WASHINGTON – NCUA Chairman Rick Metsger reiterated his promise that the agency will release rules that make "substantial changes" to its Field of Membership regulations by the end of the fall.
He told those attending NAFCU's Congressional Caucus that the rules will give credit unions expanded ways to serve their communities.
Metsger also said the agency is vigorously working on changes to its examination process. He stressed the need for the NCUA to work with state agencies that also examine credit unions.
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On another issue, Metsger said he believes that the NCUA will prevail in the lawsuit filed by community banks over the agency's MBL rules.
Metsger said the NCUA is also working on possible changes to the agency's Payday Alternative Loan program. He said those changes will make it easier for credit unions to offer payday alternative loans.
The CFPB has issued proposed rules to rein in the payday loan industry, but has exempted the NCUA payday loan program from the rules.
However, many credit unions have said they cannot afford to make those loans.
Metsger joked about the scandal at Wells Fargo, where fraudulent accounts were opened in customers' names. He said that six conference attendees were receiving a prize—Wells Fargo Bank had opened a bank account in their names and the attendees didn't have to do a thing.
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