WASHINGTON (3/18/15)--The Federal Open Market Committee has not yet seen enough out of the economy to raise short-term interest rates, but, perhaps signaling a forthcoming rate hike, dropped the word "patient" from the policy statement released at the conclusion of its two-day meeting today.
ST. PAUL, Minn. (3/20/15)--Despite Thursday's announcement by Target of a $10 million settlement for a consumer class-action lawsuit related to its 2013 data breach, credit unions are still waiting to be reimbursed for the nearly $30 million of costs they incurred in response to the breach. The settlement only covers payments to consumers for damages they may have incurred. It does not cover costs credit unions and other financial institutions incurred as a result of the breach.
WASHINGTON (3/2/15)--CUNA welcomes the reintroduction today of a bill that would raise the cap on credit union member business lending (MBL) to 27.5% of assets. Introduced by Reps. Ed Royce (R-Calif.) and Gregory Meeks (D-N.Y.), the Credit Union Small Business Jobs Creation Act (H.R. 1188) is identical to a bill introduced by Royce in the last Congress.
WASHINGTON (3/18/15)--Sens. Jerry Moran (R-Kan.) and Joe Manchin (D-W. Va.) reintroduced a bill (S. 774) intended to enhance safety and soundness by increasing the consistency and fairness of the regulatory examination system today.
WASHINGTON (3/18/15)--Royce reintroduced the CUNA-supported Credit Union Residential Loan Parity Act today. Under current law, when a bank makes a loan to purchase a 1-to-4 unit, non-owner occupied residential dwelling, the loan is classified as a residential real estate loan. However, when a credit union makes the same loan, it is classified as a business loan and is therefore subject to the 12.25%-of-assets cap on member business lending under the Federal Credit Union Act.
ATLANTA (3/6/15)--CUNA today filed an amicus brief Thursday in the U.S. Court of Appeals for the 11th Circuit, in a case raising many of the policy issues surrounding credit card interchange fees. The case, Dana's Railroad Supply v. Bondi, involves a First Amendment challenge to Florida's ban on merchants surcharging users of credit cards.
ALEXANDRIA, Va. (3/17/15)--Scammers using a website with a logo and design similar to that of the National Credit Union Administration are attempting to convince consumers to provide sensitive information or send money. According to the NCUA, consumers have received emails from the National Credit Union website, which is not affiliated in any way with the NCUA, a federal agency, and the emails are not from the agency.
WASHINGTON (3/26/15)--The CFPB released a plan overnight aimed at eliminating payday lending "debt traps," and CUNA is evaluating it to determine if it accomplishes its goal without hindering credit unions' efforts to provide credit to their members. The new consumer protections would apply to payday loans, vehicle title loans, deposit advance products and certain high-cost installment and open-end loans.