The incoming Biden administration should consider the impact any policy changes will have on credit unions’ ability to serve their members, CUNA wrote to the Biden transition team Tuesday. Recommendations include continued actions from NCUA and CFPB.

The CFPB Tuesday issued a final rule exempting certain insured depository institutions and insured credit unions from the requirement to establish escrow accounts for certain higher-priced mortgage loans. CUNA supported the proposal in its September comment letter.

NCUA, along with the CFPB and other federal financial regulators, issued a final rule Tuesday confirming that difference between regulations and guidance. Per the statement, unlike laws or regulations, supervisory guidance does not have the full force and effect of law.

Janet Yellen, President-elect Joe Biden’s nominee to lead the U.S. Treasury, testified before the Senate Finance Committee Tuesday. Sen. Ron Wyden (D-Ore.), ranking member of the committee, said he hopes Yellen will receive a full confirmation vote this week.

CUNA Digital Marketing Virtual School, to be held May 11-13, will provide current, relevant and actionable information to credit union marketers featuring instructors who have walked in the shoes of credit union digital marketers, as well as industry experts.