CUNA Senior Economist Jordan van Rijn discusses the latest on the pandemic’s economic impact, as well as the effects next year of an incoming Biden administration in CUNA’s latest Economic Update video.

House and Senate legislators unveiled the compromise FY21 NDAA today without a language provision that would allow certain banks to obtain cost waivers to operate on military installations. CUNA, the Leagues, and the Defense Credit Union Council fought to exclude this provision from the final bill.

CARES Act provisions providing Troubled Debt Restructuring and Central Liquidity Facility relief will expire Dec. 31 and should be extended, CUNA wrote to the House Financial Services Committee Wednesday.

NCUA’s proposed 2021 budget appropriately responds to changing priorities, especially in light of the pandemic. Comments are due to the agency Dec. 11, and the Board will vote on the budget Dec. 17.

Kyle Hauptman was confirmed by the Senate Wednesday for a seat on the NCUA board. Hauptman will serve a term through August 2025 once sworn in. 

The CFPB should clarify fair lending standards under the Equal Credit Opportunity Act, update its ECOA examination procedures and revise relevant interagency policy statements related to preventing discriminatory lending.

Expanded borrowing authority at NCUA's Central Liquidity Facility and certain Troubled Debt Restructuring exemptions in the CARES are set to expire Dec. 31 and should be extended in order to allow credit unions to help as many Americans as possible.

CUNA President/CEO Jim Nussle appeared on the 100th episode of The CUInsight Experience podcast this week, discussing what he has seen from credit unions during the pandemic, among a host of other topics. 

CUNA will be engaged with Senate Banking Committee and House Financial Services Committee hearings this week on the federal government’s response to the pandemic, featuring testimony from Fed and Treasury leaders.

A proposed reduction in the threshold for BSA regulatory information collection retention and transmittal requirements for funds transfers down to $250, from the current $3,000, would result in substantial burdens and costs for credit unions.