CUNA continued its strong push to include Paycheck Protection Program forgiveness language in the next phase of pandemic relief legislation Tuesday with a letter to Congress and an updated action alert calling on credit union stakeholders to support the bill.
CUNA expressed appreciation for the CFPB's proactive effort to facilitate the LIBOR transition for consumer financial products in response to LIBOR’s planned discontinuation after 2021. The CFPB intends for a final rule on LIBOR to take effect on March 15, 2021.
The CFPB should ensure its debt collection rulemakings do not extend unwarranted regulatory requirements to first-party debt collectors, CUNA wrote Tuesday in response to a proposal that would amend Regulation F to require debt collectors to make certain disclosures when collecting time-barred debts.
A bill introduced Tuesday would create a $2 billion Community Development Institutions Crisis Fund to help with pandemic recovery. The bill’s $2 billion would serve as a complement to the Treasury’s CDFI Fund and would be refilled as funds are deployed each year.
Several circuit courts of appeal in recent months have issued rulings that are at odds with credit union-supported positions in TCPA cases and regulatory proceedings involving the use of automated telephone dialing systems.
CUNA is concerned that the Office of the Comptroller of the Currency is considered “industry altering changes” without sufficient public consideration, it wrote to the agency Monday. The acting comptroller has stated that the OCC is considering implementing a special purpose bank charter limited to payments services.
CUNA announced Monday the appointment of Damon Smith as the Senior Director of Advocacy and Counsel. In his role at CUNA, Smith will contribute to regulatory advocacy issues for the organization, particularly relating to housing policy and finance issues.
CUNA Chief Engagement Officer Greg Michlig joined CUBroadcast recently to talk CUNA’s Credit Union System COVID-19 Restart and Recovery Task Force, including how it represents a strategic restarting process, what the task force’s work will look like and more.
The Senate in in session this week but the House is not. The Senate Banking Committee will meet in executive session Wednesday to, among other nominees, vote on the nomination if Kyle Hauptman to serve on the NCUA board.
CUNA, Leagues and credit unions continue their engagement with policymakers as Congress works on the next phase of pandemic recovery legislation. Both chambers have passed bills, and while both contain some positives, CUNA is pushing for the inclusion of PPP forgiveness legislation, among other provisions.