NCUA Chairman Todd Harper has reiterated his call for CUs not to garnish members' econimic impact payments, while the industry's largest PAC has resumed campaign contributions after a brief pause.
About 2,000 credit unions will receive a disbursement in connection with the failure of three corporates during the financial crisis, but the agency indicated nearly $2 billion in additional payments could be coming.
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.
Unify Financial is sponsoring a $300M securitization of prime auto loans. The $3.3 billion-asset institution is only the second CU to sell securities backed by auto loans since the NCUA gave the green light for credit union securitizations nearly four years ago.
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.
Lending slowed, credit allowances mounted and return on assets as well as other performance ratios weakened, according to year-end figures from the credit union regulator.
In remarks during CUNA’s online Governmental Affairs Conference, Vice Chairman Kyle Hauptman and board member Rodney Hood lambasted the lengthy process necessary for launching a new credit union.
Rodney Hood, a board member and former chairman for the credit union regulator, was selected to fill a seat previously held by Todd Harper, who was recently appointed NCUA chairman.
