Credit union champions claimed 15 primary race victories in Maine, Nevada, North Dakota, and South Carolina. Credit Union Legislative Action Council and state leagues have backed 180 credit union-friendly candidates this cycle with a 98% success rate.

The text of the CUNA-League-led Expanding Financial Access for Underserved Communities Act (H.R. 7003) is included in the Federal Reserve Racial and Economic Equity Act (H.R. 2543), which the House will consider this week.

Federally insured credit unions experienced growth in assets, shares and deposits, and loans outstanding over the year ending in the first quarter of 2022, according to the latest Quarterly U.S. Map Review released Tuesday by NCUA.

Credit unions strongly support the enactment of a national data security and privacy law with robust security standards that is preemptive of state laws, CUNA wrote to a House Energy and Commerce subcommittee Tuesday.

The House and Senate are both in session this week and will consider various legislation. The House Financial Services Committee will hold a markup on the CUNA-supported Close ILC Loophole Act (H.R. 5912) starting Tuesday.

CUNA requested NCUA expand its Charitable Donation Accounts rule definition of “qualified charity” to CUNA calls for the definition to be expanded to include 501(c)(19) veterans organizations, in addition to the currently allowed 501(c)(3)s.

Credit unions can get valuable information for the upcoming June 2022 Call Report during an upcoming webinar hosted by NCUA on June 23 at 2 p.m. ET. Registration for the “Preparing for the June 2022 Call Report Cycle” webinar is now open.

CUNA Senior Economist Dawit Kebede said the Federal Reserve Open Market Committee is expected to increase the interest rate by another 50-basis point when they meet next week to reduce inflationary pressure by slowing consumer demand.

The NCUA board will hear a briefing on its post-examination feedback survey at its June 16 meeting. The meeting is scheduled to begin at 10 a.m. ET. The meeting will be streamed live on NCUA.gov. 

Federal agencies issued a joint cybersecurity advisory this week describing the ways in which Chinese state-sponsored cyber actors continue to exploit publicly known vulnerabilities in order to establish a broad network of compromised infrastructure.