The House and Senate are both in Washington, D.C., this week. The House Financial Services Committee and Senate Banking, Housing and Urban Affairs Committee will conduct hearings with the CEOs of the largest banks.
Reps. Peter Welch, D-Vt., and Lance Gooden, R-Texas, introduced the House version of the Credit Card Competition Act Monday. CUNA, Leagues, and credit unions strongly oppose the bill, which would allow merchants to route payments through an unaffiliated network.
Credit Union Awareness announced increases in membership in states where the program is launched. States where the program has had robust credit union engagement, credit unions have seen 20% more memberships each year than non-participating states.
Sen. Alex Padilla, D-Calif., introduced the CUNA and League-led Expanding Financial Access for Underserved Communities Act. The bill—which represents the most significant modernization of the Federal Credit Union Act since 1998—passed the House in June as part of a larger legislative package.
LEVERAGE announced a new partnership with Active.Ai, an advanced artificial intelligence (AI) program that enhances communication methods for credit unions by providing a highly personalized conversational experience designed to anticipate needs and effectively answer questions.
The Virginia Credit Union League and leaders from 12 member credit unions met with CFPB Director Rohit Chopra and Senior Policy Advisor Charles Johanek to discuss regulatory priorities and how credit unions' ability to serve members is affected by an ever-evolving regulatory landscape.
Confusion over Community Development Financial Institution (CDFI) certification for credit unions is costing communities in need valuable resources, CUNA President/CEO Jim Nussle wrote in Credit Union Times.
CUNA wrote in opposition to any potential expansion of the credit union lease arrangement with military bases to banks in a letter sent to Senate Armed Services Committee leaders Friday asking the committee to reconsider the language included in its FY23 NDAA.
The NCUA board will vote on proposed rules on member expulsion and subordinated debt at its Sept. 22 meeting. The board will also hear a quarterly update on the National Credit Union Share Insurance Fund.
Credit Union Magazine’s Fall 2022 issue highlights credit unions’ role in cryptocurrency, the state of digital assets, cannabis banking compliance, the human side of technology implementation, and involving the board in financial discussions.