Names Circulating for Biden’s CFPB, as NCUA Board Membership Remains Uncertain
With the election, change is coming to the NCUA and the CFPB, says David Baumann of the Washington CU Daily. Biden is expected to remove the current CFPB Director Kathy Kraninger and there are seven names that come up often as possible replacements. The party balance of the NCUA is going to be determined by the Senate, although Biden may change the chairman.
Toeppe Named NCUA Director of Examination and Insurance
Myra Toeppe has been named director of the Office of Examination and Insurance at the National Credit Union Administration, reports David Baumann of the Washington Credit Union Daily.
CUNA’s Nussle: PPP Loans Causing Net Worth Problems at Credit Unions
David Baumann of the Washington CU Daily reports that PPP loans are remaining on credit union balance sheets for longer than expected, causing regulatory headaches for credit union officials, according to CUNA President/CEO Jim Nussle.
Sen. Brown Questions Whether Financial Regulators Are Prepared for Pandemic Impact
As the financial health of consumers deteriorates due to the pandemic, Senate Banking Committee ranking Democrat Sherrod Brown of Ohio said he is concerned that financial services regulators, including the NCUA, are not prepared for a possible financial crisis, reports David Baumann of the Washington Credit Union Daily.
CUNA Makes Independent Expenditures for an Additional Three House Incumbents
David Baumann of the Washington CU Daily reports on CUNA’s efforts to support political candidates they believe will advocate for the credit union industry.
Credit Unions, Businesses Say PPP Loan Forgiveness Process is Daunting
As businesses and credit unions move into the Paycheck Protection Program’s loan forgiveness process, they are reporting that it is so complex and burdensome that they have had to spend valuable time and resources on the paperwork, reports David Baumann of the Washington CU Daily.
FinCEN Extends Money Laundering Rules to Non-Federally Insured Credit Unions
FinCEN has released a final rule requiring banks and credit unions that are not regulated by the federal government to comply with Anti-Money Laundering regulations, reports David Baumann of the Washington CU Daily.
Credit Union Trade Groups Renew Push for Member Business Loan Cap Increase
David Baumann of the Washington CU Daily reports on credit union trade groups who are renewing their call for Congress to lift the credit union Member Business Lending cap, saying the limit is an arbitrary restriction that keeps financial institutions from providing crucial assistance during the coronavirus economic crisis.
FHFA’s Calabria to CUNA’s Nussle: We Need the New Fee
Washington Credit Union Daily’s David Baumann reports on Federal Housing Finance Agency Director Mark Calabria who again defended the agency’s plan to charge a new 0.5% fee on refinancing of Freddie Mac and Fannie Mae mortgages, telling Credit Union National Association President/CEO Jim Nussle that, “This fee is necessary to keep people in their homes during the pandemic.”
Community Reinvestment Coalition: Subject Credit Unions to CRA Tests
The National Community Reinvestment Coalition said that if underserved areas of the U.S. are going to be revitalized, non-banks, including credit unions, should be subject to the Community Reinvestment Act, reports David Baumann of the Washington CU Daily.
