I have never heard the expression of a “black swan event” before this year, so of course I had to Google the meaning. A Black Swan Event refers to a highly improbable occurrence with three characteristics: It is impossible to predict, It carries a massive impact, and Its shock value...
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.
NCUA board member selection is a process that has slipped away from the credit union industry. One in which board members are not selected based on their familiarity or connection to the industry, but thanks to political favors. Chip Filson says it’s time credit unions spoke up and changed this.
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.
What do college football and credit unions have in common? According to Chip Filson, a history of being saved thanks to the collaboration of those invested in the outcome.
Why is it that NCUA dictates the rules for switching to private insurance for credit unions that are chartered by their state, not federally? Vic Pantea thinks that should change to give credit unions and their states more autonomy over their insurance choices.
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.