Booming auto sales boost growth of credit unions11/20/2015Credit unions and the auto industry are reaping in the benefits of consumer spending. Credit unions are securing a larger portion of the auto lending business leading to higher membership which topped 506,000 in Massachusetts at the end of June 2015. CUNA senior economist Mike Schenk estimates auto loans are bringing in 35-40% of new members to America’s credit unions.
Stretching your dollar – holiday shopping tips11/16/2015In CFA/CUNA’s 2014 annual holiday spending survey, consumers revealed their intent to spend more money in the holiday season. We’ll be releasing our 2015 results on Monday, November 23 – stay tuned!
Available resources & financial info for military veterans11/11/2015aSmarterChoice is featured as a financial
resource for military veterans. The site allows anyone to search for credit
unions by military affinity.
Why giving vendors an inside look at CUs benefits the industry11/11/2015CUNA vice president of strategic
services Julie Esser explains the benefits of CUNA Communities and the CORE
program. CUNA launched CUNA Communities recently as an online portal for credit
union professionals and service providers to connect with their peers, solve
problems and build knowledge. CUNA's CORE program, which will be launched in
May 2016, is a two day educational program for service providers to learn what
they need to know about the credit union industry.
How to get a personal loan11/02/2015The number of Americans choosing a personal loan to fill in some sort of money gap -- whether to consolidate credit card debt or finance a wedding -- is on the rise, thanks in part to falling interest rates in the past 2 years. CUNA senior economist Perc Pineda pointed out that the demand for personal loans at credit union alone rose 4% in June over last year.
Recent Central Jersey board appointments10/30/2015Aspire Federal Credit Union president/CEO Thomas O’Shea, a CUNA member, has been appointed to the CFPB Credit Union Advisory Council. The Council advises the CFPB on regulating consumer financial products and services. Of the eight newly-appointed credit union representatives on the council, six are CUNA members.
Winning converts10/30/2015Credit unions continue to grow as communities adopt to their social mission of people helping people. According to CUNA chief policy officer Bill Hampel, one of the driving forces behind the credit union movement includes changes to enable multiple “common bonds” which has resulted in making credit unions easier to join and more convenient to use.
Pen Air wins Desjardins Youth Financial Education award10/29/2015CUNA awarded Pen Air Federal Credit Union the 2015 Desjardin Youth Financial Education Award. The award recognizes those in the credit union movement who provide compelling and innovative financial education efforts in the community. Pen Air FCU excelled in this area by implementing a financial boot camp series in partnership with the University of West Florida.
Top lobbyists 2015: associations10/28/2015CUNA president/CEO Jim Nussle made The
Hill’s list of top lobbyists of 2015. Nussle has been president/CEO of CUNA
for just over a year and has already appeared on the list twice.
CUNA stakes claim around middle class and 2016 elections10/19/2015CUNA launched the “Strong Credit Unions. Strong Middle Class.” campaign to further educate members about the benefits of membership in a credit union and convey that stronger credit unions mean a stronger middle class. In addition to educating members, CUNA wants the 2016 presidential candidates to hear about credit unions and the benefits we provide as the candidates formulate their positions on economic policy.
National group names Northeast Community credit union of the year10/17/2015CUNA recognized Northeast Community Credit Union as the 2015 Community Credit Union of the year. NCCU was evaluated on their member, community and financial impact. CUNA vice president of learning events James Carrick said “this year’s award proves that the generous, cooperative spirit of the credit union movement extends beyond the credit union itself.”
CFPB finalizes rule to update HMDA reporting requirements10/15/2015CFPB finalized a rule to update the reporting requirements for financial institutions as part of the Home Mortgage Disclosure Act (HMDA). Now financial institutions will be required to disclose 33 new data points regarding mortgage loan underwriting and pricing. CUNA chief advocacy officer Ryan Donovan said that “if the bureau’s intent is to stifle available credit to consumers, they’re succeeding.”
Electronic payments coalition applauds FBI PSA on EMV10/14/2015The Electronic Payments Coalition applauds the FBI’s recent public service announcement educating consumers about EMV while warning against consumer complacence when it comes to security. CUNA is part of the Electronic Payments Coalition.
House passes bipartisan TRID grace period bill 303-12110/07/2015The House recently passed CUNA-backed legislation H.R. 3192, the Homebuyers Assistance Act, to allow financial institutions more time to comply with the new TRID rule. “CUNA and other stakeholders repeatedly asked the CFPB to provide a formal hold-harmless period to ensure the rule has minimal impact on consumers and residential home mortgage closings” explained CUNA chief advocacy officer Ryan Donovan.
Nussle urges NWCUA to boost advocacy: onsite at Amplify10/06/2015CUNA president/CEO Jim Nussle urged for increased advocacy efforts while attending the NWCUA Amplify Convention. Nussle explained effective advocacy as “if you want to move the needle, you have to engage real people in this business of advocacy.”
Retailers: Obstructing Innovation in Payment Security10/02/2015CUNA president/CEO Jim Nussle says that the financial services industry is committed to driving innovation forward, constantly looking for ways to keep customers’ information safe and secure. But we need merchant trade associations to stop trying to halt progress and instead work with us to help everyone – merchants, banks and networks – to implement a new and better solution that will protect consumers and reduce data breaches.
Credit unions’ statutory lending cap blocks underserved consumers09/30/2015CUNA submitted a letter to the Treasury discussing its views on online marketplace lending and credit unions growth in member business lending.
CFPB should be bipartisan commission09/30/2015Jim Nussle and other trade leaders advocate for a bipartisan commission at the Consumer Financial Protection Bureau. Financial industry leaders believe having a bipartisan board would help ensure fairness and, most importantly, a stable form of leadership. The bureau was originally intended to be a bipartisan commission; however, it has been led by an appointed director.
Banking industry seeks Dodd-Frank rollbacks in the form of year-end policy riders09/29/2015CUNA and other trades submitted a joint letter to leaders of the Senate Banking Committee and Senate Majority Leader Mitch McConnell (R-KY) urging for regulatory relief.
Women to watch in the boardroom09/28/2015Credit Union Times names CUNA Board Chairman Susan Streifel one of the credit union women to watch. Streifel believes women in senior positions “must reach back to our sisters and offer our support, guidance and leadership,” she explained, and to “always be prepared to step into a leadership role when the opportunity presents itself.”