CUNA’s compliance team has released its annual Year in Review and Year in Review Checklist documenting compliance changes that took place during 2020. Federal agencies issued 39 new rules and amendments in 2020 directly in response to the pandemic.
The Senate Small Business Committee should move quickly to schedule a confirmation hearing for Isabel Guzman, President-elect Joe Biden’s nominee to lead the Small Business Administration, CUNA and other organizations wrote to the committee.
President-elect Joe Biden will nominate Rohit Chopra to serve as director of the CFPB. He is currently a commissioner with the Federal Trade Commission and previously served as assistant director and student loan ombudsman at the CFPB.
NCUA issued a letter to credit unions (21-CU-02) Friday detailing the agency’s supervisory priorities for 2021. According to NCUA, it will maintain its commitment to the extended examination cycle, and qualifying credit unions will be scheduled accordingly in 2021.
The CFPB issued guidance for financial institutions serving limited English proficiency consumers in a manner that is beneficial to consumers and is in compliance with relevant statutes and regulations.
The NCUA Board issued a proposal raising the asset threshold for credit unions defined as “complex” for risk-based capital purposes at its Thursday meeting. The board also issued an ANPR to solicit comments on two approaches to simplify its RBC requirements.
World Council of Credit Unions congratulates its President/CEO Brian Branch upon the announcement of his retirement, effective July 2021. Branch has enjoyed a career that has spanned 31 years with World Council.
NCUA and the Consumer Financial Protection Bureau announced a memorandum of understanding agreement to improve coordination between the agencies related to the consumer protection supervision of credit unions over $10 billion dollars in assets.
The Financial Crimes Enforcement Network (FinCEN) extended the comment period for its recent convertible virtual currency (CVC) proposal as requested by CUNA and other commenters. The proposal was initially issued Dec. 23 with a 15-day comment period.
The SBA and Treasury will re-open the PPP loan portal to PPP-eligible lenders with $1 billion or less in assets for First and Second Draw applications January 15 at 9 a.m. (ET). The portal will fully open January 19 to all participating PPP lenders.