FASB plan spurs rare alliance of banking, credit union lobbies02/02/2016Bank and credit union advocates rallied together to push back against FASB's Current Expected Credit Loss proposal. The controversial accounting plan would greatly alter when financial institutions set aside funds to reserve against loan losses. CUNA chief advocacy officer Ryan Donovan worked with ICBA to encourage lawmakers to weigh in and said he “hope[s] FASB will take their concerns into consideration as it moves forward.”
Credit union perks or how to avoid the games bankers play02/01/2016Credit union membership is on the rise thanks to broader eligibility requirements and greater awareness explains CUNA chief policy officer Bill Hampel. Over the years, credit unions have extended membership eligibility in order to make is easier to join. Be sure to let consumers know they can find a credit union to join and become a member-owner by visiting CUNA's aSmarterChoice website.
Survey: millions consider borrowing with a personal loan01/28/2016Nearly 20% of millennials will take out a personal loan this year. CUNA managing editor Michelle Dosher advises millennials to first assess their financial situation to see if they can meet the monthly payments before applying for a loan.
4 reasons millennials should open a credit union account01/27/2016Bankrate recommends millennials join a credit union. The publication noted that millennials who join will experience better deals on savings, CDs, less fees, and find it easier to borrow from a credit union. CUNA's aSmarterChoice website has a fast, easy, and convenient finder that allows users to search for a credit union around them.
CUNA raises concern about fiduciary, overtime rules01/27/2016CUNA recently raised concerns over the Department of Labor's proposed fiduciary rule. The proposed rule could lead to increased compliance costs for credit unions, which led CUNA to advocate that the DOL "more narrowly tailor its proposal" to ensure the rule doesn't apply to small credit unions and staff.
CUNA's Ryan Donovan discusses the importance of advocacy in an election year01/20/2016CUNA chief advocacy officer Ryan Donovan discusses the organization's advocacy goals for 2016. Donovan highly encourages credit unions to attend CUNA's GAC next month. Donovan stresses the importance of attending and participating, as this year will be a critical year for credit union advocacy. Donovan suggests credit unions run CUNA's 'Project Zip Code', an initiative that counts the number of credit union members in each political jurisdiction, before meeting with members of Congress.
CFPB seems to set to throw the baby out with the bath water01/15/2016Credit unions did not cause the 2008 financial crisis. Yet, the CFPB continues to uphold them to the same standard of regulatory burden as big banks - the real culprits of the economic downfall. CUNA chief advocacy officer Ryan Donovan predicts fewer credit unions will be able to offer alternative small dollar loans to consumers as the number of regulatory burdens, requirements, and rules continue to grow. It's time for the CFPB to start exempting credit unions from rules designed to reign in big banks.
CUNA: CPPB has ‘overstepped the boundaries’ with expanded HMDA rule01/11/2016In a letter to the White House Office of Management and Budget CUNA expresses frustration with the CFPB's expanded HMDA rule. CUNA believes the CFPB has 'overstepped the boundaries' when it comes to the mortgage lending data reported under HMDA. Now, financial institutions are required to report forty-eight data fields instead of seventeen proposed by Dodd-Frank.
New reports conclude Dodd-Frank has adversely affected main street01/11/2016This week the House Financial Services Committee presented more evidence regarding the harmful effects of Dodd-Frank on Main Street. In a non-partisan report from the Government Accountability Office, it was indicated how increased compliance burdens have made lending activities more difficult. CUNA issued a statement on the GAO's report saying, “It is our hope that Congress will thoroughly investigate the costs of regulatory burden as the full picture unfolds and more regulatory requirements become effective.”
Racing to cement a Wall Street legacy01/07/2016A third of regulations under the Dodd-Frank Act have yet to be completed. Unfortunately, the law has created undue burdens for America's credit unions. CUNA chief advocacy officer Ryan Donovan explains, “if the goal was to lead to a gradual reduction of credit unions in the country as a result of an overwhelming regulatory burden in response to the a crisis credit unions didn't contribute to, then the law was a success.” Donovan continues to add, “Credit Unions, however, would view the law as a failure.”
Personal loan vs. personal line of credit: what’s the difference01/05/2016Consumers looking for extra funds can apply for a personal loan or personal line of credit, however, the importance is knowing the difference. CUNA program manager of blended learning Michelle Dosher advises consumers to take out a personal loan when “you have a solid idea of the amount you'll need to borrow.”
Small and midsize banks support Shelby’s reform bill01/04/2016Hancock Holding Company president/CEO John M. Hairston explains in an op-ed the financial regulatory relief legislation introduced by Senator Richard Shelby (R-AL) is supported by banks and credit unions of all sizes, listing CUNA as a supporter of the Shelby bill.
Personal loan rate forecast for 201601/04/2016The Federal Reserve's decision to boost federal funds rates will impact personal loan rates in 2016. CUNA senior economist Perc Pineda predicts personal loan rates will increase start adjusting upward fairly soon.
CD rate forecast for 201601/04/2016CUNA vice president of economics and statistics Mike Schenk predicts that by the end of the year, CD rates will rise. Now that the Federal Reserve announced plans to raise the federal funds rates, “we expect the Fed to increase the benchmark rate by quarter-point increments at every other meeting during 2016 for a total of 1 percentage point by the end of the year” states Schenk.
Resolve to evolve: CUNA's promise in 201601/04/2016CUNA president/CEO Jim Nussle New Year's resolution is to make CUNA a stronger organization. This includes uniting the goals of CUNA and the leagues together in order to deliver greater value, accountability, and advocacy success for America's credit unions.
Are CDs back? Well, not exactly01/02/2016Now that the Federal Reserve will increase interest rates, certificates of deposit could attract younger investors. During its peak in 2009, credit union consumers made up about 10% of the CD marketplace. However, this number has dropped 18% according to Mike Schenk. If the economy gets to a point where there is a difference between earnings and what's being chewed up by inflation, CDs could appeal a new generation of investors.
10 trusty tips in applying for personal loans in 201612/21/2015It's important to select the best lender when considering a personal loan. CUNA senior economist Perc Pineda points out the average loan rate at credit unions are lower compared at banks. “A $5,000, 2-year loan, the average rate is 9.54% at credit unions compared with 9.93% at banks” explains Pineda.
B2B CMOs bring 2016 into focus12/20/2015CUNA chief marketing & technology officer Amy Nigrelli sits down with Branding Magazine and shares how the organization is prepping for B2B opportunities in 2016. At the top of Nigrelli's list is “re-imagining our digital presence.” How CUNA can best leverage new tools, technologies, and social spaces to leverage their brand to market.
7 questions to ask before charging a big ticket item12/18/2015Think again before charging that big item ticket on your card. CUNA program manager of blended learning Michelle Dosher says it makes “no financial sense” to charge unless you know you can pay the entire balance before interest kicks in.
3 ways small-business owners can prepare for an interest rate hike(1)12/17/2015CUNA senior economist Perc Pineda predicts an interest rate hike as high as 1.75% by next year. On Wednesday, the Federal Reserve announced its plan to increase interest rates by a quarter percent.