CUNA last week renewed its effort to convince the Financial Accounting Standards Board to amend the controversial Current Expected Credit Losses standard, contending that credit unions should not have to comply with it, reports David Baumann of the Washington Credit Union Daily.
NCUA examiners are too picky in their Anti-Money Laundering/Bank Secrecy Act enforcement and are citing financial institutions for small technical violations, NAFCU and CUNA have told the agency, reports David Baumann of the Washington CU Daily.
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.
Credit Union Trade Groups Endorse Proposed CUSO Rule While Consumer Groups Argue Would Authorize Predatory Lending
Two stories from David Baumann of the Washington CU Daily: Saying that the NCUA’s current rule governing Credit Union Service Organizations is sorely outdated and hampers innovation, CUNA and NAFCU are calling on the agency board to finalize an updated regulation. The National Credit Union Administration’s proposed Credit Union Service Organization rule would allow CUSOs to become predatory payday lenders that could make loans that far exceed the interest rate in the Federal Credit Union Act, consumer groups are warning.
The Internal Revenue Service’s “Get My Payment” portal to provide information to consumers about their federal coronavirus Economic Impact Payments is providing inaccurate information to many financial institutions and their customers, creating confusion for everyone involved, groups including CUNA, NAFCU, the ABA and the ICBA wrote in a letter to IRS Commissioner Charles Rettig, reports David Baumann of the Washington CU Daily.
The second iteration of the Small Business Administration’s Paycheck Protection Program is operating much more efficiently than the first version, credit union trade groups said, but added that they continue to run into persistent problems that hamper lenders and borrowers, reports David Baumann of the Washington Credit Union Daily.
CUNA signed a letter with hundreds of other organizations urging Congress to include temporary coronavirus liability protection in any new economic stimulus legislation, reports David Baumann of the Washington Credit Union Daily.
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.