The Credit Union Board Modernization Act (H.R. 6889) would free up credit union resources to better serve members, CUNA wrote to bill sponsors Reps. Juan Vargas, D-Calif., and Anthony Gonzalez, R-Ohio.

Congress should recognize the role of credit unions in serving military members and their families, CUNA and the Defense Credit Union Council wrote to a House Oversight and Reform subcommittee for a hearing on protecting servicemembers and veterans from fraud.

CUNA supports legislation that would repeal Section 1071 of the Dodd-Frank Act and require the CFPB to explicitly justify decisions that ignore the interests of small businesses during the rulemaking process.

CUNA joined organizations in supporting the addition of the Secure and Fair Enforcement (SAFE) Banking Act to the House version of the FY23 National Defense Authorization Act (NDAA), which is scheduled for a House floor vote this week.

CUNA Senior Economist Dawit Kebede noted prices rose 9.1% year-over-year, higher than the consensus expectation, leading to a higher chance the Fed will raise interest rates by 75 basis points if not more by the end of the month.

Staff from NCUA and other federal financial regulators will conduct an interagency webinar focusing on recently issued 2022 Interagency Questions and Answers Regarding Flood Insurance. Registration is open for the free webinar, which is scheduled for July 27 from 2 to 3 p.m. ET. 

On Friday, the Pennsylvania House of Representatives passed HB 331.

Federal regulators issued an interagency joint statement noting credit unions must take a risk-based approach to assessing individual member risk. The statement does not alter existing Bank Secrecy Act/Anti-Money Laundering legal or regulatory requirements, nor does it establish new supervisory expectations.

The House and Senate are back in Washington D.C. this week. The House will consider legislation, including the National Defense Authorization Act for FY23. A House Small Business subcommittee will conduct a hearing on fintech and small business lending.

New Hampshire Gov. Chris Sununu recently signed into law SB 384, giving financial institutions additional abilities to identify and stop financial exploitation of the elderly and disabled.