CUNA wrote the House Financial Services Committee Tuesday in support of a resolution to void the CFPB's section 1071 rulemaking via the Congressional Review Act. The 1071 rule—finalized in March—would require credit unions to collect and report certain data on applications for credit.
CUNA joined trade associations representing virtually all credit unions and banks—including those primarily serving the military—in a joint statement strongly opposing the effort by Sen. Roger Marshall, R-Kan., to derail the National Defense Authorization Act (NDAA) unless he receives consideration for his interchange bill as an amendment.
The Senate is expected to vote on its FY24 National Defense Authorization Act this week, with Senators currently attempting to attach the CUNA, League, and credit union-opposed Credit Card Competition Act as an amendment.
CUNA provided technical recommendations Friday on the Community Development Financial Institutions Fund’s Certification Application and Certification Agreement. The CDFI Fund has paused applications while it finalized a new Certification Application.
CUNA called on all stakeholders to contact their senator in opposition to attaching the Credit Card Competition Act to the Senate FY24 National Defense Authorization Act. Stakeholders can message their U.S. Senator using CUNA’s Grassroots Action Center.
The NCUA Board adopted a final rule implementing the Credit Union Governance Modernization Act at its Thursday meeting. The bill—and subsequent rulemaking—updates the federal credit union member expulsion process.
The big box interchange bill brings many cybersecurity concerns, CUNA Deputy Chief Advocacy Officer Jason Stverak wrote to Congress, adding interchange fees cover fraud detection, theft protection and card replacements, among other things for “pennies on the dollar."
Congress should include credit unions while considering proposals to provide deposit insurance coverage for business transactional accounts at financial institutions, CUNA wrote to the Senate Banking, Housing, and Urban Affairs Committee for its hearing on deposit insurance reform after recent bank failures.
The Federal Reserve Thursday announced its new system for instant payments, the FedNowService, is now live. Credit unions of all sizes can sign up and use this tool to instantly transfer money for their customers, any time of the day, on any day of the year.
CUNA wrote Senate Appropriations Committee leaders Thursday in strong support of several international credit union priorities. There are over 86,000 credit unions in 118 countries with $2.6 trillion dollars in total assets serving 291 million members.
Credit Union Magazine’s Fall 2023 issue examines how artificial intelligence is shaping marketing, strategies to improve cyber hygiene and overall cybersecurity, the need to employ risk management to address inflation and its impacts, new approaches to board recruiting, and NCUA’s top supervisory priorities.