By Joel Schwartz
Like nearly everything during the pandemic, the legislation landscape for credit unions looks unsettling and uncertain. There’s already a triple threat on the horizon: nobody’s making any income on loans, members can’t pay their debts and litigation is on the rise. On top of it all, we’re quite sure what legislation is coming around the corner.
What we do know is that the new U.S administration is laser-focused on consumer protection, and is likely to revisit legislation already under consideration in the previous Congress that could wipe out credit unions’ #1 source of non-interest income: Non-Sufficient Funds (NSF) fees. What’s more, it could make the challenges of implementing Dodd-Frank in 2010 look like a walk in the park. Before that triple threat turns into an all-out assault on credit union income, it’s time to start making some plans.