Buying the forever home07/31/2015As a result of the financial crisis,
the mindset of current and potential buyers has altered greatly. People are now
viewing their purchase as a forever home. CUNA vice president of economics and
statistics, Mike Schenk, predicts that with low interest rates beginning to
creep upward, "those that have locked in low, long-term fixed-rate
mortgages definitely will think twice before moving."
CUNA goes to bat for nation's credit unions07/31/2015Jim Nussle goes to bat for America's
Credit Unions in the July/August edition of the Rural Cooperatives Magazine in
the 'Organizations Serving Cooperatives' section. Nussle explains what a credit
union is, the mission and work CUNA does for its credit unions and their
members, and the different components within the association.
Fed holds steady – but just for now07/29/2015Mike Schenk, predicts that the days
of ultra-cheap credit are numbered, hinting at an upcoming spike in rates in
September. "[The economy] is a bit of a mixed bag on balance, but
only modestly so" explains Schenk. Increased rates will come about when
more improvements are made to the labor market and inflation moves back to 2%
over the medium term.
Credit unions, nude recreation advocates to greet national legislative delegates in Seattle07/28/2015Next week state legislators from fifty
states will arrive in Seattle for the National Conference of State Legislatures
Summit. Legislators will be met with signage from America's Credit Unions,
reminding them of the importance and significance credit unions provide to
their more than 100 million members.
Regulator should understand the industry07/28/2015Nussle expresses his frustration to
The Washington Times on why they think it's bad to have The NCUA, as their
credit union regulator, when they understand the industry. Nussle goes on to
clarify the remarks made earlier regarding the 'risky large loans' credit
unions conduct. When in reality, those risky large loans go to fund local
businesses and are less than $250K – not so risky, are they?
Credit unions have a prudent regulator, not a 'cheerleader'07/28/2015CUNA President/CEO Jim Nussle
swiftly responds to ABA Frank Keating's latest rant in The Hill's Congress Blog
against credit unions including the accusation that NCUA is a
"cheerleader" regulator. Nussle points out that the basis of the
ABA's ire against credit unions is the tax status of credit unions and reminds
Keating that banks remain for-profit entities and credit unions remain
not-for-profit financial cooperatives. According to Nussle, "the
credit unions have a prudent regulator" and points out that in 2014
"banks and other for-profit financial institutions have been fined
billions of dollars for consumer abuses." "If anything", states
Nussle, "Congress and the NCUA should be looking for more ways to remove
the barriers that keep Americans from joint credit unions."
Mortgage trades join to urge formal TRID hold-harmless period07/27/2015CUNA along with twenty real estate
industry groups joined together to submit a letter to the CFPB regarding HR
3192, the Homebuyer Assistance Act. The goal of the act would force the
CFPB to initiate a formal grace period on enforcement. This comes on the heels
of the CFPB moving the deadline of the TILA-RESPA Integrated Disclosure rule to
Matz offers apology, fuller clarification of statement made during testimony07/24/2015CUNA president/CEO Jim Nussle
appreciates NCUA Chairman Matz for reaching out to him regarding her statements
made at yesterday’s congressional hearing. Nussle shared her statement, by
stating “[her] comments have been construed by some as a lack of faith in
credit union leadership, which is not at all what I intended, nor what I
believe, and for that I apologize.”
Five-year anniversary of Dodd-Frank Act a good time for reflection on the CFPB07/23/2015CUNA staff are featured in the CFPB
Dodd-Frank Anniversary Report. CUNA chief advocacy officer Ryan Donovan, deputy
chief advocacy officer & senior counsel Elizabeth Eurgubian and chief
compliance officer Jared Ihrig explain the significance and impact the
Dodd-Frank Act has had on the financial industry and what the future holds in
terms of regulation.
Matz comments on Capitol Hill spark furor07/23/2015Debbie Matz sparks controversy while testifying about NCUA’s
budget approval process. Matz stated her belief that credit unions aren’t
representing their members when they ask the NCUA to cut the budget. Jim Nussle
respond by stating, “It’s outrageous that Chair Matz would tell Congress she
does not believe credit unions represent their members under the respectful
questioning of Representatives Scott and Mulvaney.”
Credit unions don’t represent their members: Matz07/23/2015In her first Congressional hearing, NCUA
Chair Debbie Matz, testified before Congress regarding their budget process.
During the hearing, Matz expressed her belief that credit unions don’t
represent their members and “don’t really care” about the NCUA budget. CUNA
president/CEO Jim Nussle responded by stating, “I certainly hope that [Matz]
misspoke at the hearing. I can’t believe I need to remind her that the nation’s
credit unions are member-owned.”
G-fee cuts significantly delayed by controversial Senate transportation bill07/22/2015The DRIVE Act, currently under
consideration in the US Senate, proposes to provide guaranteed funding for the
highway trust fund. If passed, this would also substantially delay cuts to the
fees Fannie Mae and Freddie Mac charge lenders to assure loans. CUNA joined
with other trade associations in opposition to using g-fees to fund federal
‘Influencers’ poll gives grades to lobby groups07/22/2015CUNA’s named the top bipartisanship
association in the APCO Worldwide “Influencers” survey. We earned points for
being able to work well with both Republicans and Democrats, a rare and
prestigious feat among trade associations in today’s political environment.
3 ways to strengthen your weak or nonexistent credit07/17/2015New to credit? Or need to improve your credit score? Than consider
taking out a credit builder loan! By borrowing small amounts of money and
making consistent payments, “you create a record of good credit,” explains
Michelle Dosher, CUNA managing editor for consumer education.
10 bad money habits that lead to debt disaster07/17/2015Breaking
down 10 bad money habits, Michelle Dosher, CUNA managing editor for consumer
education, highlights the importance of an emergency fund. “Even if you can
only afford to set aside a minimum amount, it can really come in handy in an
emergency,” she states.
Lenders fight mortgage reporting in highway proposal07/16/2015A new highway
proposal would set more regulatory requirements for outstanding mortgages. In
an attempt to raise funds for transportation, this proposal “would add to an
already staggering level of regulatory requirements while providing absolutely
no benefit to the credit unions members,” explained CUNA president/CEO Jim
Nussle. Nussle, alongside Independent Community Bankers of America (ICBA)
president/CEO Cam Fine, wrote a letter to the House Ways and Means Committee on
July 15 urging them to reject this proposal. Please note, this article is protected behind a paywall.
Looking for a credit card? Take a look at a credit union07/15/2015Looking
for a credit card? You might be better off with a card from a credit union than
a bank, advises SelfLender. According to CUNA, the average interest rate on a
credit card from a credit union was 11.8% compared to 15.77% from a bank. About
60% of credit unions offer credit cards to their members.
One-day sales aim to reignite retail07/14/2015Economists
like CUNA’s Perc Pineda are optimistic that consumers will start to spend
as the year progresses and kids head back to school. He predicted that retail
sales should grow 2% to 3% in the latter half of this year. Californians should
be relatively unshackled and ready for shopping in the coming months, he said:
The average delinquency rate on loans currently is only 0.5% statewide,
compared with the national average of 1.6%. “People have the disposable income,
but they are cautious about where they spend their money,” Pineda said.
ACUC: Let’s raise credit union awareness this week and every week07/13/2015Jim
Nussle hopes you join him in raising credit union awareness not only this week,
but every week. Nussle shares information on consumer awareness strategies
conducted during the 2015 ACUC/WOCCU conference in Denver, CO. Outreach efforts
included distribution of People Helping
People cards at the airport and around the city, t branded t-shirts for
attendees and hotel staff, and a meet-and-greet lunch giveaway in Denver’s
Civic Center Park.
Don't forget what makes credit unions special07/13/2015CUNA president/CEO Jim Nussle urges
credit unions to keep talking about the benefits of credit unions and to
highlight the key elements that set them apart from other financial
institutions. He encourages credit unions to strengthen relationships with their
league and CUNA, participate in councils and conferences, and to take advantage
of the other innumerable resources available through membership. Cooperation is
the key component in order to be successful in our mission.