Reps. John Rose, R-Tenn., and Brittany Pettersen, D-Colo., introduced CUNA and League-backed legislation that would require Congressional testimony on the Treasury’s Community Development Financial Institutions (CDFI) Fund’s operations and activities.
NCUA issued a revised Interagency Policy Statement on Allowances for Credit Losses that removes references to Troubled Debt Restructurings, describes the measurement of expected credit losses and includes processes for the design, documentation, and validation of expected credit losses.
CUNA has deep concerns with certain provisions in the proposed Quarterly Supplemental Report (QSR), which would require credit unions that received Emergency Capital Investment Program (ECIP) awards to collect store, and report racial and ethnic demographic information on every loan and report without use of proxies.
Credit unions must receive parity with banks in any deposit reform legislation, CUNA wrote to House Financial Services and Senate Banking, Housing, and Urban Affairs Committee leadership Monday. Congress and the Federal Reserve have indicated interest in deposit insurance reform in the wake of recent high-profile bank collapses.
The House and Senate are both in Washington, D.C., this week, and CUNA will be engaged with several committee hearings throughout the week, including ones on cannabis banking, digital assets, recent bank collapses, the fiscal year 2024 National Defense Authorization Act, and more.
The CFPB should not classify identifying information such as credit header information as a consumer report, CUNA wrote in response to a request from other groups that the CFPB issue an advisory opinion to define credit header data as a consumer report.
CUNA Chief Economist Mike Schenk this month’s surprisingly job strong report is that the Fed is now more likely to increase market rates again and also is likely to keep rates high for longer than previously anticipated.
The current conditions of rising rates and substantial inflation resemble the early 1980s and many finance leaders haven’t experienced navigating the headwinds of high rates, changing appetite for loans and intense competition to attract and retain deposits.
NCUA is partnering with the AARP and the CFPB to host a free webinar that addresses how society views and talks about financial crimes against older adults In recognition of Older Americans Month. It will be held May 18, starting at 1 p.m. ET.
Credit Union Magazine’s Summer 2023 issue highlights the lending outlook for the rest of the year, how credit unions leverage fintech companies to boost digital lending, the power of lending partnerships, common Bank Secrecy Act violations, and the shift board members must make when becoming chair.