The NCUA board extended its previous COVID-19 relief through the end of 2021, approved its subordinated debt final rule and proposed an overdraft rule Thursday. The board will meet again Friday to vote on the agency’s proposed budget.
CUNA Chief Advocacy Officer Ryan Donovan detailed credit unions’ push for extended pandemic relief in a recent interview with Reuters. Multiple relief provisions enacted as part of the CARES Act are set to expire Dec. 31.
CUNA supports a joint interagency rule to codify a statement that guidance does not have the force and effect of law and noted it is vital that NCUA “appreciate the significant differences between regulation and guidance."
The CFPB's small business lending data collection under Section 1071 of the Dodd-Frank Act will "likely add substantial strain on credit unions’ finite compliance resources but provide an unknown tangible benefit," CUNA wrote Monday.
Kyle Hauptman became the 24th Board Member of NCUA following a swearing-in ceremony held Monday at the agency’s Alexandria, Va. headquarters. NCUA Chairman Rodney Hood delivered the oath of office to Hauptman.
The CFPB issued final rules related to qualified mortgage loans, one on a General QM one on the new, “Seasoned” QM. The General QM final rule replaces the current DTI requirement with a limit based on the loan’s pricing.
CUNA submitted its comments on NCUA’s proposed 2021 budget Friday, following CUNA Chief Economist Mike Schenk’s presentation before NCUA at last week’s briefing. NCUA’s proposed budget reflects a 0.1% decline from the previous year
The Senate passed the fiscal year 2021 NDAA Friday by a 84-13 margin, which is enough to override a threatened veto from President Donald Trump, as the House also passed by more than a two-thirds majority.
Credit Union Magazine’s Fall 2022 issue highlights credit unions’ role in cryptocurrency, the state of digital assets, cannabis banking compliance, the human side of technology implementation, and involving the board in financial discussions.