Financial Service Committee to Consider CU Member Expulsion Bill
The House Financial Services Committee on Tuesday will consider legislation that would make it easier for credit unions to expel members who pose a threat or engage in dangerous or illegal conduct, reports David Baumann of the Washington Credit Union Daily.
What Harper Got Wrong with the CUSO Rule Vote
Vic Pantea shares his thoughts on the recent CUSO rule approved by the NCUA board, and why Harper got the vote wrong.
Harper Left Out of Meeting Between Biden and Financial Regulators
David Baumann of the Washington CU Daily reports that the heads of the U.S. financial regulatory agencies met with President Biden on Monday. Except for one: NCUA Chairman Todd Harper, who an agency spokesman said was not invited and did not attend.
NCUA Leadership is in a Rut, Part 2
Chip Filson continues his criticism of NCUA leadership, policy, and top-down mandates that offer no input from the credit union community.
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of the Washington CU Daily: Saying that the NCUA’s current rule governing Credit Union Service Organizations is sorely outdated and hampers innovation, CUNA and NAFCU are calling on the agency board to finalize an updated regulation.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.
Marijuana Banking Bill Introduced in Senate
A bipartisan group of senators introduced legislation that would make it easier for credit unions and banks to provide financial services to marijuana-related businesses, reports David Baumann of the Washington CU Daily.
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.
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.
When It Comes to Changing Insurance, the NCUA Should Be a Simple Vendor, Not a Customs Agent
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.
