The NCUA Board finalized a loan participations rule and heard a quarterly National Credit Union Share Insurance Fund update at its Thursday meeting. The fund ended the quarter with a an equity ratio of 1.27%, and NCUA projects it to remain at 1.27% on Dec. 31, 2023.

President Joe Biden nominated Tanya Otsuka to serve on the NCUA Board Thursday. Otsuka would take the place of current board member Rodney Hood, whose term officially expired in August.

CUNA, NAFCU, and other financial trade associations representing virtually all banks and credit unions voiced their opposition to legislation from Sen. Josh Hawley, R-Mo., that would cap credit card interest rates at 18%. The organizations note that such a cap would “severely restrict” the availability of this type of credit for millions of consumers across this nation:

A bipartisan group of senators introduced the Secure and Fair Enforcement Regulation (SAFER) Banking Act Wednesday, which would provide a safe harbor for financial institutions serving legal cannabis businesses. CUNA wrote bill sponsors in support Wednesday.

CUNA, NAFCU, and the Defense Credit Union Council (DCUC) urged Senate leaders to oppose an amendment to the “minibus” appropriations bill that would cap credit card annual percentage rates at 18%. The organizations note it would make credit more expensive and less available.

CUNA commended federal regulators for undertaking efforts to provide regulated entities with guidance on integrating reconsiderations of value (ROV) into their appraisal processes in comments filed Tuesday but noted two parts of the proposal could be challenging for credit unions to implement

Registration is now open for the Governmental Affairs Conference (GAC). The annual conference will be held at the Walter E. Washington Convention Center in Washington, D.C., and online, March 3 – 7, 2024.

Credit union loans outstanding increased 0.7% in July, compared to a 0.7% increase in June of 2023 and a 1.6% increase in July of 2022, according to CUNA's latest Monthly Credit Union Estimates. Home equity loans led loan growth during the month, rising 2.9%.

Rep. Jennifer Wexton, D-Va., announced Monday she will not seek re-election in 2024. Wexton—who has served in Congress since 2019—opposed expanded Internal Revenue Service reporting requirements in October 2021, and co-sponsored the SAFE Banking Act, which would provide a safe harbor for financial institutions serving legal cannabis businesses.

The Senate will resume consideration of a “minibus” legislative package to fund the federal government past Sept. 30. Sponsors of the big box interchange bill have filed it as an amendment to the funding legislation. The House Financial Services Committee will also conduct a markup of legislation relating to the issuance of a central bank digital currency.