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.
CUNA continues its efforts to prevent the big box interchange bill from being attached to other legislation with a letter to Congressional leaders Friday. Sens. Dick Durbin, D-Ill., and Roger Marshall, R-Kan., are attempting to attach the bill to the Senate “minibus” government funding bill (H.R. 4366).
Seven state Leagues and Associations representing credit unions from 10 states were in Washington, D.C., this week to advocate for credit union priorities. Visitors met with legislators, regulators, and CUNA staff during their visits.
The median growth rate in loans outstanding and membership at federally insured credit unions was positive over the year ending in the second quarter of 2023, while the growth rate in assets and shares and deposits was negative at the median, according to the latest Quarterly U.S. Map Review released by NCUA.
Credit Union Rock Stars are outstanding credit union professionals and directors from a wide range of disciplines who inspire and innovate to advance the missions of their credit unions. The 25 members of the 11th class of Rock Stars were selected for their exceptional creativity, innovation, and passion.