The CFPB issued a proposal Tuesday to extend supervision and examinations to larger nonbank companies that offer services that include digital wallet and payment apps handling more than 5 million transactions per year.
CUNA and NAFCU requested NCUA extend the comment deadline for its proposal to simplify share insurance coverage rules by 30 days in a letter sent Tuesday. Comments are currently scheduled to close Dec. 26.
Interchange proposals being considered in Washington, D.C., will make using credit cards riskier and more expensive, wrote Kathy Harrington, president of Heartland Credit Union, Inver Grove Heights, Minn., in the Brainerd Dispatch this week.
The Senate Banking, Housing, and Urban Affairs Committee voted unanimouslyto advance NCUA board nominee Tanya Otsuka for a Senate floor vote. If confirmed, she would take the seat of current board member Rodney Hood, whose term expired in August.
The Consumer Financial Protection Bureau’s outline of proposals on the Fair Credit Reporting Act (FCRA) are an “unwarranted and vast expansion” of the statute and has an inappropriately limited timeline for feedback, CUNA and NAFCU wrote to the CFPB Monday.
The House and Senate are in Washington, D.C., this week, with both considering appropriations legislation on their respective chamber floors. The Senate Banking Committee will on vote on several nominations Tuesday, including Tanya Otsuka to serve on the NCUA board.
World Council of Credit Unions’ 2022 Statistical Report shows the global credit union movement soared past another milestone last year as worldwide membership topped 400 million. As of December 31, 2022, there were 403,976,049 credit union members.
CUNA President/CEO Jim Nussle cited a Department of Defense report in response to to a military banking association mention of credit unions during written testimony during a Senate hearing last week, noting the claims counter the results of a 2022 study requested by the House of Representatives and released by the DoD.
The Winter 2023 issue of Credit Union Magazine explores award-winning marketing, board training on a budget, developments in instant payments, service to small businesses, and NCUA’s final rule on member expulsion.