Virginia State Sen. Jennifer McClellan was elected to the U.S. Congress Tuesday in a special election. McClellan—the first Black woman elected to represent Virginia in Congress—is supported by the Credit Union Legislative Action Council and the Virginia Credit Union League.
Thousands of credit union leaders are headed to Washington, D.C. to advocate for credit unions, CUNA President/CEO Jim Nussle wrote in CUInsight Tuesday, and they have plenty they're looking to accomplish.
Credit union loans outstanding increased 1.1% in
December, according to CUNA's latest Monthly Credit Union Estimates, compared to a 1.2% increase in November
2022, and a 1.0% increase in December 2021.
CUNA filed an amicus brief to clarify that the Fair Credit Reporting Act requires furnishers and credit reporting agencies to investigate and remove factually inaccurate information, but not to correctly resolve all legal disputes about a debt.
The NCUA Board proposed chartering and field-of-membership changes, issued its final cyber incident reporting rule, and heard a quarterly update on the share insurance fund, which noted an increase in the fund's equity ratio to 1.30%.
Sens Tim Scott, R-S.C., and and Mike Crapo, R-Idaho, introduced the Prohibiting IRS Financial Surveillance Act, to block Internal Revenue Service (IRS) access to taxpayers’ private transaction information. CUNA strongly supports the bill.
CUNA supports a beneficial ownership information
database as a “significant opportunity to improve the quality and timelines of BOI information for law enforcement and financial institutions,” but believes FinCEN ‘s interpretation is too narrow and is counter to Congressional intent.
CUNA applauds the EPA’s announcement that it will allow eligible nonprofit entities that collaborate with community financing institutions like community development financial institutions and credit unions to obtain competitive grants under the EPA’s Greenhouse Gas Reduction Fund.
Sen. Dianne Feinstein, D-Calif., announced Tuesday she will not seek re-election in 2024. Feinstein has served in the Senate since 1992 and supported legislation to raise the member business lending cap to 27.5% of assets (from the current 12.25%), among others.
CUNA Senior Economist Dawit Kebede said the Labor Department’s January Consumer Price Index Report shows year-over-year and monthly prices came in higher than expected, and an increase in housing prices contributed for half of the monthly rise.
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.