The CFPB must release the underlying data on which its credit card late fee proposal is based on and extend the comment deadline to give time for stakeholders to analyze the data, CUNA and other organizations wrote Thursday.
The NCUA Board approved its final rule on subordinated debt at its Thursday meeting. Board members also reiterated the safety and soundness of the credit union system in the wake of the Silicon Valley Bank collapse.
CUNA Senior Economist Dawit Kebede said the February Consumer Price Index Report shows the smallest increase since December 2021, and there may be more reduction in the next few months as the CPI starts showing reduction in housing rents.
The collapse of Silicon Valley Bank last week is the second largest failure of a financial institution in U.S. history. While this situation does not include any credit union failure, it may still create consumer concerns and questions for credit unions.
The Cybersecurity and Infrastructure Security Agency has established a Ransomware Vulnerability Warning Pilot to determine vulnerabilities commonly associated with known ransomware exploitation and warn critical infrastructure entities of those vulnerabilities, enabling mitigation before a ransomware incident occurs.
CUNA Senior Economist Dawit Kebede said February employment gains came in stronger than expected, and additional data on consumer spending, and inflation are higher than anticipated this year, opening the door for higher rate increase than initially expected.
Credit Union Magazine’s Spring 2023 issue features the 2023 Credit Union Heroes and examines CUNA-League advocacy priorities, board leadership, the impact of financial well-being efforts, fee-related compliance issues, predictions for the year ahead, and more.