The NCUA Board issued a proposal Thursday allowing credit unions to capitalize interest in connection with loan modifications. CUNA has strongly pushed the agency for this change in recent months, including in three letters to NCUA Chairman Rodney Hood.

Leadership of the Senate and Consumer Financial Protection Bureau (CFPB) will help define what a Biden administration means for Americans’ credit, CUNA Chief Advocacy Officer Ryan Donovan told CNBC Select recently.

CUNA and 80 organizations wrote to Congressional, Treasury and Small Business Administration leadership Tuesday with concerns over a new Paycheck Protection Program review process established by the Treasury and SBA that includes “Loan Necessity Questionnaires.”

CUNA’s Credit Union System COVID-19 Restart and Recovery Task Force released its first industry outlook Tuesday to provide guidance and strategies for navigating the pandemic. Risk mitigation and the digitalization of financial services are two primary concerns .

Dale Owen, president/CEO of Ascentra CU and Iowa Credit Union League Board Chair, passed away late last week. He served as president/CEO at Ascentra since 2013 and was elected chair of the Iowa League board in October.  

CUNA supports a FinCEN risk-assessment process and publication of national anti-money laundering (AML) priorities but cautions against the use of one-size-fits-all regulatory requirements. FinCEN issued an Advance Notice of Proposed Rulemaking on AML program effectiveness.

NCUA’s proposed 2021–2022 budget is now available for review and comment. The draft 2021 operating budget is $315.6 million, 0.1% lower than the 2020 budget. Comments must be emailed to NCUA by Dec. 11.

CUA will vote on a proposed rule involving capitalization of interest at its Nov. 19 board meeting. CUNA has called on NCUA to permit credit unions to capitalize interest on consumer mortgage loans in connection with pandemic loan modifications.

News Now, Policy and Issues

The Senate Appropriations Committee released its FY2021 funding bills Tuesday, with several containing funding for credit union priorities. Funding for the federal government is scheduled to expire Dec. 11.