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.”
As online data theft escalates, banks look to retailers to bear the losses09/28/2015Credit unions are still reeling from the Home Depot data breach that occurred a year ago. The breach hit credit unions hard and in a big way. CUNA chief policy officer Bill Hampel explains, “A $100,000 fraud loss to a large financial institution is nothing. But a lot of credit unions have annual net income that is less than $1 million. If you take a couple of big fraud hits, that’s substantial for them.”
CUNA Board Votes to Retain Dual Membership Requirement09/18/2015CUNA’s Board of Directors met this week to review and consider the System Structure and Governance Task Force’s findings and recommendations. The Board voted on several resolutions in response to the Task Force’s recommendations that will enhance the close partnership between CUNA and the Leagues and further strengthen their shared advocacy efforts on behalf of CUNA’s member credit unions.
Economists react to the Federal Reserve’s interest rate decision: ‘relief’09/17/2015The Federal Reserve announced yesterday that interest rates will remain intact. CUNA senior economist Perc Pineda shares his take on the decision by explaining the “weaknesses outside the U.S. appear to be driving caution” and that the balancing act continues.
The case for raising the credit union lending cap09/16/2015Biz2Credit founder Rohit Arora voiced his support for allowing credit
unions to lend to more small businesses. Arora agrees with CUNA president/CEO
Jim Nussle that the Small Business
Lending Enhancement Act, introduced by Sen. Rand Paul (R-KY), Sheldon
Whitehouse (D-RI) and Jack Reed (D-R.I), is “common sense legislation” that is
Banking groups push senate to pass regulatory relief bill09/11/2015CUNA
partners with banking trades in order for Senate leaders to move forward on
Sen. Richard Shelby's (R-AL) regulatory relief bill. "While no single
piece of legislation is perfect, measures, such as S. 1484, the Financial
Regulatory Improvement Act of 2015, are a step in the right direction,"
explains CUNA and others.
Industry groups call on regulators for TRID exam guidance09/09/2015Regulators are being urged by CUNA and others to provide guidance on how they intend to implement TRID exam guidance set for October 3.
Banking groups unite in call for relief09/08/2015Trade groups
representing the financial sector are urging the feds to reduce regulatory
burden. The growing number of regulations are prohibiting community financial
institutions from serving their members to the best of their ability. CUNA
along with ABA, ICBA, and NAFCU submitted a joint letter expressing their
desire for relief to the Federal Financial Institutions Examination Council.
Credit unions vs banks: think local, save money?08/28/2015Tired of your bank? Consider
switching to a credit union, everyone is doing it! With over 100 million members nationwide “consumers are discovering credit unions, and they are discovering
that in all cases, credit unions can do what their banks could do,” explains CUNA Chief Economist Bill
Jeff Olson named president/CEO of Credit Union Association of the Dakotas08/25/2015The board of directors of the Credit
Union Association of the Dakotas (CUAD) appointed Jeff Olson as their new president/CEO.
Jim Nussle, CUNA president and CEO, praised Olson saying he is a “forceful and
effective advocate for credit unions” and applauded the CUAD board on a great
Chicago Tribune Carolyn Bigda column08/24/2015As students return to school this
fall, they are encouraged to open an account at their local credit union. Get
started by finding one near you at asmarterchoice.org. “We’re pretty sure that
just about anybody can find two or three credit unions nearby that they can
join,” said Bill Hampel.
Buying a car with no credit: 6 things to know08/18/2015Getting
a car loan without a credit score can be difficult. Despite this reality, don't
be discouraged. One solution is to be
strategic in your financing. CUNA vice president of economics and statistics
Mike Schenk emphasizes the importance of including credit unions on your list
of potential lenders.
Senate bill aims for better small business representation in CFPB rulemakings08/14/2015Senators
Mike Rounds (R-S.D.) and Angus King (I-Maine) recently introduced legislation,
S. 1963, which would codify the Credit Union Advisory Council (CUAC) at the
CFPB. CUNA president/CEO Jim Nussle sent a letter thanking the senators for
their support: “In an absence of your legislation, there is no guarantee that
the next director will continue the CUAC,” explained Nussle.
Rate hike reverberations would be felt by credit unions08/13/2015CUNA staff discussed the potential increase in interest rates at
the association’s Economics & Investments Conference in San Diego.
"It's not without any reason that (regulators) are concerned about these
sorts of things," explained CUNA's chief economist, Bill Hampel. California Coast Credit Union CEO, Todd Lane
expressed his concern by adding the problem isn't just rising rates but what
happens to mortgage lending as a result. "If rates are rising across the
yield curve, it means fewer consumers have the opportunity to refinance their
mortgage," Lane said. "That's where we'd see the first and largest
impact." Please note, this article is protected behind a paywall.
3 ways small-business owners can prepare for an interest rate hike08/12/2015Small business owners are on alert,
anticipating a rise in the federal funds rate in mid-September. CUNA senior
economist Perc Pineda predicts the rate will rise to .50 next month, “and could
be as high as 1.75% by next year.” Small businesses are encouraged to put extra
cash to good use, negotiate a fixed-rate loan, and repay or refinance
high-cost, variable-rate debt in order to prepare for a rate hike.
Warren amendment backs NCUA vendor authority08/05/2015Sen. Elizabeth Warren (D-MA) submitted
an amendment to grant NCUA third-party vendor authority. Nussle submitted
comments for the record opposing Senator Warren's proposed amendment and
provided reasons why Senate Majority Leader Mitch McConnell (R-KY) and Minority
Leader Harry Reid (D-NV) should oppose this amendment as well. "Credit unions are supervised already
for due diligence on third-party vendor relationships during their regular
examinations, and many of the third parties on which credit unions rely also serves
banks and, therefore, are subject to supervision by banking regulators, "