Sen. Mitt Romney, R-Utah, announced Wednesday he will not seek a second term in the U.S. Senate in 2024. Romney—the Republican presidential nominee in 2012—co-sponsored the Credit Union Board Modernization Act, which would update board meeting requirements for federal credit unions.

To begin the second day of NAFCU’s Congressional Caucus, CUNA President/CEO Jim Nussle – who will lead the proposed America’s Credit Unions – joined NAFCU Senior Vice President of Government Affairs Greg Mesack for a fireside chat about credit union advocacy and the proposed CUNA/NAFCU merger.

Small business owners are at the center of new CUNA digital and banner ads, showing how the big box bailout bill changing interchange payment systems will hurt Main Street businesses and consumers. CUNA’s ads debuted this week and are targeted to visitors to Capitol Hill, among others.

CUNA wrote to Congressional leaders Monday calling for an extension of the National Flood Insurance Program (NFIP) before it lapses Oct. 1. Funds for NFIP--and for the federal government-- are set to expire Sept. 30. CUNA also strongly supports efforts to pass long-term reauthorization of the NFIP.

The House and Senate are back in Washington, D.C., this week, with the House to consider Department of Defense appropriations and the Senate to resume consideration of executive nominations. The House Financial Services Subcommittee will conduct a hearing on Central Bank Digital Currencies Thursday at 2 p.m. ET.

CUNA Senior Economist Dawit Kebede breaks down the latest economic forecast in CUNA’s Economic Update, providing insight into key macroeconomic trends such as the labor market, economic activity, inflation, and the Federal funds rate. He also covers tight credit conditions for business and household loans.

With the Senate in Washington, D.C., this week and the House scheduled to return next week, CUNA sent its final recess message to all members of Congress Tuesday encouraging opposition to the big box interchange bill and support for field of membership modernization. 

CUNA fully supports increasing NCUA’s operating fee exemption threshold but believes $5 million is more appropriate than the proposed $2 million, it wrote in response to the agency's request for comment on the operating fee schedule methodology.

Eight Senators wrote to CFPB Director Rohit Chopra to request it stay the effective date of its 1071 rule for all credit unions and FDIC-insured banks, noting “deep concerns about the potential adverse impacts” of the rule, and also note the current legal challenge facing the CFPB.