Biden Proposes Increase in NCUA’s Community Development Revolving Loan Fund
David Baumann of the Washington CU Daily reports that President Biden’s FY22 Budget proposal includes an increase to the NCUA’s Community Development Revolving Loan Fund program by $500,000 as well as a 22.2% increase for the Community Development Financial Institutions program.
NCUA Leadership Is In A Rut Part I
Chip Filson reflects on the NCUA’s history with embracing change and new methods in necessary times and why it seems to have fallen away from that practice.
NCUA Equity Ratio Dips to 1.22%, But Board Says Restoration Plan is Not Needed Yet
The National Credit Union Administration’s Share Insurance Fund’s equity ratio is expected to dip to 1.22% by the end of June, but the agency board decided Thursday not to require the development of a fund restoration plan, reports David Baumann of the Washington CU Daily. The Board also discussed its Normal Operating Level policy at its May meeting.
A Cooperative Opportunity Trifecta
While the NCUA’s response to start ups may be slow and tied down by regulatory requirements, Chip Filson praises a new program in California aimed at encouraging and supporting young, diverse groups in creating cooperative start ups.
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of the Washington CU Daily: Saying that the NCUA’s current rule governing Credit Union Service Organizations is sorely outdated and hampers innovation, CUNA and NAFCU are calling on the agency board to finalize an updated regulation.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.
No Limiting Principle
NCUA’s update to corporate rule 704 is not without many issues claims Chip Filson. All the little missteps that go into new policy set precedent for the “how we’ve always done it” mantra that damages from within.
Field of Membership: a Regulatory Vestigial Organ
Chip Filson ponders the ancient practice known as “field of membership” and discusses the numerous options open to potential members willing to go beyond field of membership.
Senators Introduce Legislation to Increase NCUA Loan Maturity Cap
Sens. Tim Scott (R-S.C.) and Catherine Cortez Masto (D-Nev.) have introduced legislation to increase the loan maturity cap of 15 years on credit union loans to 20 years, reports David Baumann of the Washington CU Daily.
Bankers Asking NCUA to Extend Comment Period for Proposed CUSO Rule
After the proposed CUSO lending rule change approved in January by the NCUA Board, bankers are asking for more time to comment.
Students: Enrolling the Next Generation of Members
With credit union numbers dwindling and de novo efforts few and far between, Chip Filson looks at one area of the country where new ground might be made again: schools.
