The Cornerstone Credit Union League achieved legislative success recently in all three states it represents: Arkansas, Oklahoma, and Texas. The bills range from senior protection to a tax reduction to reauthorizing a state credit union regulator.
The NCUA Board will vote on two final rules, the Current Expected Credit Loss (CECL) methodology and capitalization of interest, at its June 24 meeting. CUNA requested the agency move quickly to finalize both rules in a letter sent last month.
The FCC announced a beta test period for credit unions to access its Reassigned Numbers Database for free from July 1 through Sept. 30. Participation will enable callers and caller agents to understand usage needs prior to signing up for a paid subscription.
Low-income-designated credit unions seeking Community Development Revolving Loan Fund grants, including MDI mentoring grants, have until June 26 to submit their applications. Grant requirements, application instructions, and other important information are available on the grants program page of NCUA.gov.
The CFPB issued an interpretive rule Wednesday that explains the basis for its authority to examine supervised financial institutions for compliance with the MLA, reversing the agency’s previous position in 2018 that it did not have such authority.
CUNA Credit Union Finance for Boards & Committees eSchool (recorded) arms board members with the financial knowledge they need to be successful leaders of their credit union. It is available through June 6, 2024.
Credit union loans outstanding increased 0.6% in April, compared to a 0.1% increase in March of 2021 and a 0.3% increase in April of 2020, according to CUNA’s latest Monthly Credit Union Estimates. Adjustable-rate mortgages led loan growth during the month, rising 1.2%.
Vice President Kamala Harris praised community lenders and announced a $1.25 billion program for Community Development Financial Institutions Tuesday. The Rapid Recovery Program was passed as part of December’s COVID relief legislation.