FinCEN Extends Money Laundering Rules to Non-Federally Insured Credit Unions
FinCEN has released a final rule requiring banks and credit unions that are not regulated by the federal government to comply with Anti-Money Laundering regulations, reports David Baumann of the Washington CU Daily.
Credit Union Trade Groups Renew Push for Member Business Loan Cap Increase
David Baumann of the Washington CU Daily reports on credit union trade groups who are renewing their call for Congress to lift the credit union Member Business Lending cap, saying the limit is an arbitrary restriction that keeps financial institutions from providing crucial assistance during the coronavirus economic crisis.
FHFA’s Calabria to CUNA’s Nussle: We Need the New Fee
Washington Credit Union Daily’s David Baumann reports on Federal Housing Finance Agency Director Mark Calabria who again defended the agency’s plan to charge a new 0.5% fee on refinancing of Freddie Mac and Fannie Mae mortgages, telling Credit Union National Association President/CEO Jim Nussle that, “This fee is necessary to keep people in their homes during the pandemic.”
Community Reinvestment Coalition: Subject Credit Unions to CRA Tests
The National Community Reinvestment Coalition said that if underserved areas of the U.S. are going to be revitalized, non-banks, including credit unions, should be subject to the Community Reinvestment Act, reports David Baumann of the Washington CU Daily.
Federal Credit Unions May Use Federal Courts, Appeals Court Says
In a ruling that sounds strange but that credit unions say is extremely important, a U.S. appeals court affirmed this week that federal credit unions may use the federal court system, reports David Baumann of the Washington CU Daily.
NCUA Charters Its First New Federal Credit Union This Year
David Baumann of the Washington CU Daily reports on the first federal charter granted in 2020.
Hauptman: Provide Incentives for Credit Unions to Become Minority Depository Institutions
David Baumann reports on Kyle Hauptman’s statements and answers to the Senate Banking Committee, including opinions on credit unions’ status as MDIs, overdraft policies, and virtual examinations.
