The FedNow Service will start operating in July, according to the Federal Reserve. It will begin the formal certification of participants for launch of the service in the first week of April.
CUNA Deputy Chief Advocacy Officer Jason Stverak encouraged members of Congress to visit credit unions in their state during the upcoming recess and to visit CUNA's Advancing Communities website to see how credit unions are making an impact on members and communities.
League and credit union leaders engaged with members and consumers in the wake of recent bank collapses, assuring them that money in credit unions remain safe.
Credit unions remain focused on keeping consumers’ money safe and secure, CUNA President/CEO Jim Nussle wrote in CUInsight Friday, noting that recent bank failures have consumers concerned.
The CFPB must release the underlying data on which its credit card late fee proposal is based on and extend the comment deadline to give time for stakeholders to analyze the data, CUNA and other organizations wrote Thursday.
Federally insured credit unions, overall, experienced continued growth in assets, shares and deposits, and loans during 2022, according to the latest Quarterly U.S. Map Review released by NCUA.
The NCUA Board approved its final rule on subordinated debt at its Thursday meeting. Board members also reiterated the safety and soundness of the credit union system in the wake of the Silicon Valley Bank collapse.
CUNA has launched a webpage to support and provide resources for member credit unions looking to highlight credit unions’ safety and soundness in the wake of the Silicon Valley Bank collapse.
CUNA Senior Economist Dawit Kebede said the February Consumer Price Index Report shows the smallest increase since December 2021, and there may be more reduction in the next few months as the CPI starts showing reduction in housing rents.
The collapse of Silicon Valley Bank last week is the second largest failure of a financial institution in U.S. history. While this situation does not include any credit union failure, it may still create consumer concerns and questions for credit unions.
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.