Harper: Exams Demonstrate Need for Consumer Protection Focus
David Baumann of the Washington CU Daily reports that citing deficiencies that NCUA examiners found during the past year, board Chairman Todd Harper renewed his call for the agency to develop a separate consumer protection examination. His remarks came during his confirmation hearing before the Senate Banking Committee.
Banker—But No CU Official—to Testify at House Competition Hearing
A hearing on consolidation in the financial services industry will feature the perspective of the American Bankers Association, which has warned about the impact of credit unions purchasing banks, reports David Baumann of the Washington Credit Union Daily.
Hauptman: NCUA Must Make It Easier to Form a Credit Union
NCUA board Vice Chairman Kyle Hauptman believes that the NCUA must make it easier for groups to form new credit unions and should stop encouraging small, struggling credit unions to merge, reports David Baumann of the Washington CU Daily.
Hood: Regulators Need to Develop Joint Cannabis Banking Policy
NCUA Board member Rodney Hood called on federal banking regulators to begin developing a joint principles-based approach to marijuana banking, reports David Baumann of the Washington CU Daily.
IRS: CU, Bank Reporting Rule Would Raise $460 Billion in 10 Years
Requiring financial institutions, including credit unions, to report to the Internal Revenue Service the inflows and outflows from customer accounts could raise $460 billion in additional tax revenue over ten years, according to IRS Commissioner Charles Rettig. Reported by David Baumann of the Washington CU Daily.
CU Trades: NCUA is Too Picky in Anti-Money Laundering Exams
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.
DOJ Endorses Interchange Rule that Credit Unions Hate
The Justice Department this week threw its support behind the Fed’s proposed rule that would require financial institutions to give merchants a choice of debit card networks for online transactions and other purchases when consumers do not physically present their debit cards, reports David Baumann of the Washington Credit Union Daily.
Biden to Nominate Harper for Full Term on NCUA Board
President Biden has announced his intention to nominate National Credit Union Administration Chairman Todd Harper to serve a full term on the agency board, reports David Baumann of the Washington Credit Union Daily.
House Panel Approves Bill to Require Regulators to Focus on Charter Simplification
The House Financial Services Committee approved H.R. 4590, which would require federal financial regulators to develop a strategic plan to encourage the chartering of new credit unions and banks, reports David Baumann of the Washington Credit Union Daily.
NCUA Board Agrees to Solicit Comments on Capital Adequacy Changes
The NCUA board agreed to solicit comments on a proposed rule that would amend the agency’s capital adequacy regulation governing credit unions with assets over $500 million, among other decisions at its July meeting, reports David Baumann of the Washington Credit Union Daily.
