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News Now

August 1, 2014

New bill would push CFPB supervision trigger to $50B

Sens. Pat Toomey (R-Penn.) and Joe Donnelly (D-Ind.) have introduced a bill that would raise the credit union threshold for supervision by the Consumer Financial Protection Bureau to $50 billion in assets, up from the current $10 billion. ReadMore

CFPB says debit, ATM overdraft services still raise concerns

The Consumer Financial Protection Bureau said Thursday that it has studied the effect of a 2010 "opt-in" requirement that depository institutions obtain a consumer's consent before charging fees for allowing overdrafts on most ATM and debit card transactions and found it lacking. ReadMore

Proposed rule eliminates 5% fixed-asset cap

Credit unions would be able to manage their fixed assets without waivers or permissions from the National Credit Union Administration under a proposed rule issued by the agency board Thursday. ReadMore

$1.1M trimmed from NCUA budget; less than past mid-year cuts

Approximately $1.1 million has been trimmed from the National Credit Union Administration's budget this year, according to the agency's mid-year operating budget report Thursday. ReadMore

SunCorp, Alloya to merge

CU System
System United Corporate FCU, Westminster, Colo., has announced its intent to merge with Alloya Corporate FCU, Warrenville, Ill. ReadMore

NCUA: No corporate assessment (but no refunds either)

Credit unions will not face an assessment this year for the Corporate Credit Union Stabilization Fund, the National Credit Union Administration confirmed at its board meeting Thursday. Future assessments are unlikely as well. ReadMore

Study: 35% of American borrowers in collections

CU System
Thirty-five percent of adults have a debt in collections reported in their credit files, an Urban Institute study shows. But while the 35% figure is definitely cause for concern, it may be more a reflection of aftereffects from the recent recession than a long-term measure of household financial health, a Credit Union National Association economist advised. ReadMore

#CUNAChat takes CU awareness to Twitter

CU System
As credit unions approach the 100 million membership milestone, CUNA took the credit union awareness conversation to the Twittersphere Thursday afternoon. ReadMore

Non-traditional entrants topic of World Conference panel

CU System
As non-traditional market entrants rapidly become many consumers' preferred financial service providers, credit unions must learn how to engage and adapt to stay in the race, panelists advised at the World Credit Union Conference in Gold Coast, Australia Wednesday. The conference is sponsored by the World Council of Credit Unions. ReadMore
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