Senate bill would end subsidies for the biggest banks and abandon Basel III for the smaller ones. Credit unions? Not mentioned.
As many as 30 credit unions in West Virginia and Ohio have been scrambling to establish new correspondent vendors after a regional and national bank terminated their accounts over the past few weeks.
Reports of banks closing credit union correspondent relationships have extended to New York and New Jersey.
Huntington, JPMorgan Chase closed accounts at up to 30 West Virginia, Ohio credit unions, their corporates say.
House, Senate both get measure that would create ombudsman outside NCUA.
Deadlines extended for filing for disaster loans in New Jersey and New York.
Miller made the announcement during his opening remarks for a hearing on credit union regulatory burden.
On April 10 the House Financial Services Committee has scheduled a hearing to focus on the regulatory burdens facing community financial institutions that will focus on credit unions.
Credit union trade associations shrugged off a 2014 budget amendment passed by the Senate March 22 that would “establish a deficit-neutral reserve fund to address the disproportionate regulatory burdens on community banks,” according to a release from sponsor Sen. John Boozman (R-Ark.).
Small bankers trade kicks off Community Banking Month; CUNA counters that everything credits union do is "local."