Legislative action, including PCA MBL flexibility, as well as allowing all credit unions to serve underserved areas, is needed to ensure credit unions can continue to aid in pandemic relief and the economic recovery.

NCUA’s proposed overdraft policy is part of the agency’s proactivity in adapting rules, regulations, and policies to ensure credit unions can meet evolving needs of their members, CUNA wrote in response to the proposal Tuesday. 

Credit unions continue to make PPP loans through the original and Second Draw programs to help small businesses survive the pandemic, and while implementation of the Second Draw program has been easier, there is still room to make improvements.

NCUA’s latest Regulatory Alert (21-RA-03) notes that credit unions subject to Home Mortgage Disclosure Act requirements in calendar year 2020 must submit loan/application register data to the CFPB by March 1.

The 117th Congress has officially named chairs and ranking members for its committees, and many committee leaders are familiar faces to credit unions and Leagues. The Senate has a new set of chairs and ranking members as Democrats control the chamber.

The CFPB is accepting applications for membership in all four of its advisory committees, including the Credit Union Advisory Council through Feb. 24. The application is open now. New members serve two-year terms.

NCUA will vote on a final rule on joint ownership share accounts at its February 18 board meeting. CUNA supports the joint ownership proposal, as it helps maintain parity with regulations that apply to banks.

NCUA Chairman Todd Harper said he looks forward to working with all stakeholders as NCUA responds to the economic fallout created by the pandemic, position for future challenges and strengthen its commitment to consumer financial protection.

CUNA wrote to House Financial Services Committee leadership supporting the inclusion of $9.961 billion allocated to states, territories, and tribes for direct housing assistance in its budget resolution legislation.

NCUA’s proposal would update the chartering manual’s service facility requirements which would help credit unions deliver necessary financial services to Americans and has CUNA’s strong support.