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.
Lawmakers, business groups react to final overtime rule05/18/2016The Department of Labor released its final overtime rule for employees working more than 40 hours a week. CUNA chief advocacy officer Ryan Donovan weighed in on the issue. “We are obviously disappointed but not surprised by the final overtime rule. America's credit unions work every day to improve the financial livelihood of their members - more than 105 million strong. Nevertheless, the finalized changes add to the regulatory burden that credit unions face and will impair their ability to provide affordable financial services to millions of Americans” explained Donovan.
Angie’s Garden springs in time for the RNC05/09/2016CUNA, the Ohio Credit Union League, RealClearPolitics, the 2016 Republican National Committee and University Hospitals Rainbow Babies & Children's Hospital came together for Volunteer Day to begin work on a horticultural therapy suite in Angie's Garden at UH Rainbow Babies & Children's Hospital in Cleveland, OH. “This space is for everybody to enjoy, patients, family, staff comes up here enjoys. It gets you out of the clinical environment. It helps you to remember there are seasons; that life is going on around you," said UH Rainbow Babies & Children's Hospital horticulturist Kristina Arthur. The volunteer event was also covered in WEWS ABC-5 and WJW Fox-8.
Groundbreaking for health and wellness garden at CHOP Pediatric Center05/05/2016CUNA commemorates second leave-behind project with groundbreaking event at Children's Hospital of Philadelphia's Karabots Pediatric Care Center. Funds donated from CUNA and the Pennsylvania Credit Union Association will go toward creating a garden for community engagement and nutritional programs for patients. The groundbreaking event was also covered in CU Insight,ABC6 WPVI , NBC10 WCAU, and KYW 1060 Radio.
Small businesses and credit unions: for the good of America05/02/2016Every year, the president of the United States recognizes the pivotal role small businesses have in America by designating National Small Business Week. CUNA President/CEO Jim Nussle took the opportunity to recognize the good work America's credit unions do to support small businesses in their communities. Nussle remarks how credit unions were there for small businesses during the financial crisis, while banks withdrew services. Nussle urges Congress to increase the credit union member business lending cap to 27.5% in order to promote more jobs and funds into the economy.
Is a credit union right for you?04/29/2016Credit unions continue to become a more popular alternative to traditional banks. According to CUNA, 3.7 million people joined a credit union last year marking a record high of total credit union members. In addition, credit union members expressed being more satisfied with their service compared with customers of major banks in 2015 survey from the American Customer Satisfaction Index. Credit unions scored an 81% approval rating, beating out national and community banks.
Regulatory burden for credit unions has grown in recent years04/28/2016CUNA's regulatory burden study is noted in The Wall Street Journal Pro Financial Regulation section. Please note, a subscription is required to access content.
How NCUA can continue to address credit union concerns04/28/2016Jim Nussle offers advice to the NCUA board during this time of transition. Despite Chairman Debbie Matz stepping down and the impending nomination of board member J. Mark McWatters to the Ex-Im Bank, Nussle believes the agency can and should continue to address the following issues: examination consistency and relief, modernizations to field of membership rules, supplemental capital, and engage with the CFPB to ensure the Bureau's quest truly results in tangible consumer protection.
Report: credit unions paid $7.2 billion because of regulations04/27/2016CUNA's regulatory burden study finds substantial increases in costs associated to regulation. In 2014, America's credit unions lost $1.1 billion in revenue and paid $6.1 billion in regulatory costs, according to a study commissioned by the country's biggest trade group for credit unions. CUNA also introduced a “Regulatory Burden Calculator” for small institutions based on the report's findings.