Big box retailers are seeking a bailout from consumers, and some members of Congress thing that's a good idea, CUNA President/CEO Jim Nussle wrote Monday in The Miami Herald.

The House is expected to vote on a resolution of disapproval for the Consumer Financial Protection Bureau’s section 1071 rule this week, while CFPB Director Rohit Chopra will also testify before House and Senate committees Wednesday and Thursday.

Reps. Brad Wenstrup, R-Ohio, announced he will not seek re-election in 2024, and Bill Johnson, R-Ohio, Johnson announced he will leave Congress to become president of Youngtown State University. Both are credit union supporters.

CUNA, NAFCU, and other financial services organizations requested the Federal Reserve extend the deadline for its interchange proposal by at least 90 days in a letter sent Wednesday. The Fed proposed the changes at an October meeting, and comments are currently due Feb. 12. 

CUNA released a detailed analysis of FHFA's report on the FHLBank system to get credit unions thinking about how they use the FHLBank system, as well as pairs FHFA’s objectives identified in the report with FHFA’s corresponding recommendation.

CUNA Chief Economist Mike Schenk discusses loan delinquency trends in America in this month’s CUNA Economic Update, and breaks down current metrics such as household debt as a percent of disposable income and the financial health of Americans.

CUNA filed written comments with NCUA Tuesday on the agency’s proposed 2024-25 budget, noting significant concerns with the proposed overall increase and with increases in examination staff and examination time dedicated to consumer compliance issues.

Credit union loans outstanding increased 0.5% in September, compared to a 0.8% increase in August of 2023 and a 1.7% increase in September of 2022, according to CUNA's latest Monthly Credit Union Estimates. 

CUNA and NAFCU wrote to CFPB Director Rohit Chopra urging the bureau to issue an Advance Notice of Proposed Rulemaking (ANPM) before it published its Notice of Proposed Rulemaking on the consumer reporting under the Fair Credit Reporting Act (FCRA).

The CFPB consistently oversteps or fails to consider the whole impact of its regulations on credit unions and other consumer-focused institutions, CUNA's Jason Stverak wrote in American Banker, adding that this reality counters the bureau's pro-consumer mission.