NCUA

Todd Harper, chairman of the National Credit Union Administration, said new assessments are likely needed because of an influx of deposits, but industry groups and other board members say the agency should wait to see if the reserve ratio recovers on its own.

A plan to make expansion easier for credit unions is getting pushback not just from bankers, but also from the regulator's current chairman and a former board member.

Catherine Galicia formerly led the Consumer Financial Protection Bureau's legislative affairs division, and has extensive experience in banking and on Capitol Hill.

The credit union regulator's first prohibitions of 2021 relate to misuse of member funds at institutions in Alaska and Florida.

The regulator must rediscover bipartisanship and collaboration while ensuring new regulations don't overstep the Federal Credit Union Act.

Todd Harper, a Democrat, says he will continue his efforts to increase the agency's consumer advocacy role, despite opposition from the industry and two Republican board members.

Harper, a Democrat, had long been expected to be promoted to the chairmanship under a Biden administration, but he could face an uphill climb moving his priorities forward.

Under a proposed rule change, credit unions would no longer need to seek pre-approval from the regulator before entering into interest rate swaps, speeding up transactions for some of the industry’s biggest institutions that already hold over 80% of total assets.

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

President-elect Joe Biden is scheduled to take the oath of office on Wednesday, but other changes that pertain to credit unions are also happening.