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CUNA comes out in support of the measure to provide credit unions with safe harbor.
CUs may use asset data from the end of March 2020 to determine whether they are subject to capital planning and stress testing.
The bill gives the SBA an additional month to process applications. The companion bill in the Senate has not been introduced.
The problem stems from an IRS decision not to make payments using same-day ACH for direct deposits of stimulus payments.
A GAO report recommends financial regulators be consolidated, but doesn't mention the NCUA specifically.
"We need to get everyone access to basic bank accounts that don't come with abusive fees."
NAFCU and others go on record criticizing the agency's move.
The proposed rule would allow CUSOs to originate any type of loan that a federal credit union may originate.
The basic question raised: Is he or is he not anti-business?
The agency says it will take enforcement actions against lenders that violate these rules.