Bankers Say NCUA Subordinated Debt Rule Undermines Credit Union Mission
David Baumann of the Washington CU Daily reports that the Independent Community Bankers of America and the American Bankers Association have criticized the National Credit Union Administration for a final rule allowing low-income, complex and new credit unions to issue subordinated debt.
Kyle Hauptman Sworn In as NCUA Board Member
Kyle Hauptman was sworn in by Chairman Rodney Hood as a member of the National Credit Union Administration board on Monday, December 14, 2020, reports David Baumann of the Washington Credit Union Daily.
Community Bankers to Continue Anti-Credit Union Campaign in Next Congress
The Independent Community Bankers of America’s anti-credit union “Wake Up” campaign will continue in the next Congress, although the trade group said it does not expect any major policy shift in how policymakers view the credit union industry, writes David Baumann of the Washington CU Daily.
Biden Names CU Executive Bill Bynum, Former CFPB Deputy Director Leandra English to Transition Team
President-elect Joe Biden has appointed his Consumer Financial Protection Bureau transition team and his Federal Reserve, Banking and Securities transition team, reports David Baumann of the Washington Credit Union Daily.
Names Circulating for Biden’s CFPB, as NCUA Board Membership Remains Uncertain
With the election, change is coming to the NCUA and the CFPB, says David Baumann of the Washington CU Daily. Biden is expected to remove the current CFPB Director Kathy Kraninger and there are seven names that come up often as possible replacements. The party balance of the NCUA is going to be determined by the Senate, although Biden may change the chairman.
Toeppe Named NCUA Director of Examination and Insurance
Myra Toeppe has been named director of the Office of Examination and Insurance at the National Credit Union Administration, reports David Baumann of the Washington Credit Union Daily.
CUNA’s Nussle: PPP Loans Causing Net Worth Problems at Credit Unions
David Baumann of the Washington CU Daily reports that PPP loans are remaining on credit union balance sheets for longer than expected, causing regulatory headaches for credit union officials, according to CUNA President/CEO Jim Nussle.
Sen. Brown Questions Whether Financial Regulators Are Prepared for Pandemic Impact
As the financial health of consumers deteriorates due to the pandemic, Senate Banking Committee ranking Democrat Sherrod Brown of Ohio said he is concerned that financial services regulators, including the NCUA, are not prepared for a possible financial crisis, reports David Baumann of the Washington Credit Union Daily.
CUNA Makes Independent Expenditures for an Additional Three House Incumbents
David Baumann of the Washington CU Daily reports on CUNA’s efforts to support political candidates they believe will advocate for the credit union industry.
Credit Unions, Businesses Say PPP Loan Forgiveness Process is Daunting
As businesses and credit unions move into the Paycheck Protection Program’s loan forgiveness process, they are reporting that it is so complex and burdensome that they have had to spend valuable time and resources on the paperwork, reports David Baumann of the Washington CU Daily.
