CUNA—and an “overwhelming majority” of CUNA members—have concerns around any expansion from NCUA in consumer protection examination activity, as it appears to be beyond the scope of NCUA’s primary objective, and that the credit union-member relationship is an incentive discouraging anti-consumer behavior.
Credit unions are eager to support underserved communities, but archaic field of membership restrictions prevent the from expanding more broadly to those most in need. CUNA wrote Thursday in support of the Expanding Financial Access for Underserved Communities Act.
Many credit unions provide a full range of financial services, to their members, including seniors and their families, CUNA wrote to the Senate Special Committee on Aging Thursday. CUNA strongly supports efforts to help seniors avoid financial exploitation and to encourage responsible decisions regarding financial management.
NCUA’s proposed budget appropriately responds to operational challenges but differs from NCUA’s draft strategic plan in several ways that raise questions. CUNA Chief Economist Mike Schenk and Virginia Credit Union League President/CEO Carrie Hunt presented Wednesday at NCUA’s public budget briefing.
Congress should look for ways to regulate digital assets while protecting consumers, as CUNA fears cryptocurrency and blockchain based financial platforms are creating an unregulated financial sector that could have major repercussions to the economy.
CUNA urged the FCC to retain purpose-built notification methods as it has ordered, or if it permits an alternative method, to sunset that permission in the future. The letter follows several meetings between CUNA and the FCC.
The House passed a version of the fiscal year 2022 National Defense Authorization Act (NDAA) Tuesday night. This version does not contain bank-requested expansion of an arrangement allowing waivers for certain costs for credit unions on military installations.
The CFPB Tuesday finalized a rule facilitating the transition away from the LIBOR interest rate index for consumer financial products. The rule establishes requirements for how creditors must select replacement indices for existing LIBOR-linked consumer loans after April 1, 2022.
The FFIEC released one new section and updates to three sections of the Bank Secrecy Act/Anti-Money Laundering Examination Manual. An introduction on customers is new and updated sections cover Charities and Nonprofit Organizations; Independent Automated Teller Machine Owners or Operators; and Politically Exposed Persons
The Winter 2023 issue of Credit Union Magazine explores award-winning marketing, board training on a budget, developments in instant payments, service to small businesses, and NCUA’s final rule on member expulsion.