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, "
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
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.