The Federal Reserve’s Wednesday decision to hold interest rates steady gives a strong signal to credit unions, CUNA Senior Economist Perc Pineda said. Pineda said that a strengthening economy means that a rate hike is on the horizon.
Consumer Financial Protection Bureau Director Richard Cordray will step down from the agency by the end of the month after serving since 2013. CUNA President/CEO Jim Nussle said CUNA looks forward to a new era at the bureau, one that takes credit unions’ structure and purpose into account during rulemakings.
Credit unions now have less than six months to come into compliance with FinCEN's Customer Due Diligence rule, effective May 11, 2018, which includes provisions on identifying the beneficial owners of legal entity accounts.