Why credit unions are a favorable funding option for small businesses12/16/2016Credit union small business loans rank second highest satisfaction rate among borrowers, according to a 2015 Small Business Credit Survey by the Federal Reserve Bank of New York. In May, the National Credit Union Administration made the loan process easier by removing the requirement of personal guarantees in all credit union small business loans. “It's a requirement that other lenders don't have. The rule takes things that were very prescriptive and puts the decisions into the hands of the boards of directors of credit unions,” explained Ryan Donovan.
Should CUs fear Trump administration’s ties to Wall Street12/16/2016President-elect Donald Trump nominates Wall Street figures for high-level cabinet positions in new administration. Despite big bank nominations, CUNA Chief Advocacy Officer Ryan Donovan isn't fearful. “The president-elect isn't the first president to draw from that area of the financial services world for key spots in his administration. I'm not sure anything new or very different is taking place here” added Donovan.
What the fed rate hike means for your personal finances12/14/2016CUNA Senior Economist Perc Pineda discusses what the Federal Reserve's rate hike will mean for potential homebuyers. While the costs of a fixed-rate mortgage have increased, rates have merely returned to the levels of previous years. “We're facing higher mortgage rates in the U.S. but I don't think it will happen immediately. We're not in uncharted waters” said Pineda.
Congress should overturn any forthcoming CFPB rules, industry groups say12/07/2016CUNA, the Consumers Bankers Association, the Independent Community Bankers of America, and the National Association of Federal Credit Unions submitted a letter to Senate Majority Leader Mitch McConnell (R-KY) and newly elected Senate Minority Leader Check Schumer (D-NY) calling for reform to the Consumer Financial Protection Bureau's board. In the letter, the groups point out that the CFPB's sole director leadership model is fragile, uncertain, and leads to instability at the bureau, which is why Congress should implement a five-person commission at the Bureau. This also appeared in the Morning Consult.
Banking group sues credit union regulator over membership rule12/07/2016CUNA continues to defend the National Credit Union Administration's field of membership rule in wake of a meritless attack from the American Bankers Association. This week, the ABA filed a lawsuit against the agency's final field of membership rule, which provides much needed regulatory relief for credit unions. "The NCUA acted well within its authority when it issued its field of membership rule," said Nussle, adding that the ABA lawsuit "ignores both the law and the NCUA's authority to regulate credit unions."
New president, new Congress, new opportunity12/07/2016CUNA President/CEO Jim Nussle and NRECA CEO Jim Matheson wrote an op-ed urging Congress to end partisan gridlock. As former members of Congress and current leaders of the premier trade associations representing the nation's credit unions and electric cooperatives, Nussle and Matheson remind the 115th Congress it must to come together in order to pass meaningful, lasting legislation.
Banks, retailers take swipes at each other over Dodd-Frank fees12/06/2016Now that the political landscape has shifted, CUNA Chief Advocacy Officer Ryan Donovan said the time to make significant changes to Dodd-Frank are "as good as it's been since the enactment of legislation."
CUNA’s Ryan Donovan dissects the election’s impact on credit unions11/30/2016CUNA Chief Advocacy Officer Ryan Donovan explains what this year's election means for America's credit unions. Donovan discussed how he's hopeful that the new administration will help advance the agenda of regulatory relief for credit unions. With a credit union majority in Congress, there's tremendous opportunity for credit unions to advance messages on regulatory relief, data security, charter enhancements and the credit union difference. Donovan encourages credit unions to take this opportunity to educate and equip their members on the challenges and opportunities facing their financial institution in order to become advocates.
How Service CU excelled in business lending to win CUNA’s Excellence in Lending Award11/28/2016Service Credit Union AVP of Business Services David Weed shares the story behind winning the Excellence in Lending Award presented by CUNA Lending Council. Weed credits their success to their investment in member business loans by specifically targeting construction and floorplan lending thanks to market demand. Weed advised other credit unions looking to get into member business lending to “be patient; this doesn't happen overnight” and to understand the value in establishing a close bond with small business owners.
Six practical steps to greater B2B CMO impact11/18/2016CUNA Chief Marketing and Technology Officer Amy Nigrelli sits down with Branding Magazine to discuss her role at CUNA. As CMO, Nigrelli operates as a strategic change agent who is “an integrator and facilitator with an agenda.” She says it's essential for a marketer to see both sides of the situation in order to connect various parts of the organization together. Nigrelli offers six key areas for B2B marketers to implement in order to create greater influence and impact within their organization.
GOP, business groups launch campaign to constrain CFPB11/18/2016CUNA President/CEO Jim Nussle called on the CFPB to stop all pending rulemaking in wake of last week's election results. Nussle says the Bureau has “stifled” credit union's ability to serve their more than 100 million members. Please note, credentials are required to access content.
Credit-builder loans let you build credit without a card11/17/2016Looking to build credit, but don't have any? Look for a credit-builder loan available at local credit unions. Credit-builder loans help consumers build and establish credit and can help repair bad credit. CUNA Program Manager for Market Research and Consumer Education Michelle Dosher advises consumers to visit their local credit union to sign up for a credit-builder loan because “other financial institutions might not offer these opportunities.”
7 ways you’ll come out on top after joining a credit union11/11/2016There are ample reasons why you should join a credit union - and the Daily Herald highlights seven. When you join a credit union, you become a stakeholder in the not-for-profit member-owned financial institution. Unlike banks, credit unions exist to pass along earnings to their members in the form of lower rates on loans, no ATM fees, higher interest rates for savings, free checking accounts, and faster and personal service. According to CUNA, 3.7 million Americans became credit union members in 2015 - a record high - and more than 100 million Americans currently use credit unions!
Group calls on CFPB to freeze new regs11/11/2016CUNA President/CEO Jim Nussle urges CFPB Director Richard Cordray to freeze all regulation in wake of Tuesday's election results. In a letter, Nussle advocates that the “policies coming out of Washington that limit consumers' ability to obtain safe credit, or make it difficult and more expensive to access products and services from their community financial institution such as their credit union, are not making their lives better.” As a result, these regulations have restricted credit union's ability to serve their members.
GOP election sweep heralds postcrisis turning point for financial regulation11/09/2016Following the election, CUNA pledged to work with new presidential administration and Congress on easing unnecessary regulatory burden on America's credit unions and members, and launched an attack to reduce regulatory burden immediately. This has been CUNA's highest priority and will remain so moving forward.
Banking Technology November 2016 issue out now11/07/2016CU Ledger is highlighted in the latest edition of Banking Technology. Credit unions are noted for taking the initiative in the blockchain space by launching CU Ledger - a collaborative effort between CUNA, the Mountain West Credit Union Association, PSCU, Best Innovation Group and other industry partners.
Top Lobbyists 2016: Associations11/02/2016CUNA
President/CEO Jim Nussle is named top lobbyist for associations by The Hill. Nussle has appeared on The Hill’s annual list naming the top
lobbyists in Washington D.C. for three consecutive years.
Japan rises to blockchain challenge with new consortium11/01/2016CU
Ledger, the blockchain technology initiative, sponsored by CUNA, the Mountain
West Credit Union Association, PSCU, Best Innovation Group and other industry
partners, is noted for its active role in movement.
Finance brief: week in review & what’s ahead10/30/2016CUNA
is prepared to defend the National Credit Union Administration’s new field-of-membership
rule. The new rule, which modernizes a credit union’s field of membership in
order to better serve their members, was long advocated by the CUNA/League
Next president should fire CFPB’s Cordray10/27/2016Regulations imposed by the Consumer Financial Protection Bureau are crippling America's credit unions. CUNA addressed CFPB Director Richard Cordray in a letter, describing the bureau's regulatory approach as “terribly troubling” and “baffling.” CUNA also found a significant increase in regulatory burden being imposed on credit unions since the CFPB's inception, growing from $4 billion in 2010 to $7 billion in 2014. The bureau's regulations are restricting credit unions' ability to fulfill their mission to provide financial products and services to their more than 100 million members.