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’s compliance team has released its annual Year in Review and Year in Review Checklist documenting compliance changes that took place during 2020. Federal agencies issued 39 new rules and amendments in 2020 directly in response to the pandemic.