The U.S. Supreme Court today denied an appeal from the American Bankers Association (ABA) to void NCUA field of membership (FOM) rule, a decision that marks the end of bankers’ nearly four-year battle to undo NCUA’s FOM rule finalized in October 2016. CUNA has long supported the rule and NCUA’s authority to provide oversight for the credit union industry.
The FFIEC announced the availability of data on 2019 mortgage lending transactions at 5,508 U.S. financial institutions covered by the Home Mortgage Disclosure Act. Covered institutions include banks, savings associations, credit unions and mortgage companies.
Four federal agencies, including NCUA, in conjunction with the state bank and credit union regulators have issued examiner guidance to promote consistency and flexibility in the supervision and examination of financial institutions affected by the COVID-19 pandemic.
CUNA commented on several pandemic lending-related bills in a letter to a House Financial Services subcommittee hearing in which it discussed several pieces of legislation related to lending and rulemaking during the pandemic.
The NCUA Board received two briefings, finalized technical amendments to the agency’s regulations and issued a request for information on future examinations at its meeting Thursday. The board pulled the expected risk-based net worth proposal off the agenda.
CUNA opposes the Protecting Your Credit Score Act of 2019 (H.R. 5332), it wrote to House leadership Wednesday, citing numerous concerns over increased lawsuits and cybersecurity risks. The bill would revise certain provisions related to consumer credit reports and credit reporting agencies.
Credit union-supported candidates in Kentucky, New York and Virginia saw successes in Tuesday’s primary elections, with 100% of credit union candidates winning races that have been called as of Wednesday. Credit union candidates around the country have won 231 out of 235 races in 2020.
Any new regulatory changes to FHLBank membership should not negatively impact credit unions’ ability to access liquidity or obtain FHLBank membership, CUNA wrote to the FHFA in response to a request for information about FHLBank membership.
Developing strong relationships with state and federal regulators should be a goal for all credit union leadership, writes Illinois Credit Union League President/CEO Tom Kane in a recent piece for CUInsight.
Credit unions are the nation's financial first responders and are the best equipped to support the people who need help the most, and CUNA sent Congress Tuesday a new document with detailed information on how additional actions could help COVID-19 recovery efforts.