Liquidity

Credit unions get their wish with extension of CLF changes

Provisions implemented under the CARES Act that made it easier for institutions to utilize NCUA's Central Liquidity Facility have been extended for a year with the signing of Consolidated Appropriations Act.

By Ken McCarthy

December 28

Liquidity

A race against the clock to extend credit unions' liquidity backstop

Thousands of institutions could lose a safety net on New Year's Day if Congress fails to act before leaving for the holidays.

By Aaron Passman

December 7

Liquidity

Fed to return lending-backstop funds to Treasury as requested

The move comes a day after the Federal Reserve had balked at the Treasury Department's demand that it return funds meant for pandemic relief that have so far gone unused.

November 20

Fed Chairman Jerome Powell urged Treasury Secretary Steve Mnuchin to consider using other funds held by Treasury to reauthorize at least some of the emergency loan programs that will expire Dec. 31.

Liquidity

Congress splits along party lines over move to end Fed facilities

Democrats called the decision by Treasury Secretary Steve Mnuchin "misguided," arguing that it's too soon to shutter the Federal Reserve's emergency-lending programs. Republicans say the programs have run their course and should expire a the end of the year.

November 20

“These were always meant to be very temporary facilities,” Sen. Pat Toomey, a Pennsylvania Republican, said of federal coronavirus relief programs that the Treasury Department said would expire at the end of the year over objections from the Federal Reserve.

Regulatory reform

Shadow lenders poised to get tougher rules in global crackdown

Global regulators are preparing to tighten restrictions on companies believed to have threatened the financial system at the height of pandemic-fueled volatility.

November 17

“It’s clear we need to take action to address these issues,” Randal Quarles, chair of the FSB and vice chairman of supervision for the Fed, told reporters during a Monday press briefing.

Law and regulation

NCUA's Hood to Senate panel: Extend CARES Act provisions for credit unions

The chairman of the National Credit Union Administration said during his limited time in a Senate Banking Committee hearing that he hoped changes to the agency's Central Liquidity Facility would last for the duration of the pandemic.

By Aaron Passman

November 10

NCUA Chairman Rodney Hood, pictured here testifying virtually before the Senate Banking Committee earlier this year.

Law and regulation

Week ahead: Credit unions lay out lame-duck priorities

The industry is calling for lawmakers to extend changes to NCUA's Central Liquidity Facility and more before Congress adjourns.

By Aaron Passman

November 9

M&A

What’s behind the unlikely First Citizens-CIT deal

The family-owned bank from the South and the New York commercial lender each would fill a clear need for the other. First Citizens would gain business lending expertise and an online deposit-gathering platform, and CIT would get the cheap deposits it coveted.

By John Reosti

October 16

Deposits

Small banks turn to German fintech for deposit-gathering help

SaveBetter.com from Deposit Solutions lets consumers shop for different savings products through one portal and provides national exposure for participating banks, which include Ponce Bank in New York and Central Bank of Kansas City.

By Miriam Cross

October 7

BankThink Brokered deposits aren't 'hot money'

Many community banks need brokered deposits to help fund loans, so policymakers must strike the right balance between promoting liquidity and guarding against reckless lending.

October 7

Mary Fowler

CEO

Peoples Bank