In a May 21 letter to the National Credit Union Administration, Senate Minority Leader Chuck Schumer (D-N.Y.) asked the regulator to conduct an immediate review of its supervisory practices in the wake of “deeply troubling conduct” by credit unions involved in New York’s taxi medallion business.
The National Credit Union Administration board today proposed a rule that would allow federal credit unions to have up to 50% of their deposits come from other credit unions and government entities, up from a 20% cap today.
A move by the National Credit Union Administration to quadruple the appraisal threshold for nonresidential real estate loans could have broad-reaching consequences for the financial system, according to an op-ed by Appraisal Institute President Stephen Wagner published in American Banker today.
The American Bankers Association and the Consumer Bankers Association on Friday wrote to the Consumer Financial Protection Bureau Director expressing strong opposition to a recent request from the Credit Union National Association.
The National Credit Union Administration last week requested public feedback on ways it can change its regulations on loan-based compensation to “provide greater flexibility.”
A story on NPR’s “Marketplace” program tonight illustrated how credit unions have used ever-looser field of membership regulations to expand beyond their intended communities.
Congress cannot proclaim its support for community banks while allowing tax-subsidized credit unions to continue growing and competing against banks on a tilted playing field, Florida Bankers Association President and CEO Alex Sanchez wrote in a Fox Business op-ed today.
On the eve of the largest credit union industry lobbying event of the year, a Newsmax op-ed columnist on Friday argued against a rule change being considered at the National Credit Union Administration that would allow institutional investments in credit unions.
With the Arkansas legislature considering a bill that would allow state and municipal entities to deposit public funds in credit unions, a pair of op-eds today in the Arkansas Business publication made the case for ending state and federal tax subsidies for credit unions that pursue bank-like activities.
With the Senate holding a confirmation hearing tomorrow for two nominees to the three-member National Credit Union Administration board, Iowa Bankers Association President and CEO John Sorensen yesterday said it was a fitting moment to recognize that the agency is “out of touch and needs a new direction.”