Financial regulations

Trump-appointed regulators gave the industry the green light to offer installment loans during the pandemic. But with concerns that the light could turn red in 2021, bankers remain extra cautious.

The credit union regulator revised its summary of what examiners will focus on to reflect legal and regulatory changes that have taken place since the COVID-19 outbreak began.

Among other changes, the law allows state regulators to accept NCUA examination results in lieu of exams from local regulators.

The agency has proposed letting firms seek specific guidance, which can be applied to other institutions. But consumer groups worry the plan circumvents formal rulemaking.

The credit union regulator has not yet announced an agenda, but the meeting could potentially include mattes related to field of membership and risk-based net worth.

Business continuity plans should be used constantly, not just when the crisis is at its peak, says the New York Fed’s head of financial services.

A budget item establishing a new agency to protect consumers from predatory lenders has been put on hold as state officials deal with the coronavirus response and other priorities. But it could be revived in legislative talks later this summer.

The acting head of the agency says it cannot continue relying on web-based exams put in place during the coronavirus and will start sending staff into banks.

The Independent Community Bankers of America has asked NCUA's inspector general to review the agency's decision to change how low-income credit unions receive that designation.

The credit union regulator is adding line items to required quarterly reporting in order to better account for loan forbearance, CUs lending through the Paycheck Protection Program and more.