Law and regulation

The proposed legislation is similar to a package put forward in 2020 and another introduced in the House in 2019.

Lawmakers this week will continue to discuss extending the Paycheck Protection Program, and the National Credit Union Administration is scheduled to hold its monthly board meeting.

With a steady stream of Senate hearings held on the racial wealth gap and inequities in the financial system, the new chairman has set a consumer-focused agenda that leans further left than even past Democratic chairs.

The legislation would extend the Paycheck Protection Program for two months and give the Small Business Administration more time to remedy persistent system glitches that have delayed the processing of thousands of loan applications.

Credit scores have an effect on almost every aspect of a person's financial life. A less-than-ideal credit score can make it much harder to get a house or car loan, start a business, or even get a job. President Biden plans to change credit reporting So what does the new administration’s plan mean for consumers and lenders? In this episode, we explore the pros and cons of the Biden proposal, what it means for consumers, and how it will impact lending institutions’ strategy and operations.

The American Bankers Association has requested more time to respond to a proposal that would expand lending authority for credit union service organizations.

The industry saw deposits rise by nearly 20% last year, in part due to economic stimulus measures from the government. More of the same could be coming once President Biden signs the latest stimulus bill into law.

In remarks at CUNA’s online Governmental Affairs Conference, the chairman of the National Credit Union Administration called for the creation of new initiatives around compliance for fair credit reporting and truth in lending.

The industry will have to contend with thin margins on either side of the aisle in Congress and new priorities from regulators, experts said in a panel discussion held as part of CUNA's online Governmental Affairs Conference.