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News Now

Washington
Cheney Report: CUNA Forming Student Loan Working Group
WASHINGTON (4/1/13)--The Credit Union National Association is developing a working group to address credit union student loan issues with the Consumer Financial Protection Bureau, and recent developments on the student lending front are one of many issues discussed in this week's edition of The Cheney Report.

In the Report, Credit Union National Association President/CEO Bill Cheney recounts a recent CUNA meeting with the CFPB. CFPB staff, he notes, said they have received thousands of complaints on student loans. However, barely any of those complaints have referenced credit union student lending practices. "Once again, the good work you do helps us advocate for credit unions being treated differently," Cheney told credit unions.

Cheney also suggested that the National Credit Union Administration could move to eliminate some student lending burdens created by troubled debt restructuring (TDR) standards.

Other topics tackled in this week's Cheney Report include:

  • An update on Rep. Carolyn Maloney's (D-N.Y.) new bill to impose new limits and caps on overdraft protection plans;
  • The future of the Senate Banking Committee after current chairman Tim Johnson (D-S.D.) retires from Congress next year;
  • CUNA's plans for April 10 House Financial Services financial institutions subcommittee hearing on credit union regulatory burden;
  • Favorable credit union coverage in the media; and
  • The NCUA's updated estimates of 2012 corporate resolution costs.
Each Friday, The Cheney Report delivers Cheney's insights on three to four key events and policy developments affecting credit unions into the e-mail inboxes of credit union CEOs.

The report also provides a valuable window into CUNA's actions on behalf of member credit unions and reinforces the value of CUNA membership, CUNA Executive Vice President of Strategic Communications Paul Gentile notes.

Past issues of The Cheney Report are archived on cuna.org.
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