Despite signs that inflation is cooling down, prices remain elevated relative to the Federal Reserve's target.

The CFPB has missed many opportunities to leverage credit unions’ mission and history to benefit consumers, CUNA wrote for the record of a House Financial Services Committee hearing featuring testimony from CFPB Director Rohit Chopra.

The failure of FTX, and the numerous other crypto companies has shown the the need for a comprehensive regulatory framework to govern the digital assets system, and that credit unions need the required authority to fully engage with this marketplace. 

The Credit Union Legislative Action Council, CUNA’s federal political action committee—confirmed 25 new members of its Board of Trustees this week. These trustees will serve from Jan. 1, 2023, to Dec. 31, 2024.

CUNA Senior Economist Dawit Kebede noted inflation slowed down in November as the price of gasoline, used cars, medical care, and air travel declined. Increases in food and housing prices slightly offset these decreases.

Congress unveiled legislation Tuesday to fund the federal government through Dec. 23. Funding is currently scheduled to expire Dec. 16. The bill would also fund the National Flood Insurance Program through Dec. 23.

Total loans outstanding in federally insured credit unions increased $235 billion, or 19.2%, over the year ending in the third quarter of 2022, to $1.46 trillion, according to NCUA's latest financial performance data.

CUNA supports the CFPB's inquiry into the tech companies’ payments practices and strongly encourages the bureau to carefully examine and regulate these entities to ensure their financial products and services available offer the same protections as regulated entities.

The NCUA Board will vote on its 2023-24 budget at its Dec. 15 meeting, its final of 2022. The board will also receive a briefing on the 2023 Normal Operating Level, and vote on a financial innovation proposed rule.