Credit union-supported New Mexico State Rep. Melanie Stansbury (D) won Tuesday’s special election to represent the state’s 1st Congressional District. The election was held to fill the seat of former Rep. Deb. Haaland, who was appointed Secretary of the Interior.
NCUA released its report on the Community Development Revolving Loan Fund (CDRLF) to Congress Tuesday. NCUA Chairman Todd Harper also requested Congress consider increasing the fund’s appropriation for FY2022.
Comments on NCUA’s proposed temporary changes to Prompt Corrective Action regulations and an RFI on Interagency Model Risk Management Guidance and its affects on BSA/AML and OFAC compliance are due in June.
Banks attacking credit unions undermine America's civic sector, a group of policy-minded students and young professionals wrote in The Washington Times. The article responds to false bank claims made recently about the “cost” of the credit union tax status and bank sales to credit unions.
The Biden administration released its Fiscal Year 2022 budget proposal Friday with increased funding to several credit union priorities, including $330 million for the Treasury’s CDFI Fund, $2 million for NCUA's CDRLF and $18.5 million for USAID's Cooperative Development Program.
CUNA Chief Advocacy Officer Ryan Donovan spoke about highlights and takeaways from CUNA's recent white paper on obstacles and potential solutions for improving financial inclusion, while underscoring how important it is to remove barriers to financial access.
NCUA this week issued a Regulatory Alert (21-RA-06) to federally insured credit unions addressing the Consumer Financial Protection Bureau finalizing the delay of its Qualified Mortgage (QM) rule. The mandatory compliance date is now Oct. 1, 2022.
CUNA continued its call for USAID procurement reform Wednesday in a letter sent for a Senate Appropriations subcommittee hearing. CUNA also strongly supports a funding level of $20 million for USAID’s Cooperative Development Program (CDP).
Congress should hold the SBA accountable for blocking state-chartered, privately insured credit unions from accessing PPP funding, as despite the passage legislation including all state and federally chartered credit unions, certain credit union PPP applications were not addressed in a timely manner.
Restrictions on the reporting or consideration of certain debt prevents lenders from seeing borrowers’ complete debt circumstances and clouds lenders’ ability to fairly assess borrowers’ creditworthiness, CUNA wrote to a House Financial Services Subcommittee.