Qualified mortgage rules must be changed to ensure credit unions will be able to meet their members' borrowing needs in a way that minimizes risk and default, CUNA President/CEO Bill Cheney wrote in a letter submitted to the U.S. Congress on Tuesday.

"The current potential threat of the taxation on credit unions is the highest it has ever been in my 20 years that I have been involved in the movement," longtime member of Congress and former CUNA CEO Dan Mica wrote in a CUinsight.com piece.

In the wake of this week's tornadoes, the National Credit Union Administration has activated its disaster relief policy to aid impacted credit unions and their members.

Low-income credit unions can now apply for a total of $1.18 million in grants to help support their financial literacy, product development, collaboration, staff and board member training, office relocation and computer modernization efforts, the National Credit Union Administration said on Tuesday.

A Senate confirmation vote for Consumer Financial Protection Bureau Director Richard Cordray will not be held until after the upcoming U.S. Congress recess, several outlets reported on Tuesday.

The National Association of State Credit Union Supervisors and the Consumer Financial Protection Bureau "will continue to endeavor to promote consistent examination procedures and effective enforcement of state and federal consumer laws and to minimize regulatory burden on state credit unions" under the terms of a new memorandum of understanding.