Federal government funding is scheduled to expire Dec. 20, and reports indicate Congress has reached tentative agreement to prevent funding from lapsing. Should no agreement be reached by Dec. 20, the federal government would shut down.
CUNA’s efforts to attract diverse candidates to serve on its Board of Directors was recently covered in CEO Update discussing the Board Recruitment Committee’s efforts to find and encourage candidates to run for a seat on CUNA’s board.
The NCUA board approved a two-year delay on its risk-based capital rule at its Thursday meeting, in addition to approving the agency’s 2020-21 budget. NCUA staff also indicated the NOL will remain at 1.38% for 2020.
The credit union movement achieved a notable win today when the final version of the fiscal year 2020 National Defense Authorization Act (NDAA) was released without a provision that would have allowed certain banks to obtain cost waivers to operate on military installations.
Five federal financial regulators, including NCUA, released a joint statement on the use of alternative data in underwriting by credit unions and other financial institutions noting the benefits that using alternative data may provide to consumers.
CUNA seeks clarity on the California Consumer Privacy Act rules so credit unions can properly comply. The law’s definition of “business” needs further clarification, as the definition in the bill does not address not-for-profit status.
The FHA plays a critical role in homeownership, yet impediments exist keeping credit unions from accessing the FHA lending program. CUNA made suggestions that could create a regulatory environment that boosts credit unions’ confidence in the program.
The NCUA board will consider a final risk-based capital rule, the agency’s 2020-21 budget and will receive a briefing on the 2020 share insurance fund Normal Operating Level (NOL) at its Dec. 12 meeting.
Credit unions and the financial services industry at large are dedicated to protecting customer information along with working to ensure that systems used to provide financial services to Americans are robust, secure and resilient.
CUNA identified both where it has seen positive steps by NCUA as well as issues where improvements can be made in a letter for the record of NCUA Chairman Rodney Hood’s testimony before the Senate Banking Committee Thursday.
Concerns over potential negative community effects from credit unions purchasing banks are misinformed and inaccurate, CUNA President/CEO Jim Nussle wrote to Federal Deposit Insurance Corporation Chair Jelena McWilliams Thursday.
The House voted Wednesday to pass the Telephone Robocall Abuse Criminal Enforcement and Deterrence (TRACED) Act, legislation designed to combat unwanted robocalls via the Telephone Consumer Protection Act.