Credit unions must receive parity with banks in any deposit reform legislation, CUNA wrote to House Financial Services and Senate Banking, Housing, and Urban Affairs Committee leadership Monday. Congress and the Federal Reserve have indicated interest in deposit insurance reform in the wake of recent high-profile bank collapses.
The House and Senate are both in Washington, D.C., this week, and CUNA will be engaged with several committee hearings throughout the week, including ones on cannabis banking, digital assets, recent bank collapses, the fiscal year 2024 National Defense Authorization Act, and more.
The CFPB should not classify identifying information such as credit header information as a consumer report, CUNA wrote in response to a request from other groups that the CFPB issue an advisory opinion to define credit header data as a consumer report.
CUNA Chief Economist Mike Schenk this month’s surprisingly job strong report is that the Fed is now more likely to increase market rates again and also is likely to keep rates high for longer than previously anticipated.
The current conditions of rising rates and substantial inflation resemble the early 1980s and many finance leaders haven’t experienced navigating the headwinds of high rates, changing appetite for loans and intense competition to attract and retain deposits.
NCUA is partnering with the AARP and the CFPB to host a free webinar that addresses how society views and talks about financial crimes against older adults In recognition of Older Americans Month. It will be held May 18, starting at 1 p.m. ET.
Senators recognized the importance ofFinancial Literacy Month with passage of Senate Resolution 185 – introduced by Sen. Jack Reed, D-R.I. and supported by CUNA and the Leagues – that emphasizes the importance of personal financial education.
The CFPB credit card late fee proposed rule is a “gross deviation from the Bureau’s standards for issuing policies grounded in sound and relevant data,” CUNA wrote in response to the proposal, which would uniformly reduce the level of permissible credit card late fees.
CUNA Chief Economist Mike Schenk responded to the Federal Reserve raising its benchmark Federal Funds interest rate by 25 basis points at its Wednesday meeting – pushing the overnight rate above 5% for the first time in over 15 years.
Credit Union Magazine’s Summer 2023 issue highlights the lending outlook for the rest of the year, how credit unions leverage fintech companies to boost digital lending, the power of lending partnerships, common Bank Secrecy Act violations, and the shift board members must make when becoming chair.