The Senate passed its FY24 National Defense Authorization Act (NDAA) Thursday night without the interchange amendment CUNA, Leagues, and credit unions fought to exclude. Sponsors of the big box interchange bill attempted to push the bill through as an NDAA amendment.
The House Financial Services Committee advanced a resolution Thursday night to void the CFPB's section 1071 rule via the Congressional Review Act. CUNA wrote in support of the resolution at the start of the multi-day committee markup and supports a Senate resolution as well.
CUNA filed two comment letters Thursday in strong support of the CFPB proposal on Property Assessed Clean Energy (PACE) loans. The CFPB has proposed applying Regulation Z (which implements the Truth in Lending Act) to PACE loans.
CUNA joined other organizations Wednesday to strongly oppose numerous bills attempting to prohibit arbitration clauses, noting the attacks on arbitration are inaccurate, unnecessary, and would undermine an alternative to litigation that has benefited consumers, employees, and businesses for decades.
CUNA Senior Economist Dawit Kebede said Wednesday's Federal Reserve meeting shows headline inflation eased to 3% last month but the FOMC believes getting it back down to 2% target is not done yet. Core inflation, which excludes volatile food and energy prices and is indicative of future prices, is 4.8%.
CUNA supports NCUA’s proposed rule expanding the definition of “qualified charity” that a federal credit union may contribute to using a Charitable Donation Account in comments on the proposal filed this week. CUNA has called for such an expansion since June 2022.
The CFPB has declined to recalibrate its regulatory approach to fulfill consumer protection mandates without impeding access to safe and affordable financial services, CUNA wrote to a Senate Banking, Housing, and Urban Affairs subcommittee on a hearing about fees.
Reps. Vicente Gonzalez, D-Texas, and Brian Fitzpatrick, R-Pa., introduced CUNA and League-supported legislation Tuesday to exempt loans made to veteran-owned businesses from the member business lending cap. The bill has a bipartisan Senate companion.
Reps. Vicente Gonzalez, D-Texas, and Brian Fitzpatrick, R-Pa., introduced the bipartisan Member Business Loan Expansion Act Tuesday. The bill would expand credit union business lending ability to $100,000 (up from the current $50,000) and allow federal credit union loan maturities past 15 years.
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.