CUNA wrote Sen. Jon Ossoff, D-Ga., asking him to reconsider his Improving Cybersecurity of Credit Union Act, a bill that would give NCUA authority over third-party vendors. The League of Southeastern Credit Unions and Affiliates shared CUNA’s concerns.

Rep. Jacqueline Walorski, R-Ind., passed away Wednesday at the age of 58. She has served in Congress since 2012, and was a credit union supporter dating back to her time in the Indiana House.

NCUA, and other regulators are inviting comment on a proposed policy statement for prudent commercial real estate (CRE) loan accommodations and workouts. Comments are due 60 days from date of publication in the Federal Register.

Thirty-one credit union-friendly candidates won their primary races in Arizona, Kansas, Michigan, Missouri, and Washington Tuesday. Credit Union Legislative Action Council (CULAC) and state leagues have backed 255 credit union champions with a 97% success rate this election cycle. 

CUNA issued an action alert Tuesday calling on credit unions to share their concerns with the interchange bill introduced by Sens. Dick Durbin, D-Ill., and Roger Marshall, R-Kan. The bill would allow merchants to route payments through an unaffiliated network.

CUNA joined other trade groups Tuesday in filing a petition with the Consumer Financial Protection Bureau (CFPB) calling for a rulemaking to strengthen privacy and security of consumer data held by fintechs, tech companies, and data aggregators. The is the first time CUNA has used the CFPB petition process that was updated in February.

The Community Development Financial Institutions Fund (CDFI) will host an informational conference call for CDFIs currently in a Certification cure period related to the submission of a 2021 or 2022 Annual Certification and Data Collection Report (ACR). The call is scheduled for 3 to 4 p.m. ET, on August 10.

The current safe harbor for late fees should remain in place, as any changes would have significant adverse impact on smaller financial institutions and consumers, CUNA wrote to the Consumer Financial Protection Bureau (CFPB) Monday.

The House is in recess this week, the Senate is in Washington, D.C., and is expected to consider reconciliation legislation. The House may return next week to vote on reconciliation if it passes the Senate.

CUNA Senior Economist Dawit Kebede discusses whether or not the U.S. is in a recession, the implications of the Fed's rate increases, and how credit unions are performing in an high-inflation, high-interest rate environment in CUNA's latest Economic Update video.