Expanded borrowing authority at NCUA's Central Liquidity Facility and certain Troubled Debt Restructuring exemptions in the CARES are set to expire Dec. 31 and should be extended in order to allow credit unions to help as many Americans as possible.
CUNA President/CEO Jim Nussle appeared on the 100th episode of The CUInsight Experience podcast this week, discussing what he has seen from credit unions during the pandemic, among a host of other topics.
CUNA will be engaged with Senate Banking Committee and House Financial Services Committee hearings this week on the federal government’s response to the pandemic, featuring testimony from Fed and Treasury leaders.
A proposed reduction in the threshold for BSA regulatory information collection retention and transmittal requirements for funds transfers down to $250, from the current $3,000, would result in substantial burdens and costs for credit unions.
NCUA’s latest Letter to Federal Credit Unions announces that the meeting flexibility measures put in place this year due to the pandemic will remain in place through 2021. CUNA has pushed for the flexibility in several recent meetings with NCUA.
CUNA wrote to Congressional leadership Tuesday in support of increased funding for the Cooperative Development Program, and specifically for community-based credit unions in developing countries, specifically at $20 million as in Senate Appropriations Committee legislation.
CUNA joined more than 100 consumer-focused organizations to call on Congressional leadership to quickly pass PPP forgiveness, citing analysis showing an effective cost of $2,000-$4,000 for each business that applies for forgiveness, requiring 20-100 hours of focused time.
Stakeholders should have additional time to evaluate novel charter applications, CUNA and other financial and consumer groups wrote to the Office of the Comptroller of the Currency, following up previous letters calling for an open and transparent charter process.
Federal financial institution regulatory agencies issued a joint fact sheet clarifying compliance efforts to meet BSA due diligence requirements for customers that are charities and other nonprofit organizations.
J. Mark McWatters resigned Friday from his position on the board of the National Credit Union Administration. McWatters has served on the NCUA board since his nomination by then-president Barack Obama in 2014.