Senate Committee Advances E-SIGN Modernization Act of 2020

Senate Committee Advances E-SIGN Modernization Act of 2020

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).

Read more
NCUA’s Dire Warnings for NCUSIF: Credit Unions Must Pay Attention

NCUA’s Dire Warnings for NCUSIF: Credit Unions Must Pay Attention

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.

Read more
Credit Unions, Businesses Say PPP Loan Forgiveness Process is Daunting

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.

Read more
FinCEN Extends Money Laundering Rules to Non-Federally Insured Credit Unions

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.

Read more
Credit Union Trade Groups Renew Push for Member Business Loan Cap Increase

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.

Read more
FHFA’s Calabria to CUNA’s Nussle: We Need the New Fee

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.”

Read more
Community Reinvestment Coalition: Subject Credit Unions to CRA Tests

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.

Read more
Federal Credit Unions May Use Federal Courts, Appeals Court Says

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.

Read more
NCUA Charters Its First New Federal Credit Union This Year

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.

Read more
Hauptman: Provide Incentives for Credit Unions to Become Minority Depository Institutions

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.

Read more