The pandemic response from the Treasury and Federal Reserve has helped stabilize the economy, but additional actions could continue to help individuals and businesses, CUNA wrote to House Financial Services Committee leadership Wednesday.
While credit unions agree with the spirit of several recent proposals to create accounts for unbanked Americans, it believes those consumers would be best served by leveraging the system already in place, CUNA wrote to the Senate Banking Committee Tuesday.
Monday’s Supreme Court decision was a win for consumers and the credit union movement, CUNA President/CEO Jim Nussle said this week, allowing credit unions to expand access to safe and affordable services, but also raising questions about the future of fields of membership.
A bill from Sens. Kevin Cramer (R-N.D.), Bob Menendez (D-N.J.), Thom Tillis (R-N.C.) and Kyrsten Sinema (D-Ariz.) would simplify loan forgiveness for Paycheck Protection Program of $150,000 and under and has CUNA’s full support.
CUNA continued its ongoing, pandemic-related engagement with NCUA with a letter to Chairman Rodney Hood containing policy recommendations and comments, including delaying the RBC rule, extending Troubled Debt Restructuring and additional overdraft flexibility.
CUNA strongly supports the Federal Reserve’s decision to remove the limit of account transfers under Regulation D and suggested to the Fed Monday it become permanent. The Fed announced an interim final rule in April removing the limit.
CUNA supports NCUA's PCA relief measures, one that allows credit unions more flexibility if they fall to the PCA “adequately capitalized” level due to unhistorical, abnormal share deposit influxes and one involving net worth restoration plans.
CUNA supports NCUA’s temporary changes to the Central Liquidity Facility and is continuing to pursue additional statutory changes to the CLF with Congress, CUNA wrote to NCUA Monday in response to NCUA’s interim final rule making the CLF changes.
Passage of the Anti-Money Laundering Act of 2020 is a top priority of CUNA and other organizations that wrote to Senate Armed Services Committee leaders Monday. The bill is being considered for inclusion in the Senate NDAA for fiscal year 2020.
The U.S. Supreme Court’s decision in Seila Law v. CFPB found the CFPB’s structure to be unconstitutional but severed the “for cause” removal provision from the rest of the Dodd-Frank Act. Practically, the CFPB Director may be removed by the President at will.