Both chambers of Congress are in session this week, and the House and Senate Armed Services Committees will mark up their versions of the fiscal year 2024 National Defense Authorization Act.
Credit union advocacy is key to helping consumers navigate the next crisis, GoWest Credit Union Association SVP of Advocacy Ryan Fitzgerald wrote in CUInsight, adding thatcredit unions' structure and abilities will continue to ensure members can access resources and support.
CUNA supports a Senate resolution of disapproval (S.J. Res. 32) against the Consumer Financial Protection Bureau’s rulemaking on section 1071 of the Dodd-Frank Act, sponsored by Sen. John Kennedy, R-La. The 1071 rule—finalized in March—would require credit unions to collect and report certain data on applications for credit.
The NCUA Board will vote on a a request for comment on its operating fee methodology at its June 22 meeting, will hear a briefing on new charter modernization, and discuss a a Minority Depository Institution preservation program.
Federal regulatory agencies—including NCUA and the Consumer Financial Protection Bureau (CFPB)—released the latest Unified Rulemaking Agenda with several items of interest for credit unions. The agenda includes actions the agencies plan to take in the near or long term but is not a definitive schedule with specific timelines.
Median asset growth and growth in shares and deposits declined slightly over the year ending in the first quarter of 2023 for federally insured credit unions, At the same time, loans outstanding grew at the median, according to the latest Quarterly U.S. Map Review released Wednesday by NCUA.
CUNA and organizations representing the entire financial services industry wrote leaders in strong opposition of the interchange bill that would hurt consumers and benefit big box retailers by reducing the number of credit card issuers and putting the payments system under the micromanagement of the Federal Reserve.
CUNA filed comments with the Federal Housing Finance Agency Tuesday with suggestions on how the housing finance system can ensure access to lenders of all sizes in response to the agency's review on how its regulations can be made more effective and less burdensome.
The CFPB should tailor rules to not be overly burdensome on credit unions, as credit unions are the original consumer financial protectors, CUNA wrote to the Senate Banking, Housing, and Urban Affairs Committee Tuesday for CFPB Director Rohit Chopra’s testimony before the committee.
CUNA Senior Economist Dawit Kebede said the May Consumer Price Index is is an encouraging report for the Federal Reserve to pause the rate hike during the June meeting, as core inflation, excluding shelter, has continuously declined in previous months.