A Senate bill introduced Thursday could reduce access to credit from reputable lenders, said CUNA President/CEO Jim Nussle in a statement. The bill would cap fees and interest for all consumer loans at a 36% “all-in” annual percentage rate (APR).
NCUA will issue proposal on a complex credit union leverage ratio at its July 22 meeting.
NCUA proposed two potential approaches to simplify RBC requirements in January, with the complex credit union leverage ratio being one of them.
CUNA supports increased funding for a cooperative funding program and procurement reform at the U.S. Agency for International Development, it wrote in a letter to the Senate Foreign Relations Committee for its hearing Wednesday on the FY2022 USAID budget.
NCUA announced it is “prepared to move into its first phase of resuming onsite operations (Phase 1) in some areas of the country," which includes NCUA staff and contractors being permitted to volunteer to work onsite at credit unions beginning July 19.
As CUNA and Leagues work to ensure interchange regulations are not extended to credit card programs, CUNA seeks input from credit unions with credit card programs for its Credit Card Interchange Regulation Survey. Survey responses are due by July 23.
CUNA’s latest Economic Update video features CUNA Senior Economist Jordan van Rijn providing the latest look at the economy and its impact on credit unions. The video also introduces CUNA Senior Economist Dawit Kebede, who joined CUNA in June.
CUNA supports the Federal Reserve Board creating “clear and consistent” guidelines for access to Reserve Bank accounts and services, adding while the current system has worked well, providers relying on risky technologies will likely seek access.
Both chambers of Congress are in session this week, though the House will only conduct committee work and will not consider any legislation on the House floor. The Senate is expected to consider several executive branch nominees.
The Cybersecurity and Infrastructure Security Agency (CISA) and the Federal Bureau of Investigation (FBI) continue to respond to the recent supply-chain ransomware attack leveraging a vulnerability in Kaseya VSA software against multiple managed service providers (MSPs) and their customers.
CUNA’s Small Credit Union Committee published a comprehensive white paper examining the key opportunities and challenges facing small credit unions. The State of Small Credit Unions Today outlines how cross-industry support can lead to greater collaboration at all asset levels and provides recommendations for the preservation of small credit unions nationwide.