NCUA awarded $3.1 million in Community Development Revolving Loan Fund grants to 142 low-income and minority depository institutions, ranging from $1,000 to $50,000 to credit unions in 40 states and the District of Columbia.
FinCEN published a Small Entity Compliance Guide to assist the small business community in complying with the beneficial ownership information (BOI) reporting rule, intended to help businesses determine if they are required to report their beneficial ownership information.
The Senate Banking, Housing, and Urban Affairs Committee passed the CUNA and League-supported Secure and Fair Enforcement Regulation (SAFER) Banking Act Wednesday with a 14-9 vote. The bill would provide a safe harbor for financial institutions and employees serving legal cannabis-based businesses.
NCUA released the September 2023 update of its Simplified CECL Tool, which includes the latest life-of-loan, or Weighted Average Remaining Maturity, factors, and other enhancements to to determine the credit loss expense, or provision for credit losses, for the quarter that ends Sept. 30.
CUNA and NAFCU wrote to senate leaders this week in opposition of a “minibus” amendment that would create an “all-in” annual percentage rate (APR) cap of 36%. The organizations note that the provision would have a “seismic” impact on small-dollar loans and credit cards.
The latest edition of CUNA’s State Affairs Quarterly Report is now available, highlighting the credit union difference on the state level, including the latest from Advancing Communities and how credit unions worked in conjunction with Worldwide Elder Abuse Awareness Day.
The MD|DC Credit Union Association wrote to their congressional delegation in response to an inaccurate op-ed published in the Wall Street Journal, noting credit unions “are dedicated to improving the financial well-being of members and the communities they serve."
The House and Senate are in Washington, D.C., this week, the Senate, Banking, Housing, and Urban Affairs Committee will conduct a markup of the SAFER Banking Act, which would create a safe harbor for financial institutions serving legal cannabis businesses.
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..
Credit Union Rock Stars are outstanding credit union professionals and directors from a wide range of disciplines who inspire and innovate to advance the missions of their credit unions. The 25 members of the 11th class of Rock Stars were selected for their exceptional creativity, innovation, and passion.