Rodney Hood, chairman of the National Credit Union Administration, was formally sworn in by Vice President Mike Pence on June 27. Hood took office on April 8 and his term will run through Aug. 2, 2023.
As COVID-19 infections break records nationwide, some banks are once again closing lobbies. But many others are maintaining the status quo after instituting a host of safety protocols that didn’t exist in the spring.
The agency said federal thrifts must abide by the same rules as national banks pertaining to membership in payment systems and codified policies on acceptable derivatives practices among a slew of technical changes.
Hospitality sector credits are coming out of forbearance just as coronavirus cases surge. Restructurings and charge-offs could mount unless vaccine distribution happens quickly enough to jump-start travel by mid-2021.