The 11th Circuit Court of Appeals vacated the plaintiff’s standing Thursday in Hunstein v. Preferred Collection and Management Services Inc., a Fair Debt Collection Practices Act lawsuit. CUNA filed a brief stating that a ruling for the plaintiff would threaten the broader financial services industry.

The National Institute of Standards and Technology is hosting a virtual, informal discussion on the update of the NIST Cybersecurity Framework. Financial institutions and stakeholders are invited to attend the Sept. 12 event.

The Treasury’s Community Development Financial Institutions (CDFI) Fund issued CUNA-requested supplemental guidance Thursday for CDFIs currently in a certification cure period. CUNA has engaged with the CDFI Fund in recent months over CDFI credit unions receiving blanket cure notices and having their CDFI designation terminated without meaningful information or guidance.

Credit Union Legislative Action Council (CULAC) and the Cooperative Credit Union Association (CCUA) supported eight credit union-friendly candidates in their primaries Tuesday. CULAC and state leagues have backed 328 credit union proponents this cycle with a 96% success rate.   

CUNA joined organizations Wednesday requesting the Consumer Financial Protection Bureau (CFPB) change its request for comment regarding report of terms from credit card agreements. The CFPB issued its request to revise its existing collection but does not specify what the proposed revisions are.

Total loans outstanding in federally insured credit unions increased $194 billion, or 16.2%, over the year ending in the second quarter of 2022, to $1.39 trillion, according to NCUA's latest financial performance data. 

Low-income credit unions can get valuable advice on applying for Community Development Revolving Loan Fund grants and loans during a Sept. 14 webinar. Online registration for this webinar, “How to Get a Winning Grant/Loan,” is now open.

The Senate is in Washington, D.C., this week and is expected to consider pending nominations. The Senate Banking, Housing, and Urban Affairs Committee will conduct a hearing on insurance issues Thursday.

CUNA Chief Economist Mike Schenk discusses credit union development in the first half of the year, including unprecedented loan growth and how that compares to banks in the August 2022 CUNA Economic Update.

CUNA Senior Economist Dawit Kebede said the Labor Department’s August Employment Situation means the Federal Reserve will likely stay on course, raising the interest rate to a restrictive level considering this and the Job Openings and Labor Turnover Survey.