CUNA and the Credit Union Legislative Action Council announced Thursday support for four incumbents in tight November races for the U.S. House of Representatives with targeted political advertising, Reps. Don Bacon (R-Neb.),Rodney Davis (R-Ill.), Andy Kim (D-N.J.) and Xochitl Torres Small (D-N.M.).
CUNA President/CEO Jim Nussle spoke with Consumer Financial Protection Bureau Director Kathy Kraninger Wednesday on a number of credit union issues related to the pandemic. CUNA has been in constant contact with CFPB leadership and staff during the crisis.
Commenters on the TRACED Act widely support CUNA’s call for a notification requirement whenever a call is blocked by a voice provider, CUNA wrote to the FCC Wednesday in response to a review of all the comments initially filed with the FCC for this rulemaking.
CUNA President/CEO Jim Nussle followed up CUNA’s Sept. 16 letter to NCUA Chairman Rodney Hood Tuesday with a conversation highlighting additional credit union needs in the face of the pandemic and economic recovery.
Additional Paycheck Protection Program funding and simplified PPP loan forgiveness will help small businesses around the country recover from the pandemic faster, CUNA wrote to Congressional leadership, urging members not to leave Washington, D.C. without working to pass legislation to add additional PPP funding.
Credit unions welcome fintech innovation and competition but are concerned that many products and services offered by fintechs skirt consumer protection regulations, particularly the “payment charter” proposed by Acting Comptroller of the Currency Brian Brooks.
Proposed “solutions” to NCUA’s low NCUSIF equity ratio are unnecessary, CUNA Chief Economist Mike Schenk wrote in response to NCUA reporting at its September meeting the NCUSIF equity ratio was at 1.22% in June due to historic deposit growth stemming from the pandemic.
The House unveiled a $2.2 trillion COVID-19 relief bill this week as Congress continues negotiations on a fourth phase of pandemic relief legislation. The bill would authorize additional funds for the Paycheck Protection Program, which CUNA has called on Congress to provide.
Amendments to the NCUA’s field-of-membership rules go into effect Oct. 14, allowing a credit union applying for NCUA approval of a community charter, expansion, or conversion to designate a Combined Statistical Area or an individual, contiguous portion of a CSA as a well-defined local community.