DOJ Endorses Interchange Rule that Credit Unions Hate
The Justice Department this week threw its support behind the Fed’s proposed rule that would require financial institutions to give merchants a choice of debit card networks for online transactions and other purchases when consumers do not physically present their debit cards, reports David Baumann of the Washington Credit Union Daily.
Biden to Nominate Harper for Full Term on NCUA Board
President Biden has announced his intention to nominate National Credit Union Administration Chairman Todd Harper to serve a full term on the agency board, reports David Baumann of the Washington Credit Union Daily.
Credit Union Employees and Members Join Together to Celebrate Credit Unions with #ILoveMyCreditUnion
On July 30th, 2021, hundreds of credit unions, leagues, and partners from around the globe came together on social media to show the world what makes credit unions great. Emily Claus shares the inspiration behind the day, the stories that were told, and the success of the event.
House Panel Approves Bill to Require Regulators to Focus on Charter Simplification
The House Financial Services Committee approved H.R. 4590, which would require federal financial regulators to develop a strategic plan to encourage the chartering of new credit unions and banks, reports David Baumann of the Washington Credit Union Daily.
NCUA Board Agrees to Solicit Comments on Capital Adequacy Changes
The NCUA board agreed to solicit comments on a proposed rule that would amend the agency’s capital adequacy regulation governing credit unions with assets over $500 million, among other decisions at its July meeting, reports David Baumann of the Washington Credit Union Daily.
NCUA Board to Consider Strategic Plan
Among other issues, the NCUA board will consider the agency’s 2022-2026 Strategic Plan at its July 22 meeting, reports David Baumann of the Washington Credit Union Daily.
CUNA Committee: Small Credit Unions Face Daunting Challenges
Small credit unions play a vital role in the credit union community, but they face daunting challenges that larger institutions find easier to conquer, the Credit Union National Association said in a new report, reports David Baumann of the Washington CU Daily.
NCUA to Distribute $865.5 Million as Part of Corporate Resolution Process
The NCUA will distribute $865.5 million to 1,800 capital account holders that helped bail out corporate credit unions following the 2008 financial crisis, reports David Baumann of the Washington Credit Union Daily.
NCUA Board Approves Plan to Keep Current 18% Interest Rate Ceiling
At the June board meeting of the NCUA, the board voted on the interest rate ceiling for credit unions, adopted a final rule on capitalization of interest, and adopted a final rule to ease the impact of the Current Expected Credit Losses standard, reports David Baumann of the Washington Credit Union Daily.
Harper Left Out of Meeting Between Biden and Financial Regulators
David Baumann of the Washington CU Daily reports that the heads of the U.S. financial regulatory agencies met with President Biden on Monday. Except for one: NCUA Chairman Todd Harper, who an agency spokesman said was not invited and did not attend.
