CUNA and World Council of Credit Unions (WOCCU) sent a letter Thursday addressing the implementation of a Basel III proportionality framework to establish a simpler and more reasonable approach for credit unions to leaders of the House Financial Services Committee.

The FHFA announced additional opportunities for ongoing public engagement to facilitate the transition to updated credit score models and credit report requirements for loans acquired by Fannie Mae and Freddie Mac. CUNA requested FHFA offer additional engagement opportunities in the credit score implementation process.

CUNA Senior Economist Dawit Kebede said the Labor Department’s August Consumer Price Index Report shows the headline inflation over the past 12 months increased by 3.7% in August, faster than the 3.2% increase in July due to high gas prices, which were up 11% in August.

Sen. Mitt Romney, R-Utah, announced Wednesday he will not seek a second term in the U.S. Senate in 2024. Romney—the Republican presidential nominee in 2012—co-sponsored the Credit Union Board Modernization Act, which would update board meeting requirements for federal credit unions.

To begin the second day of NAFCU’s Congressional Caucus, CUNA President/CEO Jim Nussle – who will lead the proposed America’s Credit Unions – joined NAFCU Senior Vice President of Government Affairs Greg Mesack for a fireside chat about credit union advocacy and the proposed CUNA/NAFCU merger.

Small business owners are at the center of new CUNA digital and banner ads, showing how the big box bailout bill changing interchange payment systems will hurt Main Street businesses and consumers. CUNA’s ads debuted this week and are targeted to visitors to Capitol Hill, among others.

CUNA wrote to Congressional leaders Monday calling for an extension of the National Flood Insurance Program (NFIP) before it lapses Oct. 1. Funds for NFIP--and for the federal government-- are set to expire Sept. 30. CUNA also strongly supports efforts to pass long-term reauthorization of the NFIP.

The House and Senate are back in Washington, D.C., this week, with the House to consider Department of Defense appropriations and the Senate to resume consideration of executive nominations. The House Financial Services Subcommittee will conduct a hearing on Central Bank Digital Currencies Thursday at 2 p.m. ET.

CUNA Senior Economist Dawit Kebede breaks down the latest economic forecast in CUNA’s Economic Update, providing insight into key macroeconomic trends such as the labor market, economic activity, inflation, and the Federal funds rate. He also covers tight credit conditions for business and household loans.