CUNA, NAFCU, and other financial trade associations representing virtually all banks and credit unions voiced their opposition to legislation from Sen. Josh Hawley, R-Mo., that would cap credit card interest rates at 18%. The organizations note that such a cap would “severely restrict” the availability of this type of credit for millions of consumers across this nation:

A bipartisan group of senators introduced the Secure and Fair Enforcement Regulation (SAFER) Banking Act Wednesday, which would provide a safe harbor for financial institutions serving legal cannabis businesses. CUNA wrote bill sponsors in support Wednesday.

World Council of Credit Unions announced it will begin implementing the new Accelerating Growth and Inclusion in Lending for Credit Unions (AGIL4CU) Project in October, a five-year, $9.3 million initiative funded through the USAID Cooperative Development Program in Burkina Faso, Kenya, Senegal and Guatemala.  

CUNA, NAFCU, and the Defense Credit Union Council (DCUC) urged Senate leaders to oppose an amendment to the “minibus” appropriations bill that would cap credit card annual percentage rates at 18%. The organizations note it would make credit more expensive and less available.

CUNA commended federal regulators for undertaking efforts to provide regulated entities with guidance on integrating reconsiderations of value (ROV) into their appraisal processes in comments filed Tuesday but noted two parts of the proposal could be challenging for credit unions to implement