Bankers Say NCUA Subordinated Debt Rule Undermines Credit Union Mission

Bankers Say NCUA Subordinated Debt Rule Undermines Credit Union Mission

David Baumann of the Washington CU Daily reports that the Independent Community Bankers of America and the American Bankers Association have criticized the National Credit Union Administration for a final rule allowing low-income, complex and new credit unions to issue subordinated debt.

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Kyle Hauptman Sworn In as NCUA Board Member

Kyle Hauptman Sworn In as NCUA Board Member

Kyle Hauptman was sworn in by Chairman Rodney Hood as a member of the National Credit Union Administration board on Monday, December 14, 2020, reports David Baumann of the Washington Credit Union Daily.

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Biden Names CU Executive Bill Bynum, Former CFPB Deputy Director Leandra English to Transition Team

Biden Names CU Executive Bill Bynum, Former CFPB Deputy Director Leandra English to Transition Team

President-elect Joe Biden has appointed his Consumer Financial Protection Bureau transition team and his Federal Reserve, Banking and Securities transition team, reports David Baumann of the Washington Credit Union Daily.

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Names Circulating for Biden’s CFPB, as NCUA Board Membership Remains Uncertain

Names Circulating for Biden’s CFPB, as NCUA Board Membership Remains Uncertain

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.

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Toeppe Named NCUA Director of Examination and Insurance

Toeppe Named NCUA Director of Examination and Insurance

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.

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Sen. Brown Questions Whether Financial Regulators Are Prepared for Pandemic Impact

Sen. Brown Questions Whether Financial Regulators Are Prepared for Pandemic Impact

As the financial health of consumers deteriorates due to the pandemic, Senate Banking Committee ranking Democrat Sherrod Brown of Ohio said he is concerned that financial services regulators, including the NCUA, are not prepared for a possible financial crisis, reports David Baumann of the Washington Credit Union Daily.

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CUNA Makes Independent Expenditures for an Additional Three House Incumbents

CUNA Makes Independent Expenditures for an Additional Three House Incumbents

David Baumann of the Washington CU Daily reports on CUNA’s efforts to support political candidates they believe will advocate for the credit union industry.

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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.

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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.”

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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.

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