CU System Sees Major Victory as SCOTUS Denies ABA Appeal on FOM Rule

June 30, 2020

The U.S. Supreme Court yesterday denied an appeal from the American Bankers Association (ABA) to void NCUA’s field of membership (FOM) rule, a decision that marks the end of bankers’ nearly four-year battle to undo NCUA’s FOM rule finalized in October 2016.

CCUA Survey on NCUA Subordinated Debt Proposal

June 30, 2020

The NCUA Board has approved and published its Subordinated Debt proposal, representing an extensive set of amendments to existing regulations to expand access to alternative forms of capital for credit unions.

Supreme Court Rules CFPB Structure Unconstitutional

June 30, 2020

The Supreme Court has ruled the Consumer Financial Protection Bureau is unconstitutionally structured, a decision that will change the nature of the agency's leadership.

NCUA Projects Distributions to Capital Holders from Guaranteed Note Program, Issues Request for Information on Digital Examinations, Minority Depository Institutions Report

June 25, 2020

The National Credit Union Administration Board (“Board”) today held a Board Meeting that was open to the public via live audio webcast.

Lawmakers Introduce Bill to Give Small Businesses 2nd Round of PPP Funds

June 18, 2020

Rep. Angie Craig, D-MN and member of the House Small Business Committee, introduced legislation June 18 that would allow small businesses that have already borrowed under the Paycheck Protection Program to apply for a second round of funding.

CFPB Leadership Commission Legislation Introduced in Senate

June 18, 2020

Sen. Deb Fischer (R-Neb.) introduced legislation Thursday that would change the leadership structure at the Consumer Financial Protection Bureau (CFPB) from a single director with a five-person, bipartisan commission.

News from the NCUA:

June 17, 2020

A compilation of the latest news from the National Credit Union Association.

Roundtable with Congresswoman Lori Trahan

June 16, 2020

The Cooperative Credit Union Association is pleased to host a credit union roundtable with Massachusetts Congresswoman Lori Trahan, who proudly represents the Third Congressional District, today at 1:00 pm.

Trump Nominates Kyle Hauptman to Replace McWatters on NCUA Board

June 16, 2020

President Trump on Monday announced his intention to nominate Kyle Hauptman, of Maine, to be a member of the National Credit Union Administration board. If confirmed by med by the Senate, Hauptman would replace Republican Mark McWatters and his term would be through 2024.

First Revisions to PPP Rules Issued

June 14, 2020

The SBA has posted a "Paycheck Protection Program Interim Final Rule on Revisions to First Interim Final Rule" with changes made by H.R. 7010, the Paycheck Protection Program Flexibility Act.

Fed Listens Report Summarizes Year of Meetings with Public

June 14, 2020

The Federal Reserve Board on Friday released a report, Fed Listens: Perspectives from the Public, summarizing the 15 Fed Listens events held by the Board and the Federal Reserve Banks since the beginning of 2019, including the most recent event to discuss the effects of the COVID-19 pandemic.

Sens. Coons, Shaheen, Cardin Announce Legislation to Get Capital to Small Businesses Hardest Hit By COVID-19

June 11, 2020

U.S. Senators Chris Coons (D-Del.), Jeanne Shaheen (D-N.H.), and Ben Cardin (D-Md.), all members of the Senate Committee on Small Business & Entrepreneurship, have announced their intention to introduce the Prioritized Paycheck Protection Program (P4) Act.

Member Survey - Regulation D, Reserve Requirements of Depository Institutions

June 11, 2020

The Board of Governors of the Federal Reserve System (“Fed”) is seeking comments on an interim final rule adopted in April to delete the numeric limit of six (6) transfers and withdrawals per month from savings deposits accounts under Regulation D, Reserve Requirements of Depository Institutions.

Massachusetts Phase II Reopening and Credit Union Occupancy Limits

June 11, 2020

Governor Charlie Baker has allowed businesses classified under Phase II to begin entering establishments and preparing for opening on June 8th. The second phase of the plan allows restaurants to begin serving customers in outdoor dining areas, camps and daycare facilities may open, and in-store retail sales may begin.

NH House Prepares for 1st Session Since Pandemic

June 10, 2020

It’s a decades-old tradition for UNH hockey fans to throw a fish on the ice at the Whittemore Center Arena after the team scores its first goal of each game. But in a break from a much longer tradition, lawmakers will gather there Thursday, June 11, for the first House session held outside the Statehouse since the Civil War.

McLean Sends Second Letter Advocating for Appraisal Changes to NCUA

June 08, 2020

Cooperative Credit Union Association President/CEO Ron McLean has submitted a timely comment letter in support of the National Credit Union Administration Board’s (“NCUA”) interim final rule that defers the requirement for an appraisal or written estimate for certain residential and commercial real estate transactions, excluding acquisitions, development, and constructions.

News from S&P Global Market Intelligence: Trump Signs Paycheck Protection Program Flexibility Act

June 08, 2020

President Donald Trump on June 5 signed legislation giving small businesses more flexibility on how and when they use their loans under the U.S. Small Business Administration's Paycheck Protection Program.

Senate Passes Bill Enhancing PPP Flexibility - President expected to sign

June 04, 2020

The Senate passed a measure late Wednesday to increase flexibility in the Small Business Association’s Paycheck Protection Program (PPP).

Delaware CUs Stand Ready to Help as Pandemic Restrictions Begin to Lift

June 01, 2020

McLean and Dawkins speak to WXDE listeners.

Dover FCU’s Rzewnicki Featured Panelist on Delaware’s Small Business Virtual Town Hall

June 01, 2020

Dover Federal Credit Union’s President/CEO, Chaz Rzewnicki, will be a featured panelist at the “Small Business S.O.S (Support- Opportunity- Success)” town hall meeting on Wednesday, June 3, from 4:00 – 5:30 pm.

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