Congress should subject payment stablecoins to a regulatory framework that limits activity to insured depository institutions and their subsidiaries, CUNA wrote to a House Financial Services subcommittee for the record of its hearing on stablecoin.

NCUA will host a webinar on May 3 explaining the agency’s Simplified CECL Tool, created to help small credit unions implement the CECL accounting standard. Registration is now open for the free webinar, which will begin at 12:30 p.m. ET and run approximately 60 minutes.

CUNA wrote the Senate Appropriations Subcommittee on State, Foreign Operations, and Related Programs in strong support of several international credit union priorities in fiscal year 2024. The committee will conduct a hearing with U.S. Agency for International Development Administrator Samantha Power Wednesday.

CUNA wrote to House Financial Services Committee leadership Monday to correct a letter full of “errors and misleading statements” from banks about credit unions sent earlier this month. CUNA supports strong oversight by all financial regulators and is disheartened that banks continue to use misinformation against not-for-profit credit unions.

The House and Senate are back in Washington, D.C., this week and CUNA will be engaged with several activities on the hill, including hearings on stablecoin and the FY24 budget request for the U.S. Agency for International Development. 

The Small Business Administration finalized changes to its 7(a) and 504 loan programs, changes CUNA believes will ultimately harm the borrowers the SBA intends to aid. CUNA wrote to SBA leadership and Congress in recent months calling for the proposals to be withdrawn.

The NCUA board will be briefed on the federal credit union interest rate ceiling and issue a request for information on climate-related financial risk at its April 20 meeting. CUNA requested NCUA consider increasing the fixed rate cap or adopting a floating rate cap.

CUNA Senior Economist Dawit Kebede said the Labor Department’s March Consumer Price Index Report shows the lowest price increase since May 2021, encouraging news for the Federal Reserve fighting to bring inflation down to 2% target.

NCUA will host an April 26 webinar to discuss the upcoming 2023 Community Development Revolving Loan Fund grant round and other topics of interest to small and MDI credit unions. Registration is now open for this webinar, which will begin at 2 p.m. ET and run approximately 75 minutes.

NCUA issued a Regulatory Alert on Home Mortgage Disclosure Act data collection requirements for the calendar year 2023. Credit unions that meet all four criteria must collect HMDA data during calendar year 2023 and submit the data to the CFPB no later than March 1, 2024.