Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
CUNA seeks comment on plan to help underbanked
WASHINGTON (10/19/11)--The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) authorized the U.S. Treasury Department to establish a multi-year program of grants, cooperative agreements, financial agency agreements, and similar undertakings to promote initiatives aimed at enabling low- and moderate-income individuals to establish accounts in a federally insured depository institution, including federally insured credit unions. The Credit Union National Association (CUNA) is asking credit unions to comment on what types of program initiatives Treasury should promote. The relevant section of Dodd Frank also authorizes recipients of the grants to provide low- and moderate-income individuals with small-dollar amount loans and financial education and counseling related to the use and management of such accounts. Treasury is currently developing implementation rules and is seeking comment until Nov. 14. CUNA asks credit unions to send comment its way by Nov. 1, on such issues as:
* What types of program initiatives should Treasury promote to enable low- and moderate-income individuals to establish accounts in federally insured depository institutions? * How should Treasury evaluate whether an account in a federally insured depository institution is “appropriate” to meet the financial needs of low- and moderate-income individuals? What account features and terms are “reasonable” to meet the financial needs of such individuals in an appropriate manner? * What level of financial access should be the desired outcome of such initiatives? What other measures of success of the initiatives should be considered? * How can Treasury enable, enhance and assist local, regional, and state start-up collaborations that incorporate low- and moderate-income individuals into the financial mainstream? How can existing collaborations be supported to expand or improve their financial access efforts? How could meaningful innovations be fostered by these collaborations?
Use the resource link below to read CUNA’s complete Comment Call.


RSS





print
News Now LiveWire
Which Children's Miracle Network Hospital is the winner of @CUDirect's 20 for 20 grand prize? Find out Tuesday.
6 hours ago
Gas prices have fallen for a record 88 days in a row says @AAAnews via @washingtonpost http://t.co/c52VTdqHEB
8 hours ago
.@TheNCUA releases regulatory modernization initiative results (PDF link) http://t.co/pgLZe4aget
9 hours ago
#FinCEN seeks nominations of FIs, trade groups for membership on Bank Secrecy Act advisory group http://t.co/l5w58c277W
10 hours ago
MI pediatric dentist pledges $20K match to Hurley Children's Hospital if it wins @CUDirect's 20 for 20 http://t.co/Eq2nIPm6jo
10 hours ago