The Credit Union Legislative Action Council Executive Committee has confirmed new members on its Board of Trustees for two-year terms. CULAC is CUNA’s federal political action committee. Patrick Conway, president/CEO of the CrossState Credit Union Association is the new chair.

NCUA, along with other federal and state regulators, recognize the serious impact of tornadoes on the customers and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their supervision.

Sen. Tim Scott introduced a CUNA-supported bill Tuesday to prevent the Small Business Administration from becoming a direct lender. CUNA supports a similar bill introduced in the House by Rep. Blaine Luetkemeyer (R-Mo.).

CUNA fears cryptocurrency and blockchain based financial platforms are creating an unregulated financial sector that could have major repercussions to the economy, and notes while they allow for innovation, they must be overseen.

President Joe Biden nominated Sandra Thompson Tuesday to serve as director of the Federal Housing Finance Agency. CUNA has met with Thompson repeatedly during her tenure as acting director on credit union housing finance priorities.

The House of Representatives and the Senate are in session this week, the House will continue to resolve the debt limit legislation ahead of the Dec. 15 deadline. The Senate is expected to continue its consideration of the fiscal year 2022 National Defense Authorization Act.

The Senate Finance Committee released the tax provisions of the Build Back Better Act Saturday without expanded Internal Revenue Service (IRS) reporting requirements. CUNA, Leagues, credit unions, and members helped keep the expanded requirements out of the House-passed Build Back Better Act.

WGAN’s MainePoints highlighted Maine Credit Unions’ Campaign for Ending Hunger this month. The interview highlights this year’s new fundraising initiative, encouraging people to donate $5 (or more) to help feed a hungry Mainer.

CUNA Senior Economist Dawit Kebede noted that inflation continued to surge in November and there are expectations the Federal Open Market Committee will announce at its meeting next week that it will end asset purchases before June.

The NCUA board will consider the 2022 Normal Operating Level the agency’s 2022-23 budget at its Dec. 16 meeting. It will also vote on final rules related to mortgage servicing assets, complex credit union leverage ratio, and subordinated debt.