Credit unions continued their advocacy in the nation's capital this week, with Leagues representing credit unions from six states in Washington, D.C., with several also joining CUNA President/CEO Jim Nussle in responding to interchange bill sponsors..
CUNA President/CEO Jim Nussle and NAFCU President/CEO Dan Berger set the record straight on the credit union industry’s tax-exempt status and difference, combatting a recently published Wall Street Journal op-ed that had several inaccuracies and misleading claims.
CUNA President/CEO Jim Nussle reinforced how the Big Box interchange bill would negatively impact consumers, as Sens. Dick Durbin, D-Ill., Roger Marshall, R-Kan., and Peter Welch, D-Vt. work to stop any legislation from moving forward in the Senate unless it contains their bill’s language.
The NCUA Board finalized a loan participations rule and heard a quarterly National Credit Union Share Insurance Fund update at its Thursday meeting. The fund ended the quarter with a an equity ratio of 1.27%, and NCUA projects it to remain at 1.27% on Dec. 31, 2023.
CUNA, NAFCU, and other financial trade associations representing virtually all banks and credit unions voiced their opposition to legislation from Sen. Josh Hawley, R-Mo., that would cap credit card interest rates at 18%. The organizations note that such a cap would “severely restrict” the availability of this type of credit for millions of consumers across this nation:
A bipartisan group of senators introduced the Secure and Fair Enforcement Regulation (SAFER) Banking Act Wednesday, which would provide a safe harbor for financial institutions serving legal cannabis businesses. CUNA wrote bill sponsors in support Wednesday.
CUNA, NAFCU, and the Defense Credit Union Council (DCUC) urged Senate leaders to oppose an amendment to the “minibus” appropriations bill that would cap credit card annual percentage rates at 18%. The organizations note it would make credit more expensive and less available.
CUNA commended federal regulators for undertaking efforts to provide regulated entities with guidance on integrating reconsiderations of value (ROV) into their appraisal processes in comments filed Tuesday but noted two parts of the proposal could be challenging for credit unions to implement
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