CUNA strongly supports funding amounts for the Treasury’s CDFI Fund and NCUA’s CDRLF. President Joe Biden’s budget request for FY22 includes $320 million for the CDFI Fund and $2 million for the CDRLF.
The Central Liquidity Facility (CLF) Fairness Act (H.R. 3958) would better protect credit unions from unexpected liquidity issues now and in the future, CUNA wrote prior to the House Financial Services Committee’s markup of the bill.
The Federal Reserve announced Tuesday an extension of the comment deadline for its debit card routing requirements proposal. CUNA joined other organizations earlier this month calling on the Fed to extend the deadline, which is now August 11.
The House will consider a CUNA-supported repeal of the Office of the Comptroller of the Currency’s “true lender” proposal this week. The House Financial Services Committee will also mark up the CUNA-supported CLF Enhancement Act starting Wednesday.
The FFIEC Monday released updates to four sections of the BSA/AML Examination Manual. The updates should not be interpreted as new instructions or increased focus on certain areas; instead, they offer further transparency into the examination process.
CUNA and Leagues wrote to NCUA Friday encouraging the agency to pursue additional tools to aid credit unions facing Prompt Corrective Action (PCA) and other capital challenges. CUNA and the Leagues thanked NCUA for the Interim Final Rule that provides some relief, but highlights that Congressional action is needed for additional flexibility.
The NCUA Board will vote on two final rules, the Current Expected Credit Loss (CECL) methodology and capitalization of interest, at its June 24 meeting. CUNA requested the agency move quickly to finalize both rules in a letter sent last month.
The FCC announced a beta test period for credit unions to access its Reassigned Numbers Database for free from July 1 through Sept. 30. Participation will enable callers and caller agents to understand usage needs prior to signing up for a paid subscription.
The CFPB issued an interpretive rule Wednesday that explains the basis for its authority to examine supervised financial institutions for compliance with the MLA, reversing the agency’s previous position in 2018 that it did not have such authority.
Vice President Kamala Harris praised community lenders and announced a $1.25 billion program for Community Development Financial Institutions Tuesday. The Rapid Recovery Program was passed as part of December’s COVID relief legislation.