CUNA fears cryptocurrency and blockchain based financial platforms are creating an unregulated financial sector that could have major repercussions to the economy, and notes while they allow for innovation, they must be overseen.
A Senate bill introduced Thursday could reduce access to credit from reputable lenders, said CUNA President/CEO Jim Nussle in a statement. The bill would cap fees and interest for all consumer loans at a 36% “all-in” annual percentage rate (APR).
CUNA President/CEO Jim Nussle spoke with NCUA Vice Chairman Kyle Hauptman Monday on credit union pandemic-related issues and how NCUA can work to support credit unions through the pandemic and economic recovery.
Federally insured credit unions can get valuable information on Bank Secrecy Act and anti-money laundering compliance during a National Credit Union Administration webinar scheduled for April 14. Registration is now open, and it is scheduled to begin at 2 p.m. (ET).
Both chambers of Congress are in session this week, and both are expected to consider the $1.9 trillion COVID relief legislation through the budget reconciliation process. The House Budget Committee will mark up its legislation starting Monday.
Federal policymakers unveiled an omnibus spending bill Monday that would fund the federal government through Sept. 30, 2021 and includes several CUNA-sought provisions related to pandemic relief. Congress passed the measure Monday evening.
CUNA wrote to Congressional leadership Tuesday in support of increased funding for the Cooperative Development Program, and specifically for community-based credit unions in developing countries, specifically at $20 million as in Senate Appropriations Committee legislation.