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.
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.