CFPB Task Force: Allow All Credit Unions to Serve Underserved Areas

A controversial Consumer Financial Protection Bureau task force on consumer financial law released its final report the day before a hearing about its makeup was to be held in a federal court in Massachusetts. Credit unions will like its recommendation that all credit unions be allowed to serve underserved areas. Consumer groups will object to many of the other recommendations and it is unlikely the Biden Administration will accept them.

Credit Union, Anti-Corruption Groups Pleased With Override of Defense Bill

Congress overrode President Trump’s veto of the 2021 defense authorization bill, meaning that credit unions, but not banks, will continue to have free rent on military bases next year. Also in the bill and becoming law are anti-money laundering provisions that require information on beneficial owners of companies to be collected and then kept by the Treasury Department for use by law enforcement.

CUNA, NAFCU Say PPP Rules Needed Before Loans Are Made

Financial and industry trade groups, including the Credit Union National Association and the National Association of Federally-Insured Credit Unions, would like guidance and rules for the new Paycheck Protection Program issued soon so that there will not be constant updates and changes like those that occurred during the first PPP. The groups sent a letter to the Small Business Administration and Treasury Department, suggesting comprehensive and timely guidance on the program rules so that a smooth implementation can occur.

Kyle Hauptman Sworn In as NCUA Board Member

Kyle Hauptman was sworn in Monday as a member of the National Credit Union Administration board.

Hauptman, a Republican, was sworn in by Chairman Rodney Hood; his term ends on August 2, 2025. Hauptman’s taking office will ensure that Republicans will continue to control the majority on the board even after President-elect Joe Biden takes office, and as expected, appoints Democrat Todd Harper as chairman.