Law and regulation

The credit union regulator has implemented a host of measures to help the industry manage the pandemic, but there may be only so much it can do without congressional action.

The Small Business Administration gave lenders some direction ⁠for closing out Paycheck Protection Program loans. Bankers say it's an encouraging start, but they want more protection from liability and a concession on nonpayroll expenses.

The government's latest stimulus package cleared the House on Friday but a number of key credit union priorities didn't make the cut.

Operation HOPE Chief Executive John Hope Bryant talks about how the Community Reinvestment Act influenced him at the age of 9 and eventually led to the founding of his nonprofit, which works with banks to help communities in need. But he says the 1977 law is outdated.

Bankers call credit unions’ latest efforts to ease limits on member business lending opportunistic. Credit unions say they're trying to help with the recovery effort.

The agencies produced an application process that includes favorable interpretation of qualifying expenses.

Lobbying lawmakers via videoconferencing has some advantages, but it's unclear if that format will continue to be used once social distancing requirements are eased.

The Independent Community Bankers of America would not rule out legal action if Congress doesn't address the National Credit Union Administration's recent decision expanding the low-income designation.

The group that worked with the Fed to devise an alternative rate to Libor rejects criticism that the index favors megabanks.

The Small Business Administration's inspector general also flagged a number of shortcomings in the implementation of the Paycheck Protection Program.