CUNA wrote to new Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra Tuesday highlighting several key principles that should guide future CFPB actions. Chopra was confirmed in September by the Senate to lead the CFPB.
The CFPB issued new technical specifications for the credit card agreement submission process. Issuers making credit card agreement submissions to the Bureau on a quarterly basis must complete a registration form and submit it by Nov. 1.
October rates will continue to follow recent mortgage rate spikes, CUNA Chief Economist Mike Schenk said during a recent interview with Fox Business. He added mortgage rate trends are likely to continue through October.
The next president of Ginnie Mae must understand the unique mission, structure, and operation of America’s credit unions, CUNA wrote before Senate committee testimony of Alanna McCargo, President Joe Biden's nominee to serve as Ginnie Mae director.
Even though it has not yet become mandatory for credit unions, FASB’s current expected credit losses standard continues to be one of the most problematic and arguably unnecessary regulatory requirements in recent history.
Credit unions oppose any legislation that would remove financial institutions from their direct relationship with borrowers by allowing the SBA to lend directly to small businesses, as the SBA is likely to harm local financial institutions’ relationships if it was a direct lender.
CUNA urged Joint Economic Committee leadership to take a “close look at the dangers” of proposed increased Internal Revenue Service reporting requirements, as the committee met Wednesday to discuss various funding measure for pending reconciliation legislation.
Rural and underserved communities need access to a trusted, local financial partner, and significant bank branch consolidation over the last 15 years has resulted in credit unions increasingly left as the local financial institution of record in local communities.
Credit unions strongly support—and are diligently working on—expanding financial inclusion, but CUNA has “grave reservations” about efforts of the USPS to provide banking services, especially as credit unions can generally offer these services with more options at a lower cost.
NCUA will host a webinar, “Pathways to Safe and Affordable Account Access for Consumers,” Oct. 21 in recognition of International Credit Union Day. Registration is now open for the webinar, which is scheduled to begin at 2 p.m. ET.