NCUA issued a Letter to Credit Unions noting that the NCUA Board voted to continue the temporary 18% interest rate ceiling for loans made by federal credit unions, January 26, based on the authorities established by the Federal Credit Union Act.
NCUA announced Thursday its 2023 DEI Summit will take place Nov. 1-2 in the Washington, D.C., metro area. Attendees will explore the value proposition of diversity, equity, and inclusion within the credit union industry, share best practices, engage in active networking, and more.
LSCU and credit unions met with Treasury Assistant Secretary for Financial Institutions Graham Steele this week to discuss the importance of overdraft and insufficient funds programs after statements made about the future of overdraft services and fees from the administration and CFPB.
The Consumer Financial Protection Bureau announced the appointment of new members to the Credit Union Advisory Council and other advisory committees. All new—and existing—members come from CUNA member credit unions.
Sens. Kyrsten Sinema, I-Ariz., Bill Hagerty, R-Tenn., Alex Padilla, D-Calif., and Thom Tillis, R-N.C., introduced CUNA-League led legislation to update the Federal Credit Union Act to allow federal credit union boards to meet six times per year (instead of the current once per month).
CUNA joined other organizations to request at least a 60-day extension of the comment deadline for the Consumer Financial Protection Bureau’s proposal on credit card late fees. The CFPB proposed the rule in February with a 60-day comment deadline.
CUNA generally supports NCUA’s proposed rule on loan participations, it wrote to the agency Tuesday, but believes NCUA provide more clarity. CUNA also noted ability to conduct transactions under these rules is extremely valuable to credit unions.
Sens. Alex Padilla, D-Calif., and Kevin Cramer, R-N.D., introduced legislation Tuesday that would allow credit unions to purchase CLF capital stock for specific members for the next three years. CUNA, the California Credit Union League, and Dakota Credit Union Association coordinated with policymakers on the bill.
Credit Union Magazine’s Spring 2023 issue features the 2023 Credit Union Heroes and examines CUNA-League advocacy priorities, board leadership, the impact of financial well-being efforts, fee-related compliance issues, predictions for the year ahead, and more.