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.
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.
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.
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.
Celebrating credit unions and their cooperative spirit around the globe, the 72nd International Credit Union Day® focuses on inspiring hope and support during difficult times. Emily Claus delves into this year’s theme, meaning, and celebrations.
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.
In case you haven’t been following the E-SIGN Modernization Act of 2020, which was introduced earlier this year, John Beauchamp has the skinny on where it sits (and what it changes).
Does the NCUA Board have a solid grasp of the NCUSIF? Chip Filson doesn’t believe so, and warns that credit unions must watch over their investment more carefully or be swept away in rampant government spending.
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.
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.