Credit unions are consistently willing to refinance small balance loans, but face systemic challenges to refinancing those loans, CUNA wrote to the Consumer Financial Protection Bureau (CFPB) in response to its Request for Information on mortgage refinances and forbearances.
CUNA joined other community development organizations to encourage the CDFI Fund to to simplify its reporting requirements by combining similar forms into a single report and aligning reporting deadlines for reports that use the same underlying data.
Comments on NCUA’s subordinated debt proposal and federal credit union bylaws proposal are among several proposals with comment deadlines in December. Comments are also due on a Federal Housing Administration request for information regarding small mortgage lending.
The Senate Agriculture, Nutrition, and Forestry Committee will conduct a hearing Thursday on lessons learned from the FTX collapse, while the Senate Banking, Housing, and Urban Affairs Committee will conduct a hearing Thursday on racism and discrimination in banking.
Credit union loans outstanding increased 2.1% in September, according to CUNA's latest Monthly Credit Union Estimates. This is compared to a similar 2.0% increase in August of 2022 and a 0.6% increase in September of 2021.
Credit unions strongly support the enactment of a comprehensive national data security and data privacy standard that includes robust security requirements that apply to all who collect or hold personal data and is preemptive of state laws, CUNA wrote to the FTC Monday.
CUNA Senior Economist Ligia Vado discusses an overview of third quarter findings and end of year projections in the October 2022 CUNA Economic Update. Highlights include economic growth predictions and a look at "pressures" on credit union margins.
The Cybersecurity and Infrastructure Security Agency, Federal Bureau of Investigation, and Department of the Health and Human Services released a joint Cybersecurity Advisory with technical details associated with Hive ransomware variants identified through FBI investigations as recently as this month.
The National Credit Union Share Insurance Fund reported a net income of $26.2 million, $20.2 billion in assets, and $73.7 million in total income for the third quarter of 2022, according to staff at NCUA's Thursday board meeting. The equity ratio for the fund remains at 1.26%.