Credit unions are deeply concerned that Americans’ financial wellness is compromised by inconsistent privacy and security standards applied to businesses that possess, process or transport consumers’ nonpublic personal information.

Nikki R. Haley, U.S. Ambassador to the United Nations from 2017-2019, will be the Tuesday keynote speaker at the 2020 CUNA GAC, February 23-27 in Washington, D.C. This annual conference is the credit union system’s premier advocacy event.

Recent NCUA actions have been positive for credit unions, but there are areas the agency can improve, CUNA wrote Tuesday, adding that NCUA should continue coordination with other federal regulators, including but not limited to the CFPB and FCC.

The CFPB issued a proposed remittance rule Tuesday increasing the “normal course of business” threshold to 500 transfers per year. CUNA has asked for it to be raised to at least 1,000 but considers the proposal a positive step forward.

While CUNA supports aspects of NCUA’s proposed budget, particularly the transparency of the process, there are several concerns raised in its comment letter, which follows CUNA's presentation at NCUA’s Nov. 20 budget briefing.

Both chambers of Congress are in Washington, D.C. and CUNA will be engaged with NCUA Chairman Rodney Hood’s testimony before the House Financial Services Committee and Senate Banking Committee and other activities this week. 

CUNA joined NASCUS earlier this month for its annual BSA/AML Certification Conference in Tempe, Ariz. The three-day event featured presentations on the most pressing compliance issues facing credit unions today.

Comments on several proposals, including NCUA’s 2020-21 operating budget, are due in December. The proposed 2020 operating budget is $316.2 million a 3.9% increase over last year. Comments are due to NCUA Dec. 2.

This week marks 111 years of not-for-profit financial cooperatives in America, CUNA Chief Advocacy Officer Ryan Donovan wrote to Congressional offices this week, saying without Congressional support credit unions would not be able to meet community needs.

Credit unions are among the top resources for consumers to help improve finances, C-Plant FCU Paul Adams wrote in the Mayfield Messenger, noting that the structure places the emphasis on financial education and ensuring members’ financial health.