Regulatory & Compliance

The Senate Banking Committee announces it has scheduled a hearing on Feb. 14 for both nominees.

"We have heard from credit unions in every asset size category that CECL remains a top concern to them."

"This proposal essentially sends a message to predatory payday lenders that they may continue to harm vulnerable communities without penalty."

A review of the guidance by CU Times shows the 21% tax will also apply to parachute payments and deferred compensation plans.

The agency says rescinding the rule might allow CUs and banks with under $10 billion in assets to begin offering short-term loans.

The legislation, as introduced in past Congresses, would have given CUs a safe harbor when providing services to cannabis-related businesses.