Financial regulations

The spending plan passed in a party-line vote, but board member Todd Harper's objections indicate he could push for closer oversight if President-elect Joe Biden elevates him to the chairmanship.

Credit union trade groups said the regulator’s spending plan indicates the agency isn't listening to feedback and needs to make further cuts while providing more support for de novos.

The regulator is expected to finalize a rule this week allowing credit unions to issue subordinated debt to outside institutional investors. That's bad public policy, the American Bankers Association writes.

Hauptman said dealing with the economic fallout from the coronavirus was a top priority for the agency, along with aligning incentives and expanding the use of technology in the industry.

The credit union regulator's monthly meeting will cover the agency's budget proposal and subordinated debt, among other items, along with taking another shot at an overdraft proposal that was rejected earlier this year.

Board member Todd Harper was concerned that the credit union regulator was not adequately preparing for the impact of prolonged economic turmoil and could be caught "flat-footed" as it was heading into the last crisis.

The confirmation ensures Republicans will hold the majority vote at the credit union regulator until at least 2023.

The reduction marks the third time in three years the agency has cut annual fees for national banks.

Jobs will be harder to find for graduates, and there are new underwriting platforms that can better predict students' future income in their chosen field.

The credit union regulator's budget briefing could produce fireworks, but possible Senate action could make the result of an eventual budget vote a foregone conclusion.