The Senate Banking, Housing, and Urban Affairs Committee passed the CUNA and League-supported Secure and Fair Enforcement Regulation (SAFER) Banking Act Wednesday with a 14-9 vote. The bill would provide a safe harbor for financial institutions and employees serving legal cannabis-based businesses.

NCUA released the September 2023 update of its Simplified CECL Tool, which includes the latest life-of-loan, or Weighted Average Remaining Maturity, factors, and other enhancements to to determine the credit loss expense, or provision for credit losses, for the quarter that ends Sept. 30.

CUNA and NAFCU wrote to senate leaders this week in opposition of a “minibus” amendment that would create an “all-in” annual percentage rate (APR) cap of 36%. The organizations note that the provision would have a “seismic” impact on small-dollar loans and credit cards.

The MD|DC Credit Union Association wrote to their congressional delegation in response to an inaccurate op-ed published in the Wall Street Journal, noting credit unions “are dedicated to improving the financial well-being of members and the communities they serve."

The House and Senate are in Washington, D.C., this week, the Senate, Banking, Housing, and Urban Affairs Committee will conduct a markup of the SAFER Banking Act, which would create a safe harbor for financial institutions serving legal cannabis businesses.

Credit unions continued their advocacy in the nation's capital this week, with Leagues representing credit unions from six states in Washington, D.C., with several also joining CUNA President/CEO Jim Nussle in responding to interchange bill sponsors.. 

CeJae Vtipilson advocates for the life-changing power of credit unions.

CUNA President/CEO Jim Nussle and NAFCU President/CEO Dan Berger set the record straight on the credit union industry’s tax-exempt status and difference, combatting a recently published Wall Street Journal op-ed that had several inaccuracies and misleading claims.

CUNA President/CEO Jim Nussle reinforced how the Big Box interchange bill would negatively impact consumers, as Sens. Dick Durbin, D-Ill., Roger Marshall, R-Kan., and Peter Welch, D-Vt. work to stop any legislation from moving forward in the Senate unless it contains their bill’s language.