Sen. Raphael Warnock, D-Ga., supported by CUNA, the Credit Union Legislative Action Council, and the League of Southeastern Credit Unions and Affiliates, won election to a full term in Tuesday’s run-off.
CUNA supports a bill to close the industrial loan company (ILC) loophole. The bill would close a loophole allowed under current regulations that allows ILC to gain all of the advantages of an FDIC-insured bank charter.
CUNA supports NCUA’s subordinated debt proposal, but notes the 20-year limit on grandfathered secondary capital, even as potentially amended under the proposal, continues to disadvantage credit unions over banks.
Proposals from the Small Business Administration would make “detrimental shifts” in the SBA’s 7(a) lending program, CUNA and other organizations wrote to House and Senate Small Business Committee leadership.
The Treasury’s Community Development Financial Institutions (CDFI) Fund’s proposed certification application contains multiple provisions that would inappropriately exclude credit unions doing good work, CUNA wrote to the CDFI Fund Monday.
CUNA supports NCUA’s proposed rule to amend federal credit union bylaws regarding member expulsion but asks NCUA to examine ways to streamline and simplify the rule. The proposal would implement the CUNA-League-led Credit Union Governance Modernization Act.
CUNA Senior Economist Dawit Kebede said the November employment report shows the labor market is still strong despite rising interest rates and slow activity in some sectors of the economy. Employers added 263,000 jobs and the unemployment rate remained at 3.7%.
The NCUA Board approved by notation vote moving management and oversight of Asset Management and Assistance Center (AMAC) activities from the Southern Region to an independent office led by the president of AMAC. The president will report to the Office of Executive Director.
Recent failures of cryptocurrency and blockchain based financial platforms have demonstrated that an unregulated, unsupervised structure is not viable and poses serious risks to consumers and the economy, CUNA wrote to the Senate Agriculture Committee for its hearing on the FTX bankruptcy.