CUNA Chief Economist Mike Schenk discusses loan delinquency trends in America in this month’s CUNA Economic Update, and breaks down current metrics such as household debt as a percent of disposable income and the financial health of Americans.

CUNA filed written comments with NCUA Tuesday on the agency’s proposed 2024-25 budget, noting significant concerns with the proposed overall increase and with increases in examination staff and examination time dedicated to consumer compliance issues.

Credit union loans outstanding increased 0.5% in September, compared to a 0.8% increase in August of 2023 and a 1.7% increase in September of 2022, according to CUNA's latest Monthly Credit Union Estimates. 

CUNA and NAFCU wrote to CFPB Director Rohit Chopra urging the bureau to issue an Advance Notice of Proposed Rulemaking (ANPM) before it published its Notice of Proposed Rulemaking on the consumer reporting under the Fair Credit Reporting Act (FCRA).

The CFPB consistently oversteps or fails to consider the whole impact of its regulations on credit unions and other consumer-focused institutions, CUNA's Jason Stverak wrote in American Banker, adding that this reality counters the bureau's pro-consumer mission.

President Joe Biden signed a continuing resolution Friday funding the federal government into 2024, following Senate passage of the bill late Wednesday. It funds financial services and general government areas and the National Flood Insurance Program through Feb. 2.

CUNA, NAFCU, and coalition partners discussed the Federal Communications Commission’s (FCC) Telephone Consumer Protection Act (TCPA) rulemaking in meetings with commissioners’ staff over the past few weeks.

NCUA’s proposed 2024 budget represents a very significant increase from 2023 and CUNA is concerned with both the extent of and the reasons for the increase, CUNA Chief Economist Mike Schenk said at NCUA’s budget meeting Thursday.

The NCUA board approved a final rule expanding the definition of “qualified charity” credit unions can contribute to using a Charitable Donation Account (CDA). CUNA engaged with NCUA for more than a year on the need for such a rule, and fully supported it as proposed in comments filed in July.

The Treasury’s Office of Cybersecurity and Critical Infrastructure Protection has been working closely with its financial services sector partners to respond to a ransomware incident last week targeting a financial institution and encourages all members of the financial services sector to review the relevant alerts.