Federal Reserve Governor Michelle Bowman expressed concern with the Fed’s interchange proposal in remarks before the Ohio Bankers League this week, calling it “unfair to many issuers and in some ways regressive in its impacts,” at its heart.
Sen. Joe Manchin, D-W.V., announced Thursday he will not seek re-election. Manchin was an original co-sponsor of S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act. He also sponsored bills in several Congresses to reform financial institution examination processes.
CUNA highlighted credit union service to veterans and called for support for the Veterans Member Business Loan Act in a message to Congress sent Wednesday featuring a small business owner, veteran, and member who worked with his credit union to start his business.
Credit union-supported Gabe Amo (D) was elected to the U.S. Congress in Tuesday’s special election in Rhode Island’s 1st Congressional District, with support from the Credit Union Legislative Action Council and the Cooperative Credit Union Association.
CUNA launched Credit Unions Vote, a campaign designed to foster credit union involvement in the 2024 election cycle. It focuses on getting credit union members to vote and is centered around the newly updated CreditUnionsVote.com.
CUNA wrote in support of several credit unions priorities in the House FY24 Financial Services and General Government (FSGG) bill Wednesday. The House is expected to consider the bill on the floor this week.
The Federal Housing Finance Agency released its comprehensive report on the FHLBank system Tuesday. CUNA engaged with the FHFA throughout the process on the benefits credit union members see from credit union membership in the FHLBank system, and the report contains several of CUNA’s recommendations.
The CFPB issued a proposal Tuesday to extend supervision and examinations to larger nonbank companies that offer services that include digital wallet and payment apps handling more than 5 million transactions per year.
CUNA and NAFCU requested NCUA extend the comment deadline for its proposal to simplify share insurance coverage rules by 30 days in a letter sent Tuesday. Comments are currently scheduled to close Dec. 26.
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.