CUNA reiterated its previously expressed concerns with the proposed changes to the Treasury’s Community Development Financial Institutions (CDFI) Fund Certification Application in a letter to the fund Friday.

The development of a comprehensive national standard regulating digital assets will level the playing field and protect consumers, CUNA wrote to a joint House Financial Services and House Agriculture subcommittee hearing on regulatory gaps in digital assets markets.

Legal cannabis businesses need access to safe and secure financial services, CUNA wrote to a Senate hearing on cannabis banking, also highlighting its support for the SAFE Banking Act, a bipartisan bill to provide a safe harbor for financial institutions serving legal cannabis businesses.

The FHFA announced it has rescinded the upfront fees based on borrowers’ debt-to-income (DTI) ratios acquired by Fannie Mae and Freddie Mac. The FHFA announced in January a new upfront fee for certain borrowers with a DTI above 40%.

CUNA strongly opposes the proposed changes to the Small Business Administration’s (SBA) 7(a) loan program, it wrote to the House Small Business Committee for its hearing on the program. 

CUNA Senior Economist Dawit Kebede said the April Consumer Price Index report shows inflation is easing, as the three items except food are the major contributors to the monthly increase. This supports the Fed's decision to pause future rate hikes.

CUNA announced David Park as the newest senior director of advocacy and counsel. Park will serve as the association’s subject matter expert on housing issues. He brings over a decade of experience in legal analysis and regulatory compliance.

Reps. John Rose, R-Tenn., and Brittany Pettersen, D-Colo., introduced CUNA and League-backed legislation that would require Congressional testimony on the Treasury’s Community Development Financial Institutions (CDFI) Fund’s operations and activities.

NCUA issued a revised Interagency Policy Statement on Allowances for Credit Losses that removes references to Troubled Debt Restructurings, describes the measurement of expected credit losses  and includes processes for the design, documentation, and validation of expected credit losses.