The Federal Housing Finance Agency (FHFA) does not report evidence of appraisal bias to the appropriate state agencies, those that both license appraisers and could sanction them, the agency’s Office of the Inspector General [...]
The new year is upon us and, as ever, it presents both challenges and opportunities for credit unions. Chief among these is the process of annual reporting, which, although at times a daunting task, should [...]
The Congress tax scorekeeper estimated last week that between 2022 and 2026, the credit union tax exemption will cost the federal government $14.4 billion. The report from the Joint Committee on Taxation follows a [...]
Federally insured credit unions had continued deposit and asset growth over the year ending in the third quarter of 2022, the NCUA said in its Quarterly U.S. Map Review. At the same time, loan [...]
The American Bankers Association (ABA) was right: credit unions haven’t provided sufficient evidence to demonstrate their success in meeting the needs of their members or their communities. However, the validity of that assertion extends [...]
State attorneys general from both parties agree that the U.S. Supreme Court should consider whether the CFPB’s current funding scheme is legal. But that’s where the agreement ends. The state officials vehemently [...]
The Financial Stability Oversight Council on Friday again called on Congress to give the NCUA supervisory powers over credit unions’ third-party service providers. In adopting its annual report, the council said that such providers pose [...]
Having been attacked by trade groups for proposed budget increases, the NCUA board on Thursday approved a spending plan that slashes $6.7 million from the document presented earlier this year. The finalized budget also [...]
CFPB Director Rohit Chopra on Wednesday received a decidedly hostile reception from Republicans during his end-of-year testimony before the House Financial Services Committee. “You are changing the law,” Rep. Andy Barr, R-Ky., told Chopra. “You [...]
The CFPB on Monday proposed requiring nonbank financial firms to register with the agency when they are subject to consumer protection agency or court orders. The registry, which one consumer advocate called a “public rap [...]
The NCUA has placed Richmond City Employees Federal Credit Union in Richmond, Indiana, into conservatorship, agency officials announced Monday. They said the conservatorship was needed due to unsafe and unsound practices at the credit union, [...]
People are still joining credit unions. That’s one of the main takeaways from the NCUA’s Quarterly Credit Union Data Summary for the third quarter of 2022, issued by the agency last week. Between [...]
Banking trade groups this week panned proposed changes to the CDFI program—joining credit union associations in saying the rule would severely harm existing CDFIs. Michael Emancipator, vice president and regulatory counsel at the Independent [...]
Leaders of House and Senate committees on Tuesday agreed on a FY23 defense authorization bill that does not include several high-priority issues credit union trade groups wanted addressed in the must-pass legislation. For instance, the [...]
A proposed NCUA rule designed to make it easier for credit unions to expel members is still far too complicated, credit union trade groups told the agency late last week. In March, Congress passed the [...]
