The 5th U.S. Circuit Court of Appeals found the Consumer Financial Protection Bureau’s (CFPB) funding mechanism is unconstitutional Wednesday. CUNA has long supported placing the CFPB under the traditional appropriations process.  

NCUA should be laser-focused on budgetary discipline, CUNA Deputy Chief Advocacy Officer Jason Stverak told the agency Wednesday at its 2023-24 budget briefing. NCUA’s proposed combined 2023 staff draft budget is $367.0 million, or 8.1% higher than the 2022 budget.

NCUA released an update of its Automated Cybersecurity Evaluation Toolbox or ACET. The ACET is a resource designed to help credit unions — especially for small credit unions or credit unions with limited resources — understand cybersecurity preparedness levels.

CUNA joined other organizations in a letter to the CFPB urging it to publish a notice and request for comment that would “permit meaningful public comment on any proposal amending credit card issuers’ obligations to report on credit card terms and to submit credit card agreements.”

CUNA filed an amicus brief on behalf of Golden 1 Credit Union in a lawsuit, Burgardt v. The Golden 1 Credit Union. At issue is whether Golden 1 Credit Union can compel the plaintiff to arbitrate his claims.

The NCUA board will hear briefings on cybersecurity and the Central Liquidity Fund (CLF) at its Oct. 20 board meeting. The meeting will be streamed live starting at 10 a.m. via NCUA.gov. The board will also conduct a public briefing on its 2023-24 proposed budget Oct. 19.

CUNA strongly supports the goal of facilitating responsible innovation and FHFA’s efforts to identify barriers and challenges in implementing fintech in the housing finance ecosystem. CUNA sent comments in response to an FHFA request for information on fintech in housing finance.

CUNA Senior Economist Dawit Kebede said price increases are not slowing down, as the September Consumer Price Index rose by 0.4% on a monthly basis, a higher rate than in July and August. Housing, food, and medical care prices were major drivers. 

CUNA and League-opposed interchange amendments were not part of the amendments ultimately included in the draft Senate FY23 National Defense Authorization Act (NDAA) this week. The Senate is expected to vote on the NDAA next month.

CUNA and Leagues support the Senate Fair Hiring in Banking Act (H.R. 5025), which would allow for greater employment opportunities at federally insured financial institutions by reducing barriers to employment based on past criminal offenses. The bill passed the House in May.