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CUNA in the News


Most Recent

Liberals criticize Kaine for supporting regulation pushed by banks07/21/2016Sen. Tom Kaine (D-VA) was one of 70 senators to sign a letter to CFPB Director Richard Cordray requesting the Bureau to use its authority to tailor rulemakings for credit unions. “It wasn't credit unions that tanked the economy” advocated Kaine. CUNA and the state Leagues worked closely to bring about this bipartisan congressional support for America's Credit Unions.

Anniversary of Dodd-Frank? It’s been a big dud, frankly07/21/2016CUNA president/CEO Jim Nussle marks sixth anniversary of Dodd-Frank Act by calling it a 'big dud.' “No matter the intentions--which were clear, as Congress embroidered the words “Wall Street Reform” into the name of the bill--the consequences have been incredibly problematic for credit unions and, more importantly, to their consumer-friendly financial products and services,” explained Nussle. According to CUNA's regulatory burden study, compliance costs have risen nearly 100% between 2010 and now. 

Angie's Garden Ribbon Cutting07/20/2016University Hospitals Rainbow Babies & Children's Hospital in Cleveland opens a new horticultural therapy suite as part of a convention 'leave behind' project. On July 20, 2016, CUNA, the Ohio Credit Union League, RealClearPolitics, and the Republican National Convention celebrated the opening with a ribbon cutting event. Janna Ryan, wife of U.S. House Speaker Paul Ryan (R-Wis.), cut the ribbon along with the help of two UH Rainbow Babies & Children's Hospital patients. “We're delighted to have been doing such meaningful, long lasting projects at the National Party Conventions since 2000,” commented CUNA Chief of Staff/Chief Operating Officer Rich Meade. The ribbon cutting event was also covered in 48 WAFF and CU Today

Credit card breach hits Wendy’s customers in Michigan07/07/2016CUNA and the Michigan Credit Union League advocate for stronger accountability from merchants and card network companies to help cover the costs in wake of Wendy's data breach. “Retailers big and small experience a breach, and months go by without any notice to credit unions of which cards are compromised, which results in a spike in fraud losses - and once again, local credit unions are left holding the bag,” said Michigan Credit Union League CEO Dave Adams. CUNA will enter a lawsuit against Wendy's in order to protect member credit unions from continued data breach costs.

CUbroadcast studio lounge at CUNA ACUC in Seattle06/29/2016CU Broadcast hosted several interviews in its studio lounge at this year's CUNA ACUC. Interviews with CUNA staff include - president/CEO Jim Nussle, chief of staff and COO Rich Meade, chief advocacy officer Ryan Donovan, chief policy officer Bill Hampel, chief engagement and transformation officer Mollie Bell, chief products and services officer Todd Spiczenski, and vice president of economics and statistics Mike Schenk. Check them out! 

DNC volunteers sow garden in West Philly with hopes of lasting bounty06/29/2016Volunteers from CUNA, the Pennsylvania Credit Union Association, Real Clear Politics, and the Democratic National Convention Committee help get a new community garden growing in West Philadelphia. The garden is part of the Democratic National Convention 'leave behind' project aimed to bolster community engagement and nutritional programs for patients at Children's Hospital of Pennsylvania. The volunteer event was also covered in CU Insight,WHYY, Fox 29, PR Newswire, and Real Clear Politics.

Old school credit unions are rewarding savers06/29/2016Credit unions now rank among the highest-yielding deposit accounts. CUNA vice president of economics and statistics Mike Schenk predicts that things will get even better for credit union members when the Federal Reserve begins to raise interest rates. “When market interest rates go up, more than likely credit union earnings will likewise go up and they will have more to return to their members,” predicts Schenk. 

Banks and credit unions join forces against new payday rules06/28/2016CUNA and the ICBA sent a joint letter to CFPB Director Richard Cordray expressing serious concerns regarding the bureau's proposed payday lending rule. In the letter, both trade groups made it clear that the proposal would “curtail or eliminate existing products and remove incentives to innovate or develop new consumer-friendly, short-term products and small dollar loans.” The letter was also highlighted in the CFPB Monitor.

Durbin amendment is a failure for customers: repeal the merchant markup06/16/2016CUNA president/CEO Jim Nussle joins Consumer Bankers Association president/CEO Richard Hunt, Independent Community Bankers of America president/CEO Cam Fine, and National Association of Federal Credit Unions president/CEO Dan Berger in support of repealing the Durbin Amendment. The leaders argue that since 2011, the Durbin Amendment has failed to accomplish what it was originally set out to do - pass along revenue to consumers in the form of lower prices. Instead, retailers have profited an extra $36 billion in revenue.

More join buttons, and other lessons from MMCC 201606/15/2016CUNA membership manager Natalie Sherry accepted the ASAE Gold Circle Award on behalf of CUNA Council's “All In” campaign. The goals of the “All In” campaign were a two-fold: expand the number of credit union participating in any council and grow the number of councils that current members were engaged - both of which were achieved. Sherry explained the premise of the campaign to attendees at the 2016 ASAE Marketing, Membership & Communications Conference in Washington, D.C.

CUNA is on the front lines to keep senior financially safe06/15/2016Jim Nussle recognizes June 15 as World Elder Abuse Awareness Day and explains how credit unions are on the front lines protecting seniors from financial fraudsters. As defenders, credit union staff are always on alert to any changes in elderly members' financial activity and behavior. And as part of their mission, credit unions educate their members and families on the warning signs of financial abuse. According to the National Elder Abuse Center, around 5 million seniors fall victim to elder abuse each year - 1 in 8 of those cases are related to finances.

A better way: our vision for a confident America06/14/2016House Speaker Paul Ryan (R-WI) cited CUNA's regulatory burden study in a paper released this week regarding the US economy.  Speaker Ryan discussed the negative implications Dodd-Frank has had on America's credit unions by explaining the loss of competition and quality of people's choices.

Hensarling’s Dodd-Frank plan draws praise from industry, criticism from democrats06/07/2016Rep. Jeb Hensarling unveiled an alternative to Dodd-Frank, including a number of CUNA-backed regulatory relief provisions. CUNA chief advocacy officer Ryan Donovan voiced his support for the plan by adding, “We appreciate Chairman Hensarling's provisions that tackle some of the regulatory burdens shouldered by Main Street, community financial institutions - especially the consideration it gives to credit unions' supervisory concerns .”

Regulatory burden restrains credit unions06/05/2016Minnesota Credit Union Network CEO Mark Cummins reminds Minneapolis Federal Reserve President Neel Kashkari about the negative impact increased regulations have had on credit unions and their members. According to CUNA's regulatory burden study, Minnesota credit unions have incurred $102 million in costs related to increased regulations, money that could have gone back to members in the form of lower rates, lower fees and more loan opportunities.

How the new overtime rule impacts credit unions with CUNA’s Leah Dempsey06/02/2016CUNA senior director of advocacy and counsel Leah Dempsey explains the regulatory impact credit unions will face due to the new overtime rule imposed by the Department of Labor. Dempsey explains that the salary threshold to qualify for overtime doubled from $23,000 to $47,000 per year - sweeping in more employees and regulations for employers. While the intention of the rule is good, it has opened a can of worms of unintended consequences. Dempsey points to the fact that to compensate staff with overtime pay, credit unions may have to cut back on hours of operation, staff, and products/services which will impact over 105 million credit union members.

One-size-fits-all financial regulation is harming consumers and our economy06/01/2016CUNA president/CEO Jim Nussle recently had the opportunity to write our next President of the United States on the need to ease the burden for America's credit unions. Nussle was invited to participate in the U.S. Chamber of Commerce's “Dear 45” campaign, a program that allows influential leaders to highlight important policies for our next president. CUNA's recent study found that regulatory burden cost the credit union industry at least $7.2 billion in 2014.

Financial industry spars with retailers over data breach bill05/23/2016Several financial trades joined CUNA's stop the data breaches campaign to voice support of the Data Security Act of 2015. CUNA, along with American Bankers Association, Financial Services Roundtable, Consumer Bankers Association, Independent Community Bankers of America, National Association of Federal Credit Unions and The Clearing House, encouraged consumers to contact their elected officials, urging them to pass the data security legislation and protect consumer data.  American Banker,Associations Now,CU Journal, and CU Today made note of the campaign.

New FFIEC mobile guidance lists risk-based “should”05/19/2016The Federal Financial Institutions Examination Council released new guidelines for examiners to evaluate how financial institutions and third-party providers are managing risk in retail payment systems. While it's still unclear how NCUA will implement these guidelines, CUNA senior director of advocacy Lance Noggle advises credit unions to begin implementing proper security measures. “It looks like they're pushing biometrics to ensure that a mobile device is being used by its owner and that codes and emails also would not be available to someone in possession of a lost or stolen phone,” explained Noggle.  

Could ‘loophole’ help explain rise in credit unions’ business lending?(1)05/18/2016The Massachusetts Bankers Association question the criteria and designation of credit unions deemed low-income by The NCUA. CUNA vice president of economics and statistics Mike Schenk quickly shoots down the bankers attack by adding “they cherry picked some statistics…[and] there are a lot of things they glossed over.” While the number of credit union members are growing they still “only control 7% of financial institutions assets in Massachusetts” said Schenk. 

Could ‘loophole’ help explain rise in credit unions’ business lending?05/18/2016The CUNA vice president of economics and statistics Mike Schenk recently shot down a recent study funded by the Massachusetts Bankers Association by pointing out “they cherry picked some statistics…[and] there are a lot of things they glossed over.” While the number of credit union members are growing, they still “only control 7% of financial institutions assets in Massachusetts” said Schenk.