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.
The Senate Small Business Committee should move quickly to schedule a confirmation hearing for Isabel Guzman, President-elect Joe Biden’s nominee to lead the Small Business Administration, CUNA and other organizations wrote to the committee.
President-elect Joe Biden will nominate Rohit Chopra to serve as director of the CFPB. He is currently a commissioner with the Federal Trade Commission and previously served as assistant director and student loan ombudsman at the CFPB.
NCUA issued a letter to credit unions (21-CU-02) Friday detailing the agency’s supervisory priorities for 2021. According to NCUA, it will maintain its commitment to the extended examination cycle, and qualifying credit unions will be scheduled accordingly in 2021.
The CFPB issued guidance for financial institutions serving limited English proficiency consumers in a manner that is beneficial to consumers and is in compliance with relevant statutes and regulations.
The NCUA Board issued a proposal raising the asset threshold for credit unions defined as “complex” for risk-based capital purposes at its Thursday meeting. The board also issued an ANPR to solicit comments on two approaches to simplify its RBC requirements.