MADISON, Wis. (10/28/13)--The Credit Union National Association and credit unions were featured in local and national media this week weighing in on core advocacy issues including credit union tax status, and the impact of new regulations on mortgage lending activity.
CUNA President/CEO Bill Cheney was featured in a The Hill's "On the Money" blog discussing a CUNA survey released Monday showing that 60% of the respondents say they will have to discontinue, delay or reduce their mortgage loan product offerings because of the changes, potentially leaving consumers with fewer options.
"CUNA has urged the Consumer Financial Protection Bureau to allow more time for compliance, since seven rules will hit within a two-week period, which poses a monumental compliance challenge," said Cheney told The Hill.
Paul Gentile, CUNA executive vice-president of strategic communications and engagement was interviewed for a Oct. 25 Fox Business article on warning signs of elder financial exploitation.
"Ideally, if you are older, you need a trusted circle and that trusted circle could be your lawyer or it could be your financial advisor," Gentile counseled in the article. "Let your adult children know where all the money is."
Ryan Donovan, CUNA senior vice president for legislative affairs, was interviewed for a Politico article that discussed credit union tax reform. "We're out there helping consumers get loans and helping consumers acquire and maintain savings, while banks exist to make money for their shareholders," said Donovan. "They are completely different organizations."
CUNA was featured in a Bankrate.com banking blog about stress tests for credit unions. The article said CUNA has expressed concern about disclosing the results of stress tests.
"In addition to questions surrounding what these tests would look like, another large issue looms--cost," the article said. "According to unofficial estimates included in a release from CUNA, arranging the tests could carry a potential tab of $4 million in the first year alone."
Twelve credit unions were included in a GoBankingRates.com article on 20 banks and credit unions that are building strong local economies through financial education. The credit unions include:
The Oct. 22 edition of Buffalo Business First featured two are credit union officials that were honored as credit union rock stars by Credit Union Magazine. Featured in the article were Cara Carlevatti, member development coordinator for Great Erie FCU in Orchard Park, N.Y., and Emma Smalley, financial counselor for Boulevard FCI in Amherst, N.Y.
The Oct. 25 edition of the Boulder County Business Report discussed area credit unions that have capitalized on the member owned Credit Union Direct auto loan program. Premier Members CU in Boulder grew 35% in membership in 2012, largely because of an uptick in lending through the statewide auto loan program Credit Union Direct Connect, Carlos Pacheco, the credit union's CEO told the Business Report. Boulder Valley CU of Boulder was also featured in the article.