CUNA Senior Economist Dawit Kebede said the November employment report shows the labor market is still strong despite rising interest rates and slow activity in some sectors of the economy. Employers added 263,000 jobs and the unemployment rate remained at 3.7%.
The NCUA Board approved by notation vote moving management and oversight of Asset Management and Assistance Center (AMAC) activities from the Southern Region to an independent office led by the president of AMAC. The president will report to the Office of Executive Director.
Recent failures of cryptocurrency and blockchain based financial platforms have demonstrated that an unregulated, unsupervised structure is not viable and poses serious risks to consumers and the economy, CUNA wrote to the Senate Agriculture Committee for its hearing on the FTX bankruptcy.
Credit unions are consistently willing to refinance small balance loans, but face systemic challenges to refinancing those loans, CUNA wrote to the Consumer Financial Protection Bureau (CFPB) in response to its Request for Information on mortgage refinances and forbearances.
CUNA joined other community development organizations to encourage the CDFI Fund to to simplify its reporting requirements by combining similar forms into a single report and aligning reporting deadlines for reports that use the same underlying data.
Comments on NCUA’s subordinated debt proposal and federal credit union bylaws proposal are among several proposals with comment deadlines in December. Comments are also due on a Federal Housing Administration request for information regarding small mortgage lending.
The Senate Agriculture, Nutrition, and Forestry Committee will conduct a hearing Thursday on lessons learned from the FTX collapse, while the Senate Banking, Housing, and Urban Affairs Committee will conduct a hearing Thursday on racism and discrimination in banking.
Credit union loans outstanding increased 2.1% in September, according to CUNA's latest Monthly Credit Union Estimates. This is compared to a similar 2.0% increase in August of 2022 and a 0.6% increase in September of 2021.
Credit unions strongly support the enactment of a comprehensive national data security and data privacy standard that includes robust security requirements that apply to all who collect or hold personal data and is preemptive of state laws, CUNA wrote to the FTC Monday.
Credit Union Magazine’s Fall 2022 issue highlights credit unions’ role in cryptocurrency, the state of digital assets, cannabis banking compliance, the human side of technology implementation, and involving the board in financial discussions.