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.
CUNA shared credit unions’ concerns and input on the oversight of prudential regulators, covered proposed legislation granting NCUA oversight of all credit union service organizations (CUSOs) and vendors, providing temporary flexibility to NCUA to offer forbearance from prompt corrective action (PCA), and modernizations to the Federal Credit Union Act.
CUNA wrote to the House Committee on Small Business to express support for the Expanding Financial Access for Underserved Communities Act. Credit unions’ field of membership restrictions and the member business lending cap shut out those that need access to mainstream financial services.