Are banks the only places to park your money?10/19/2016The Wall Street Journal marks International Credit Union Day by highlighting the difference between credit unions and banks. CUNA worked with The Wall Street Journal to produce an infographic that illustrates the benefits of credit union membership.
CCUA interviews: CUNA’s Rich Meade talks blockchain, CU Ledger, and more10/17/2016CUNA Chief of Staff and COO Rich Meade gives an update on CU Ledger. Meade reports that the credit union industry's distributed ledger technology has already raised half amount of the money needed to fund the initiative. Over sixty credit unions and four of the largest CUSOs have committed to the project. Meade hopes to present a robust report on the vision or model of CU Ledger by next spring.
Rules of engagement: going all in10/11/2016CUNA Councils Membership Manager Natalie Sherry elaborates on the success behind its 'Go All In' marketing campaign. Sherry recommends keeping your message simple - ask the audience a question about themselves, show members their own engagement data, and give them a nudge to act. This message proved to be very favorable for CUNA Councils who saw a 361% return on their investment and received an ASAE Gold Circle Award.
Court blasts CFPB, says director has too much power10/11/2016The U.S. Court of Appeals for the District of Columbia Circuit ruled the current governance structure of the Consumer Financial Protection Bureau to be unconstitutional. CUNA President/CEO Jim Nussle welcomed the ruling by explaining “it will establish a meaningful check and balance and bring needed accountability to the director's role.” This was also highlighted in HousingWire.
What CUNA’s 2016-17 staff salary survey says about the state of CUs10/10/2016CUNA's Director of Market Research Jon Haller shares the latest findings from the CUNA 2016-2017 staff salary survey. The survey reported an encouraging finding that less than 10% of credit unions plan to implement a wage freeze for some or all staff in the coming year. This is a significant drop compared to 45% reported during the economic recession, which justifies that the US economy and economic performance of credit unions have improved.
A guide to getting rid of your big-bank checking account10/07/2016Looking for a financial institution that puts your needs first and doesn't adhere to outside shareholders trying to make money off of you? If so, head to your nearest credit union! As a not-for-profit, member-owned financial institution credit unions work together in order to serve their members by offering more than 30,000 surcharge-free ATMs. Locate the nearest credit union to you by visiting CUNA's aSmarterChoice website.
Retailers have jumped the shark09/30/2016The Durbin Amendment, a provision in Dodd-Frank aimed for retailers to pass on savings to consumers, marked its fifth year anniversary last month. Unfortunately, the amendment has failed to benefit consumers and increased costs for credit unions. According to the Federal Reserve, the average interchange fee for 'exempt' issuers, such as credit unions, fell 16.6% for PIN transactions and 5.2% for signature transactions. Reports from CUNA also conclude that credit unions have been significantly harmed by the price controls.
CUNA and NAFCU partner in fight against ICBA lawsuit09/29/2016CUNA and NAFCU join forces to combat a lawsuit filed by the ICBA against the NCUA regarding its member business lending rule. “With approximately 6,000 credit unions that represent nearly 105 million Americans, NAFCU and the CUNA/league system will take whatever actions are necessary to protect and defend the interests of credit unions and small businesses. Our trade associations support the NCUA's member business lending rule, which is consistent with the law and allows small businesses more access to the capital they need,” explained both trade associations.
CUNA urges members to reach out to Clinton, Trump09/26/2016CUNA launches the second phase of 'Strong Credit Unions, Strong Middle Class' by urging its members to reach out to both presidential candidates to remind them about the important role credit unions play in growing the middle class. “We want the next administration to understand and support credit unions' mission because we know strong and healthy credit unions are central to a strong middle class,” advocated CUNA chief political officer Richard Gose.
In advance of the Oct. 9 presidential 'town hall' debate, pleasevotefor this question to be asked to both candidates regarding credit unions and the middle class. After you vote, please share with your members, colleagues, and friends/family.
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.”