NCUA

The regulator banned a former CU employee from working in financial services on the basis of allegations that he misused funds when working at an Indiana credit union.

Credit unions won the day as the Supreme Court rejected an appeal that would have limited consumers' access to financial services. Now Congress must act to remove those field-of-membership restrictions entirely.

The industry claimed victory over banks as the Supreme Court elected not to hear a challenge to a controversial 2016 rule, but the landscape has shifted dramatically since NCUA approved the measure.

The Supreme Court ruled the Consumer Financial Protection Bureau's leadership structure is unconstitutional and refused to hear a lawsuit over the NCUA's field of membership rule. Credit unions are watching to see what happens now.

The court's decision not to consider an appeal from the American Bankers Association is likely to be the last step in a legal saga dating back to 2016.

Nearly 900 institutions are set to receive a payout related to the demise of Southwest Corporate FCU, but the agency could ultimately return as much as $2.5 billion tied to the corporate credit union failures of 2009 and 2010.

National Credit Union Administration Chairman Rodney Hood told a NAFCU audience now is the time to take action on the member business lending cap so credit unions can continue to help with the coronavirus recovery.

Five financial regulatory agencies clarified the meaning of "covered funds" under the Volcker Rule. Meanwhile, the FDIC gave certain banks more flexibility in interaffiliate exchanges of swaps and adopted a workaround of a court decision governing interest rates on loans sold across state lines.

It's imperative that financial services firms find ways to ensure all Americans have access to the banking services necessary to thrive.

The number of credit unions serving as minority depository institutions continues to decline, but those CUs often focus on rural and under-served communities, a priority for NCUA Chairman Rodney Hood.