While CUNA applauds bipartisan efforts from Congress to address robocalls and the FCC's treatment of them, it has concerns with the Stopping Bad Robocalls Act (H.R. 3375), which was marked up by House subcommittee Tuesday.
Technology has improved consumer access to financial services, but certain fintech does not have the regulatory structure in place that exists with credit unions and other financial institutions, CUNA wrote to a House Task Force on Financial Technology.
CUNA wrote in favor of a successful amendment to the Consumers First Act (H.R. 1500) Wednesday, one that would ensure credit unions would be represented on the CFPB's Consumer Advisory Board. Rep. Haley Stevens (D-Mich.) offered the amendment.
CUNA maintains its longstanding position that CECL is inappropriate for credit unions, and backed a bill Wednesday that would require the standard to be delayed and studied by the SEC along with the federal financial regulators, including the NCUA.
CUNA requested NCUA explore the idea of adopting a floating interest rate cap for federal credit union loans instead of its traditional fixed interest rate (currently 18%) in a letter to NCUA board members Wednesday.
The Department of Labor’s current proposed overtime regulation under the Fair Labor Standards Act is an improvement over the 2016 overtime rule, but CUNA urges DOL to avoid creating excessive costs and compliance burdens on credit unions.
Credit union supporter Fred Keller (R), supported by CULAC and the Pennsylvania Credit Union Association, won a special election to represent Pennsylvania 12th Congressional District in Congress Tuesday, defeating Democratic challenger Marc Friedenberg.
Reinstating the CFPB's rule on arbitration agreements would undermine the ability of credit unions and other financial institutions to offer faster, more cost-effective resolutions to potential disputes than class action litigation.
CUNA brought its serious concerns about the FCC's scheduled June 6 vote on default call blocking to the attention of NCUA Chairman Rodney Hood Tuesday, requesting he intervene and ask that FCC delay and reconsider the ruling.
Credit unions take Bank Secrecy Act/Anti-Money Laundering compliance seriously, but when resources are disproportionately spent on compliance, fewer safe and affordable products are available for members.
CUNA and its credit union members are committed to ensuring the housing finance market remains both accessible and affordable to minority borrowers, CUNA wrote to House Financial Services Committee leadership Tuesday.
More than 5,500 eligible institutions will receive dividends totaling $160.1 million from the National Credit Union Share Insurance Fund starting this week, according to NCUA. Credit unions have received statements indicating the amounts they will receive.