Senators recognized the importance ofFinancial Literacy Month with passage of Senate Resolution 185 – introduced by Sen. Jack Reed, D-R.I. and supported by CUNA and the Leagues – that emphasizes the importance of personal financial education.
The CFPB credit card late fee proposed rule is a “gross deviation from the Bureau’s standards for issuing policies grounded in sound and relevant data,” CUNA wrote in response to the proposal, which would uniformly reduce the level of permissible credit card late fees.
CUNA Chief Economist Mike Schenk responded to the Federal Reserve raising its benchmark Federal Funds interest rate by 25 basis points at its Wednesday meeting – pushing the overnight rate above 5% for the first time in over 15 years.
The CDFI Fund announced this week it anticipates that it will resume accepting CDFI Certification Application submissions in the fall of 2023. It paused accepting new applications Oct. 1, 2022 and was expected to resume in April.
CUNA strongly supports efforts to pass long-term reauthorization of the National Flood Insurance Program and encourages the Senate Banking, Housing, and Urban Affairs Committee to focus on solutions to ensure costs are rooted in actual risk to property.
CUNA applauds the CFPB's decision to review and consider modernization for its mortgage loan originator rules, and said credit unions generally report they have successfully implemented policies and training to ensure compliance with the rule over the last decade.
CUNA joined other financial services trade organizations Monday in making a second request that the CFPB extend the deadline for its proposed rule on credit card late fees to June 18, 45 days past the current May 3 deadline.
Sen. John Kennedy, R-La., introduced the CUNA and League-supported Transparency in CFPB Cost-Benefit Analysis Act Monday. The bill would require the CFPB to conduct a cost-benefit analysis and other procedures as part of any rulemaking activity.
Sen. Ben Cardin, D-Md., announced Monday he will not run for re-election in 2024. Cardin—chair of the Senate Small Business Committee—has served in the Senate since 2007, prior to that he served in the House representing Maryland’s 3rd Congressional District starting in 1987.
The Senate is in Washington, D.C., this week and will consider judicial nominations, while the House is in recess. The Senate Banking, Housing, and Urban Affairs Committee will conduct several hearings this week of interest to 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.