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%.

CUNA President/CEO Jim Nussle and California/Nevada Credit Union League President/CEO Diana Dykstra thanked Speaker of the House Nancy Pelosi, D-Calif., for her work on behalf of credit unions. Pelolsi announced Thursday she would not pursue a leadership position in the next Congress.

CUNA submitted a letter for the hearing with NCUA Chairman Todd Harper's testimony before the House Financial Services Committee, addressing several credit union priorities and expressing concerns over a recent NCUA study on credit union mortgage lending.

The new Congress brings new opportunities for credit unions and members, CUNA President/CEO Jim Nussle wrote in CUInsight Wednesday. Nussle noted the 118th Congress will feature a credit union majority, and CUNA, Leagues, and credit unions are prepared to continue their positive momentum

The FCC’s illegal text message blocking proposal should not affect legal texts from credit unions and other financial institutions, CUNA and other organizations wrote to the agency. It would require mobile wireless providers to block certain illegal texts at the network level.

Sens. Alex Padilla, D-Calif., and Kevin Cramer, R-N.D.—in coordination with CUNA, the California Credit Union League, and Dakota Credit Union Association—called for an extension of NCUA Central Liquidity Facility flexibility to be included in the FY23 Senate National Defense Authorization Act.

The real winners under the Credit Card Competition Act would be big box retailers, Scott Zahnle, CEO of Greater Iowa Credit Union wrote in The Des Moines Register, adding that it would be a "disaster for almost everyone it affects, especially consumers."

CUNA wrote in support of several credit union priorities for the record of the hearing with NCUA Chairman Todd Harper’s testimony before the Senate, Banking, Housing, and Urban Affairs Committee Tuesday. Harper testified as part of a panel of federal financial regulators.