credit Union Administration proposed rule that would allow federal credit unions to purchase mortgage servicing rights from other federally-insured credit unions. NCUA Chairman Todd Harper is worried about the risks associated with mortgage servicing.
The National Association of Federally-Insured Credit Unions and the Credit Union National Association comment on the combined economic stimulus bill and the FY21 appropriations bill that passed the House and Senate yesterday.
Republican Chairman Rodney Hood and fellow Republican Kyle Hauptman approved the NCUA 2021-2022 budget over the vehement opposition of Democratic member Todd Harper. Harper wanted additional staff to perform consumer protection exams. He also does not think the agency is preparing enough for the economic fallout that will come from the pandemic.
The Credit Union National Association and the National Association of Federally-Insured Credit Unions question increases in the National Credit Union Administration budget.
At the National Credit Union Administration budget hearings, the National Association of Federally-Insured Credit Unions praised the NCUA for selling the taxi medallions it held. New York City officials are still seeking a way to assist the taxi drivers.
At the NCUA budget hearing, Todd Harper made it clear that he sharply disagrees with Chairman Rodney Hood’s budget proposal. Their main clash is over whether the agency needs to increase its consumer protection staff, with Harper arguing that more than one new staff position is needed. CUNA, NAFCU and NASCU also delivered comments on the budget at the hearing.
Sarah Vega, J. Mark McWatters’ senior policy advisor, and Katie Supples, McWatters’ executive assistant, have resigned from the National Credit Union Administration. NCUA officials have declined to address McWatters’ ouster. CUNA and NAFCU gave statements on McWatters’ service.
At its November 2020 board meeting, the National Credit Union Administration board approved a rule to allow credit unions to capitalize interest in connection with loan modifications made due to the pandemic, discussed the probable need for credit unions to pay a premium because the Share Insurance Fund equity ratio may fall lower, heard a report on the 2019 credit union diversity assessment, and Harper and McWatters indicated they opposed Hood’s proposed budget for the agency. The NCUA board may change by the December meeting as the nomination of Todd Harper is showing some movement in the Senate.