A proposed Federal Reserve regulation that seeks to provide "clarification" to the regulation of debit card routing requirements could adversely impact credit unions by increasing regulatory burden, CUNA wrote to a Senate committee Tuesday.
The Senate is in session this week, and while the House is in recess this week it will continue to conduct committee meetings. Hearings CUNA is engaged with this week include semiannual testimony on the Federal Reserve, and consumer credit reporting.
CUNA supports making permanent CLF provisions first incorporated into the CARES Act. Specifically, the CARES Act expanded the borrowing authority of NCUA’s Central Liquidity Facility to 16 times the paid in capital. The CAA extends this through the end of 2021.
CUNA supports NCUA’s Interim Final Rule on asset thresholds, believing it will provide certain large credit unions substantial regulatory relief by allowing a credit union to use March 31, 2020, financial data when determining whether it is subject to capital planning and stress testing requirements.
NCUA recently issued both a Letter to Credit Unions and a related Supervisory Letter on the transition from LIBOR. The LIBOR administrator announced in March it will stop publishing the one-week and two-month LIBOR settings after Dec. 31, 2021.
CUNA Senior Economist Jordan van Rijn talked with Buzzfeed recently about how things like leaderboards, rewards, points, and prizes are “gamification,” and are increasingly present in financial services apps to help consumers achieve finance goals.
The NCUA board issued a request for comment on the NOL policy and finalized its rule on derivatives at its Thursday meeting. The board also heard an update on the National Credit Union Share Insurance Fund for the quarter ending March 31.
Sens. Tina Smith (D-Minn.) and Ben Sasse (R-Neb.) introduced a bipartisan bill, to update the credit union member expulsion process while ensuring a fair procedure for reinstatement. CUNA, the Minnesota Credit Union Network and the Nebraska Credit Union League engaged directly on the bill.