The 2017 CUNA GAC will wrap Wednesday with a half-day of sessions, and then hundreds of credit union leaders will head to Capitol Hill to speak to their elected officials. Wednesday’s speakers include a number of elected officials.
The NCUA board voted Thursday to extend the current 18% maximum loan interest rate for most loans made by federal credit unions. The 18% cap would have expired March 10, but is now in place through Sept. 10, 2018.
Credit unions nationwide continue their local media pushes to highlight credit unions’ pro-consumer mindset, while highlighting additional benefits that would come with common-sense regulatory relief. This efforts coincide with CUNA’s Campaign for Common-Sense Regulation.
CUNA Chief Compliance Officer Jared Ihrig was joined by Tim Segerson, deputy director of the NCUA’s Office of Examination and Insurance, Thursday for a webinar on NCUA supervisory and examination priorities for 2017.
CUNA continued its efforts for clarifications, including asking for credit card guidance, on the changes to the Military Lending Act Thursday. Many changes became effective last October, and credit card provisions will take effect Oct. 3.
Allowing third-party access to consumer financial data leads to concerns about liability and unauthorized access, CUNA told the CFPB Wednesday in response to a request for information. Of particular concern is liability associated with unauthorized transactions or data breaches.
Federal Reserve Chair Janet Yellen testified before Congress this week, and her remarks match CUNA economists’ prediction of moderate economic growth in 2017. Perc Pineda, senior economist at CUNA, also predicted rate hikes this year.
Credit union leaders continue to highlight the movement’s pro-consumer attributes in the pages of local publications, most recently in Massachusetts, Michigan and Florida. The pieces reinforce the work of CUNA’s Campaign for Common-Sense Regulation.
Once the Financial Crimes Enforcement Network’s new customer due diligence rule becomes effective May 11, 2018, credit unions will be required to identify and verify the beneficial owners of business-type accounts.
The 2017 CUNA GAC kicks off Feb. 26, registration starts Sunday and leads into that evening’s ED (Filene) Talk, and continues Monday with the kickoff of the general session and a number of breakout sessions.