Credit union lenders must be an active part of advocacy, CUNA Senior Director of Advocacy and Counsel Elizabeth Sullivan told the American Credit Union Mortgage Association’s OnPoint podcast, since they're the ones working to serve members while complying with the rules and regulations.
The NCUA board issued a proposal to update the definition of “qualified charity” in its Charitable Donation Accounts (CDA) rule at its Thursday meeting. CUNA requested NCUA add 501(c)(19) veterans organizations in addition to currently allowed 501(c)(3) organizations in June 2022.
Credit unions recognize that financial inclusion and access to capital for entrepreneurs are critical to ensuring the growth and development of vibrant small businesses, CUNA wrote to the House Small Business Committee for its hearing on supporting veteran-owned small business.
Low-income and MDI credit unions have until June 30 to apply for Community Development Revolving Loan Fund grants. NCUA will administer approximately $3.5 million in CDRLF grants to the most-qualified applicants, subject to the availability of funds.
A June 8 NCUA webinar will discuss how Minority Depository Institution (MDI) credit unions focus on helping minority communities, which are often underserved, find affordable financial services, and promote greater financial security.
Credit unions provide a vital partnership in helping the Federal Housing Finance Agency achieve its housing mission and goals, CUNA wrote to House Financial Services Committee leaders Tuesday for its hearing on FHFA oversight.
Sen. Tom Carper, D-Del., announced Monday he will not seek re-election in 2024. He introduced the CUNA and League-supported Data Security Act in 2015 to create a strong, national data security standard for entities that handle consumer information.
The House is in Washington, D.C., this week, while the Senate is scheduled to be out for the next two weeks, but may return for debt ceiling votes. CUNA will be engaged with hearings on lending to veteran-owned small businesses and oversight of the Federal Housing Finance Agency.
CUNA Deputy Chief Advocacy Officer for Federal Government Affairs Jason Stverak noted that despite bank attacks on the credit union tax status, credit union financial benefits exceed the value of the “expenditure” by an average of 8.8 times for the last 15 years.
Two stablecoin bills considered by the House Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion are solid starts, but CUNA suggested several revisions in a letter to the subcommittee.
Credit Union Magazine’s Summer 2023 issue highlights the lending outlook for the rest of the year, how credit unions leverage fintech companies to boost digital lending, the power of lending partnerships, common Bank Secrecy Act violations, and the shift board members must make when becoming chair.