The Consumer Financial Protection Bureau announced the appointment of new members to the Credit Union Advisory Council and other advisory committees. All new—and existing—members come from CUNA member credit unions.
Sens. Kyrsten Sinema, I-Ariz., Bill Hagerty, R-Tenn., Alex Padilla, D-Calif., and Thom Tillis, R-N.C., introduced CUNA-League led legislation to update the Federal Credit Union Act to allow federal credit union boards to meet six times per year (instead of the current once per month).
CUNA joined other organizations to request at least a 60-day extension of the comment deadline for the Consumer Financial Protection Bureau’s proposal on credit card late fees. The CFPB proposed the rule in February with a 60-day comment deadline.
CUNA generally supports NCUA’s proposed rule on loan participations, it wrote to the agency Tuesday, but believes NCUA provide more clarity. CUNA also noted ability to conduct transactions under these rules is extremely valuable to credit unions.
Sens. Alex Padilla, D-Calif., and Kevin Cramer, R-N.D., introduced legislation Tuesday that would allow credit unions to purchase CLF capital stock for specific members for the next three years. CUNA, the California Credit Union League, and Dakota Credit Union Association coordinated with policymakers on the bill.
The House passed the CUNA-supported SECURE Notarization Act by voice vote Monday. The bill would authorize the use of remote online notarization and create national standards and protections for its use.
The Data Security Act of 2023 is a “mixed bag” for credit unions, as CUNA supports the goals of this legislation but cannot support parts, including one section on data usage, which would place an extraordinary compliance burden on credit unions.
The Supreme Court announced Monday it will hear a lawsuit challenging the funding mechanism of the Consumer Financial Protection Bureau (CFPB). CUNA has long supported placing the CFPB under the traditional appropriations process.
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.