The Small Business Administration (SBA) failed to provide lenders, including credit unions, with crucial guidance they needed to help root out fraud in the Paycheck Protection Program (PPP), the agency’s Inspector General (IG) said [...]
The National Credit Union Administration (NCUA)’s equity ratio is expected to drop to 1.25% in June—well below the 1.33% normal operating level set by the agency board last year. Despite that [...]
The Consumer Financial Protection Bureau (CFPB) last week issued an interpretive rule aimed at fortifying the powers states have to enforce federal consumer protection laws. In issuing the rule, agency officials reminded states that even [...]
Someone—it’s not clear who—once used the term “lies, damn lies and statistics” to describe how numbers can be used, and misused, to bolster arguments. For years, credit union trade groups and their [...]
As House and Senate conferees struggle to come to an agreement on a massive competitiveness bill, lobbying is intensifying in an effort to convince them to include marijuana banking legislation in the measure. The House-passed [...]
The House Financial Services Committee on Wednesday approved legislation that would allow all credit unions to expand their field of membership (FOM) to include underserved areas. The panel voted, 27–22 to approve H.R. [...]
The Consumer Financial Protection Bureau (CFPB) will begin providing other financial regulators, including the National Credit Union Administration (NCUA), with guidance on how it intends to enforce federal law, the agency revealed Monday. In announcing [...]
From both sides of the Capitol and both ends of Pennsylvania Avenue, it’s a busy time for people watching the Community Development Financial Institutions (CDFI) program. Here are the latest developments… Small-Dollar Loan (SDL) [...]
The lack of third-party vendor supervisory powers poses numerous systemic risks, Kelly Lay, director of the National Credit Union Administration (NCUA)’s Office of Examination and Insurance, told a House task force Friday. “The NCUA [...]
It’s safe to say that the United States Postal Service (USPS)’s banking pilot has not been a hit. The USPS reported Tuesday that between January 1 and March 30, just one person used [...]
The Consumer Financial Protection Bureau (CFPB) intends to target digital redlining and algorithmic bias in its fair lending supervision and enforcement efforts, the agency said, in its annual Fair Lending Report to Congress, released on [...]
The National Credit Union Administration (NCUA) should immediately increase its permissible interest rate ceiling, the National Association of Federally Insured Credit Unions (NAFCU) said Thursday. In a letter to the agency’s board, Ann Kossachev, [...]
The federal government must develop a comprehensive fiscal plan, which should include an examination of the effectiveness of tax expenditures—a budget category encompassing the credit union tax exemption—the Government Accountability Office (GAO) said [...]
To best serve their members, credit unions must offer a broad range of well-priced services, grow along with their communities, and remain financially sustainable. For many institutions, accomplishing all these goals can seem a daunting [...]
Two credit union groups are seeking National Credit Union Administration (NCUA) Chairman Todd Harper’s help in trying to convince Treasury Department officials to speed up the review process for Community Development Financial Institution (CDFI) [...]
