CUNA announced Friday the formation of the Credit Union System COVID-19 Restart and Recovery Task Force to bring together representatives from the CUNA, League and credit union system, along with providers and affiliated organizations, to discuss strategies, resources and best practices for credit unions

NCUA has developed a multi-phase transition plan for the resumption of its on-site operations that provides a framework for how and when staff resumes an on-site presence at both NCUA offices and credit unions.

The CFPB Thursday announced the launch of a pilot advisory opinion program to publicly address regulatory uncertainty. According to the CFPB, the pilot AO program will allow entities seeking to comply with regulatory requirements to submit a request where uncertainty exists.

The NCUA Board will vote on a proposed risk-based net worth rule and receive updates on Minority Depository Institutions and the Guaranteed Notes Oversight Program at its June 25 meeting. The meeting will be a live-streamed on NCUA.gov as an audio webcast.

NCUA Board Member Todd Harper joined this week’s meeting of CUNA’s Consumer Protection Subcommittee Thursday to talk about a number of topics, including what credit unions can do to promote diversity, equity and inclusion in light of the national dialogue on these issues.

CUNA joined several organizations to support a bill from Sen. Deb. Fischer (R-Neb.) that would replace the Consumer Financial Protection Bureau’s single director with a five-person, bipartisan commission, the Financial Product Safety Commission Act of 2020.

Sen. Deb Fischer introduced legislation Thursday that would change the leadership structure at the CFPB from a single director with a five-person, bipartisan commission. It comes as the U.S. Supreme Court is expected to release a decision in a lawsuit challenging the constitutionality of the CFPB being led by a single director removable only by cause.

Congressional action is still needed to protect borrowers that carried out the Paycheck Protection Program in good faith from any liability stemming from the structure and design of the PPP, CUNA wrote to the House Small Business Committee Wednesday.

The Federal Reserve Board met the COVID-19 crisis head-on with a variety of decisive, impactful and far-reaching policy responses that clearly steadied financial markets and the broader economy, including the creation of the Fed’s Main Street Lending Program.

CUNA shared concerns about the CFPB's management of its consumer complaint database and recommended the CFPB conduct a robust analysis of the potential cost and benefits associated with continuing its Company Response Survey.