Financial regulations

A bill updating the commonwealth's credit union act, signed into law on Jan. 12, is said to be the most comprehensive update of the state charter in 30 years.

The agency used a notation vote to advance the final measure, the third time it has used that method in a month.

The nominees, strongly backed by progressive Democrats to lead two key Wall Street watchdogs, signal that the Biden administration is planning tough oversight after four years of light-touch policies under appointees of President Trump.

Cybersecurity remains a priority along with CARES Act compliance, flexibility for borrowers impacted by the pandemic and more.

In placing the $6.6 million-asset institution in conservatorship, the regulator has taken charge of two credit unions in just the first two weeks of the year.

In a letter to credit unions, NCUA urged federally chartered shops to expand their fields of membership to underserved areas, regardless of geography, in order to boost financial inclusion in the wake of the pandemic.

The agency will once again tackle one of its most controversial subjects when it meets on Jan. 14 for an ambitious agenda on what could be Rodney Hood's final meeting as chairman.

The panel unanimously approved the measure by a notation vote, its second such move in weeks, and the proposal will now be subject to a comment period.

The National Credit Union Administration juggled several challenges this year beyond the pandemic recession, including an inspector general's report about alleged misconduct by two former employees and criticism that board members had lost their old spirit of comity.

The measure, just the second of its kind the nation, mandates that fintechs, factoring firms and other nonbank small-business lenders clearly explain the terms and conditions to borrowers.