CUNA in the News

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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 Hampel.

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 selection. 

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 “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, " explained Nussle.

August means advocacy08/03/2015The month of August means Congressional recess in Washington, D.C.  With all 535 members of Congress home for the month, CUNA president/CEO Jim Nussle encourages credit unions to invite their congressional representatives to their branch or schedule a meeting in the congressman’s district office to talk about the credit union difference.

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. 

Ask these 3 questions to develop a better content management strategy07/31/2015In order to implement an effective content management strategy, one must identify the target audience, determine the type of content, and determine the most effective means for distributing the information. CUNA grassroots manager Kristen Prather explains how CUNA uses a 'cross-pollination' analysis which includes a special focus on determining which channels of distribution are suitable based on the content and target audience of the message.

Thank you, Kathy Thompson07/31/2015Basin & Associates partner Geoff Basin salutes and congratulates former CUNA Chief Compliance Officer Kathy Thompson for her years and expertise in credit union service. Thompson retired from CUNA after 35 years of service on July 31.

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 October 3.

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.