The NCUA Board maintained the 18% federal credit union loan interest rate cap Thursday. CUNA requested the board consider using a floating rate ceiling, and the board agreed to begin exploring issues related to a floating cap and revisit the discussion in April.

Reps. Juan Vargas, D-Calif., and Bill Huizenga, R-Mich., introduced the CUNA-League-led Credit Union Board Modernization Act Thursday. The bill would update the Federal Credit Union Act by modifying the requirement that credit union boards meet once a month to not less than six times per year.

The CFPB's rulemaking on personal financial data rights has the capacity to fundamentally transform financial services, CUNA submitted Wednesday to the CFPB’s Small Business Advisory Review Panel for its rulemaking on personal financial data rights.

As credit union leaders plan for their visits to Capitol Hill next month, CUNA Chief Advocacy Officer Robert Lewis highlighting credit unions’ commitment to working with the 118^th Congress in a message sent to all offices Wednesday. 

The Treasury’s Community Development Financial Institutions (CDFI) Fund announced Tuesday it will delay proposed changes to its certification application to carefully review all public comments. This comes after CUNA, Leagues, credit unions, and joint trades engaged with the Fund and Congress with serious concerns.

The U.S. Department of the Treasury’s second application round of Emergency Capital Investment Program funding closes January 31, 2023. Treasury anticipates between $160 million and $340 million will be available for investment in qualified institutions in the second round.

CUNA Senior Director of Advocacy and Counsel Elizabeth Sullivan attended the first public hearing of Federal Financial Institutions Examination Council’s Appraisal Subcommittee Tuesday, which focused on appraisal bias. 

Credit union loans outstanding increased 1.2% in November, compared to a 1.3% increase in October 2022, and a 0.7% increase in November 2021, according to CUNA's latest Monthly Credit Union Estimates. Credit union savings balances decreased -0.3% in November.

CUNA and other organizations called on the Consumer Financial Protection Bureau to comply with its statutory obligations under the Small Business Regulatory Enforcement Fairness Act (SBREFA) as part of a planned rulemaking concerning credit card penalty fees