Law and regulation

The panel unanimously approved the measure by a notation vote, its second such move in weeks, and the proposal will now be subject to a comment period.

With the new Congress sworn in, trade associations are already pushing their legislative wish lists, including more regulatory oversight of fintechs and protecting the industry's tax exemption.

The National Credit Union Administration may get a new leader, several institutions could seek to expand their fields of membership, and a pot banking fight may reemerge.

The National Credit Union Administration juggled several challenges this year beyond the pandemic recession, including an inspector general's report about alleged misconduct by two former employees and criticism that board members had lost their old spirit of comity.

Under the terms of the rule, NCUA could exempt credit unions from some Bank Secrecy Act requirements on a case-by-case basis, provided there are no safety or soundness concerns.

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.

It remains unclear how Mark McWatters's departure will impact the credit union regulator, and there is growing evidence that the country could face a "double-dip recession."

The former chairman recently butted heads with colleagues over the agency’s budget plans, and the Senate is expected to vote to confirm a successor early next month.

The credit union regulator's November board meeting covered a variety of issues, including the voluntary self-assessment, disagreements on the budget proposal and the possibility of new insurance premiums in 2021.

Credit unions will have their first opportunity to hear from the federal regulator about its recently released budget proposal and also get an update on the agency's diversity self-assessment.

The group includes many advocates for stricter bank regulation from the Obama administration; the president-elect may have as many as three open seats on the central bank or as few as none.