The Federal Housing Finance Agency released its comprehensive report on the FHLBank system Tuesday. CUNA engaged with the FHFA throughout the process on the benefits credit union members see from credit union membership in the FHLBank system, and the report contains several of CUNA’s recommendations.
The CFPB issued a proposal Tuesday to extend supervision and examinations to larger nonbank companies that offer services that include digital wallet and payment apps handling more than 5 million transactions per year.
CUNA and NAFCU requested NCUA extend the comment deadline for its proposal to simplify share insurance coverage rules by 30 days in a letter sent Tuesday. Comments are currently scheduled to close Dec. 26.
The Senate Banking, Housing, and Urban Affairs Committee voted unanimouslyto advance NCUA board nominee Tanya Otsuka for a Senate floor vote. If confirmed, she would take the seat of current board member Rodney Hood, whose term expired in August.
The Consumer Financial Protection Bureau’s outline of proposals on the Fair Credit Reporting Act (FCRA) are an “unwarranted and vast expansion” of the statute and has an inappropriately limited timeline for feedback, CUNA and NAFCU wrote to the CFPB Monday.
The House and Senate are in Washington, D.C., this week, with both considering appropriations legislation on their respective chamber floors. The Senate Banking Committee will on vote on several nominations Tuesday, including Tanya Otsuka to serve on the NCUA board.
CUNA President/CEO Jim Nussle cited a Department of Defense report in response to to a military banking association mention of credit unions during written testimony during a Senate hearing last week, noting the claims counter the results of a 2022 study requested by the House of Representatives and released by the DoD.
NCUA Board Member Rodney E. Hood celebrated the significant evolution of the event and the ongoing commitment of the credit union community to DEI principles Thursday at NCUA’s 2023 Diversity, Equity, and Inclusion Summit.
The CDFI Fund announced this week the FY2024 funding round will open later this fall. According to the CDFI Fund, the FY 2024 round will consist of funding provided under the Consolidated Appropriations Act, 2023 and “forthcoming FY 2024 appropriations.”
The Winter 2023 issue of Credit Union Magazine explores award-winning marketing, board training on a budget, developments in instant payments, service to small businesses, and NCUA’s final rule on member expulsion.