Consumer Financial Protection Bureau Director Kathleen Kraninger resigned Wednesday, at the request of President Biden.
House Financial Services Chairwoman Maxine Waters (D-Calif.) is urging President-elect Joe Biden to reverse so-called “midnight rulemaking” by outgoing Trump Administration agencies, including the National Credit Union Administration and the Consumer Financial Protection Bureau.
Former National Credit Union Administration board members and credit union lobbyists speculate on the legislative changes that will occur now that the Democrats will control the Senate.
Credit Union National Association President/CEO and longtime Republican Jim Nussle renounced his party affiliation late Wednesday after the invasion of the Capitol building.
Congress and federal regulators should protect the credit union tax exemption, while ensuring that the institutions have the same opportunities to serve consumers as banks and other financial companies, NAFCU officials said, as they released their 2021 advocacy agenda. “Credit unions have worked tirelessly to help Americans overcome adversity and hardship amid the coronavirus pandemic,” said NAFCU President/CEO B. Dan Berger. “For both new and returning members of Congress, it is vital they understand the good work not-for-profit credit unions have done and will continue to do to lift American families and communities up during these uncertain times.” Berger sent
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.
The coronavirus economic impact payment may cause credit unions regulatory issues, credit union trade groups warned. The increase in credit union balance sheets may trigger new regulatory requirements. The Credit Union National Association wants a rule that will allow credit unions to use an earlier date for asset data.
President Trump on Wednesday vetoed the massive defense authorization bill and then threatened to veto the massive economic stimulus and omnibus appropriations bill.
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.
Congress is preparing to pass legislation that contains a $12 billion set-aside for the Community Development Financial Institutions program, and extensions of the Paycheck Protection Program, the Troubled Debt Restructuring provisions, and the pandemic-related provisions of the National Credit Union Administration’s Central Liquidity Facility. Congress is combining the coronavirus economic stimulus bill and the FY21 omnibus appropriations measure into one bill totally 5,593 pages.