CUNA, NAFCU, and other financial services organizations wrote to the CFPB Tuesday urging it to deny the recent petition seeking of a regulation banning pre-dispute arbitration provisions in contracts for consumer financial services.
New Jersey credit unions joined together to sponsor and support cleaning several beaches along the New Jersey coast, part of twice-yearly sweeps to help remove debris from more than 60 miles of New Jersey coastline.
Congress and NCUA should work with credit unions to pursue a legislative and regulatory approach aimed at ensuring credit unions can continue to serve their millions of members, CUNA and NAFCU wrote to the House Financial Services Committee prior to federal financial regulatory testimony.
The Federal Reserve published its interchange proposal Tuesday in the Federal Register with a comment deadline of Feb. 12. CUNA, Leagues, and credit unions strongly oppose changes to the current interchange system and are collaborating on a response with other financial services stakeholders.
The House and Senate are in Washington, D.C., and both chambers are expected to work on legislation funding the government past Nov. 17. Federal financial regulators—including NCUA Chairman Todd Harper and Fed Vice Chairman for Supervision Michael Barr—will testify before committees this week.
Credit union volunteers from five states and D.C. gathered for the 2023 Volunteer Leadership Conference, an annual event is co-hosted by the MD|DC Credit Union Association and the Cooperative Credit Union Association, providing board and supervisory committee members with insights to guide credit unions' strategic direction.
Rep. Derek Kilmer, D-Wash., announced Thursday he will not seek re-election in 2024. Kilmer—who has served in Congress since 2013—supports several credit union priorities, including the SAFE Banking Act and the Credit Union Board Modernization Act.
The NCUA board will vote on the final charitable donation account rule at its Nov. 16 meeting, and hear a quarterly briefing on the National Credit Union Share Insurance Fund. The meeting will begin at 10 a.m. ET and be streamed live on NCUA.gov.
Federal Reserve Governor Michelle Bowman expressed concern with the Fed’s interchange proposal in remarks before the Ohio Bankers League this week, calling it “unfair to many issuers and in some ways regressive in its impacts,” at its heart.
Sen. Joe Manchin, D-W.V., announced Thursday he will not seek re-election. Manchin was an original co-sponsor of S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act. He also sponsored bills in several Congresses to reform financial institution examination processes.