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CUNA in the News


Most Recent

Fed holds off for now, but CUs believe rate hike imminent09/21/2016The Federal Reserve held off on a rate hike this month. Members of the Federal Reserve's Federal Open Market Committee decided to keep the fed funds rate untouched after a two-day policy meeting. CUNA Chief Policy Officer Bill Hampel anticipates an increase by the end of 2016 coupled with “further increases” in 2017.

CUNA says many questions remain around DoD’s MLA plans09/19/2016CUNA seeks guidance and clarification on the Department of Defense's Military Lending Act. CUNA Chief Compliance Officer Jared Ihrig outlined the five areas of concern in a letter to NCUA that need to be answered: purchase money loans, ancillary products, statutory liens, safe harbor and definition of “vehicle.”

Guest column: state of innovation Pa. should nix Durbin amendmen09/16/2016In an op-ed, Pennsylvania Credit Union Association President/CEO Patrick Conway advocates for better merchant data security standards and for the repeal of the Durbin Amendment.  Conway wrote, “Even though retailers continue to put profits ahead of their customers, by failing to pass on Durbin Amendment savings, shirking data security responsibilities, and ignoring critical security upgrades, financial institutions are still working to protect their customers to the best of their abilities”. According to CUNA, 40 million cards were compromised in a 2013 data breach that left credit unions to spend more than $30 million to reissue cards to members. “We can't afford erroneous policies to continue to hurt those so closely intertwined with economic growth and success,” explained Conway.

Democrats unwilling to debate CU-supported bill to replace Dodd-Frank09/13/2016This week the Financial CHOICE Act was approved by the House Financial Services Committee (HFSC) in a 30-26 vote. The bill, introduced by HFSC Chairman Rep. Jeb Hensarling (R-TX), is a proposed alternative to the Dodd-Frank Act. In a letter sent to Rep. Hensarling CUNA President/CEO Jim Nussle praised the bill because it “would help to relieve some of the regulatory burdens that credit unions currently face so that they can better serve their members.”  

Small banks sue credit union regulator over lending rule09/08/2016The Independent Community Bankers of America filed a lawsuit against the National Credit Union Administration regarding its member business lending rule. CUNA president/CEO Jim Nussle quickly shutdown the lawsuit as a “baseless attack” and “is merely a self-serving publicity stunt to distract community bankers from the real issues that should be concerning them, namely the encroachment by large banks into the business of small banks and their resulting loss of market share.”

Credit unions seeks to become first with banking blockchain09/03/2016America's credit unions seek to become innovators in blockchain technology by launching CULedger, a consumer-facing enterprise project. “Credit unions have more to gain than to lose when looking at this opportunity. The competition among us isn't big enough to push out [our] cooperative side,” explained Rich Meade. Four of the largest credit union service organizations as well as, fifty-six credit unions have joined forces with CUNA and the Mountain West Credit Union Association on this initiative. This also appeared in Finextra

No matter who wins, 2016 election is history in the making09/02/2016CUNA chief of staff and COO Rich Meade outlines a path to the US presidency for both candidates in a recent opinion piece. Meade pens that if Republication presidential candidate Donald Trump can win over voters in swing states with his message of creating manufacturing jobs, rebuilding infrastructure, and railing against 'bad' trade deals, he'll come out victorious. As for Democratic presidential candidate Hillary Clinton, Meade wrote she can convince voters she's ready and prepared to take office on day one. You'll have to stay tuned until November 8th for the results!

Pressure on CFPB over arbitration rule builds08/23/2016The CFPB's proposed rule on arbitration has been met with backlash from many, including CUNA. CUNA commented that under the new rule, “Plantiffs' lawyers seeking to profit from lucrative attorneys' fees under statutes like this, under the guise of consumer protection, can exploit even a minor oversight of some technicality that will cause no actual distress for a consumer.” Please note, credentials are required to access this content.

Why CU Ledger will be a game changer for credit unions, CUNA’s Rich Meade explains08/22/2016CUNA chief of staff & COO Rich Meade says CU Ledger will be game changer for credit unions in the coming months. CUNA and the Mountain West Credit Union Association are spearheading CU Ledger which aims to create a shared ledger network. This network will house credit unions transactions that's aggregated and public in order to create a consensus that will enhance data security for credit unions. The steering committee for CU Ledger held its first meeting this week, setting the stage for innovative technology within the credit union industry.

As #bankblack moves money, black credit unions are ready08/20/2016National social media campaign #BankBlack aims to encourage African Americans to invest money into black-owned credit unions. In July alone, over a million dollars was shifted to African American banking institutions like credit unions, which in turn benefits local communities. “Any time a credit union does well, a community does well,” explained CUNA president/CEO Jim Nussle.

Housing industry’s biggest trade groups push FHA to reconsider PACE rules08/17/2016The Federal Housing Administration announced new rulemaking for loans created under the Property Assessed Clean Energy program, also known as PACE loans. Despite the agency's goodwill intention to conserve energy, several groups including CUNA are concerned about the priority given to PACE loans. “Rather than requiring definitive subordination of the PACE loan to the FHA or VA mortgage, the new guidance simply declares that a PACE loan structured as a tax assessment is not a super lien,” explained the groups in a letter. “This declaration is a form over substance evasion that fails to protect the FHA Mutual Mortgage Insurance Fund and the VA loan guaranty program.”

CUNA: CFPB decisions 'terribly troubling,' 'baffling'08/12/2016CUNA confronts the Consumer Financial Protection Bureau for not acknowledging they have the ability to use exemption authority for credit unions on recent proposed rulemaking. CUNA and state leagues met with the bureau to make case for exemption authority on proposed arbitration and small-dollar loans rules. Despite bipartisan Congressional support, the bureau has indicated it has no intent to use exemption authority on credit unions. "We strongly encourage the bureau to reconsider its perspective on Section 1022 and finalize rules that allow credit unions to continue to offer services to consumers under the current regulatory scheme," advocated CUNA.

Credit unions call on CFPB to exercise exemption authority in rulemaking08/10/2016CUNA and all 38 state leagues are advocating for the Consumer Financial Protection Bureau to use its authority to exempt credit unions from proposed rules including arbitration and small-dollar loans. “With every rulemaking that ignores the statutory and Congressional message, the bureau makes it harder for credit unions to fulfill their mission” explained the organizations in a letter to the bureau.

CU Ledger could save costs, enhance banking08/03/2016CUNA partners with the Mountain West Credit Union Association to launch CU Ledger, a blockchain or distributed-ledger technology for the credit union industry. CU Ledger aims to create a permissioned, distributed, shared ledger platform to serve as a central location for storage data. “This could be a real game changer. This technology could be the next email, the next internet, the next big thing, so we're really excited” said Rich Meade. 

CHOP debuts health and wellness garden in west Philadelphia08/01/2016CUNA, the Pennsylvania Credit Union Association, RealClearPolitics, and the Democratic National Convention Committee unveiled a new health and wellness garden at Nicholas and Athena Karabots Pediatric Care Center. “This meaningful work, bringing a health and wellness garden to a community in need, will continue to serve its purpose and impact the lives of children and their families for years to come” commented CUNA Chief of Staff/Chief Operating Officer Rich Meade. CUNA and the state leagues have been conducting leave-behind projects in the communities of the National Party Conventions since 2000. CUNA and the state-league, DNC 'leave-behind' project was also covered in Bucks County Courier Times and NBC-10 Philadelphia.

Michigan credit unions join lawsuit over Wendy’s credit card data breach07/31/2016The Michigan Credit Union League has joined a class action lawsuit against Wendy's, in the wake of the massive data breach in 2015. “Until retailers are forced to invest in robust data security measures, credit unions will continue to pay the price for retailer data breaches” explained MCUL Chief Operating Officer Ken Ross. CUNA joined the lawsuit as the national trade association representing America's Credit Unions.

Colorado credit unions seeking relief from Dodd-Frank07/29/2016Credit unions in Colorado seek relief from costs associated with the Dodd-Frank Act. According to CUNA's regulatory burden study, Colorado's 86 credit unions spent an estimated $88.1 million on compliance between 2010 to 2014, equivalent to $1.2 million per credit union member. "I would say we used to spend more time helping members achieve their financial goals. Now we can't spend as much time doing that" explained White Crown Federal Credit Union President/CEO Kerry Spradling.

DNC 'leave-behind' project planted in West Philadelphia07/28/2016CUNA, the Pennsylvania Credit Union Association, RealClearPolitics, and the Democratic National Convention Committee open a health and wellness garden at The Children's Hospital of Philadelphia's Nicholas and Athena Karabots Pediatric Care Center. The garden is a reflection of a time-honored tradition between CUNA and the state leagues providing long-term benefits to the communities of the cities of the national conventions.

WOCCU interviews: CUNA's Ryan Donovan shares benefits of international CU advocacy07/25/2016CUNA Chief Advocacy Officer Ryan Donovan discusses the importance of international credit union advocacy at the 2016 WOCCU conference.  

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.