Law and regulation

A long-awaited COVID-relief package in Congress is expected to extend liquidity measures for the industry and provide assistance to consumers that could help lenders avoid rising delinquencies.

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.

The agency's rule outlines steps collectors must take to inform consumers about an outstanding debt, and prohibits companies from pursuing lawsuits after a statute of limitations has ended.

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.

Lawmakers and the credit union regulator have packed schedules this week as both groups attempt to wrap up their 2020 business before the holidays.

This could be the final opportunity for Congress to extend a pair of key measures for credit unions that took effect earlier this year.

The end date for the Paycheck Protection Program Loan Facility was moved from Dec. 31 to March 31, giving lenders more time to line up the liquidity needed to buy and sell portfolios.

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 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.

The biggest questions following the former chairman's resignation aren't about regulation but whether the agency can recapture a spirit of bipartisanship and collaboration.