CUNA in the News

Most Recent

Bipartisan Senate deal would curb Dodd-Frank rules11/13/2017Senate Banking Committee Chairman Mike Crapo (R-ID) alongside Senators Jon Tester (D-MT), Joe Donnelly (D-IN), Heidi Heitkamp (D-ND), and Mark Warner (D-VA) rolled out bipartisan financial reform aimed to ease regulations on credit unions and small banks. "It would provide needed relief to community banks and credit unions, so they can continue enabling small businesses to get financing to operate, helping farmers get loans to support their farms, and allowing families to buy homes in rural communities across the [North Dakota] state," said Sen. Heidi Heitkamp (D-ND). CUNA encourages all credit union members to contact their Senator today and in support of this bipartisan, common-sense legislation.   

It’s time for the feds to modernize telemarketing laws11/02/2017Americans for Tax Reform support CUNA's petition for the Federal Communications Commission to update the Telephone Consumer Protection Act. Their op-ed says that while consumers are concerned about data security and want to know if their account has been comprised, a call from their credit union with this critical information could result in the CU receiving a penalty under current TCPA restrictions. 

2017 Top Association Lobbyists11/01/2017For a third year in a row, CUNA President/CEO Jim Nussle was named a top lobbyist by The Hill. The publication noted that “the former House Budget Committee chairman is a big reason why credit unions exert such influence on financial regulation.” Kuddos to Jim! 

Biometric thumbprints, iris scans and facial authentication…oh my!10/31/2017CULedger is on the cutting edge to better safe guard credit unions and members from fraud. “Call centers across the credit union industry, and really any vertical industry that has a call center, are attacked on a regular basis by people who are attempting to take over accounts and who are fishing for information,” Vice President of Innovation and Product Development and CULedger Co-founder Rick Cranston said. CULedger is a joint initiative between CUNA, Mountain West Credit Union Association, Best Innovation Group, and other credit union system partners.  

How the financial industry scored its big win in Congress10/26/2017The Senate's vote to overturn the Consumer Financial Protection Bureau's arbitration rule marks a significant legislative victory for the financial services industry, and credit unions played a key role. Senator Susan Collins (R-ME) said credit unions informed her they would be “devastated” by imposed rule which decided her vote. Lobbying efforts led by Alaska USA FCU Senior Vice President Dan McCue helped secure Sen. Lisa Murkowski's (R-AK) support. The rule “doesn't make sense for any credit union member across this state,” said McCue. 

Housing’s biggest trade groups declare support for Congressional push to change TRID10/26/2017Proposed legislation aimed to tailor part of the Consumer Financial Protection Bureau's TILA-RESPA Integrated Disclosure rule has bipartisan support and is backed by CUNA. The bill, the TRID Improvement Act of 2017, was introduced earlier this month by Rep. French Hill, (R-AR) and Rep. Ruben Kihuen, (D-NV).  

CUNA Tech interviews: CUNA Strategic Services Julie Esser introduces the ‘.creditunion’ domain10/26/2017CUNA Strategic Services VP of Alliance Development Julie Esser encourages credit unions to use the '.creditunion' website domain. About 5 years ago, credit unions acquired the domain through the generosity of CO-OP Financial Services and CUNA Mutual Group. Since it launched in June 2017, 500 credit unions domain registrations are now active and anticipate more to come. Esser encourages credit unions to use the domain to “help build awareness of the credit union difference and differentiate from other financial institutions.” 

BankThink Why it makes sense for credit unions to oppose CFPB arbitration rule10/25/2017CUNA Chief Advocacy Officer Ryan Donovan shoots down National Consumer Law Center Lauren Saunders' assertion that credit unions should support the CFPB's arbitration rule. “The CFPB failed to take into consideration the unique structure of credit unions in promulgating the rule and because of that it removes the ability to use a consumer-friendly dispute resolution tool for credit unions and their members,” wrote Donovan.  

Taxing credit unions would help big banks at expense of consumers10/24/2017Carolinas Credit Union League President/CEO John Radebaugh lays out why the credit unions tax status exists and why the banks keep fighting it. CUNA estimates annual credit union benefits to North Carolinians in 2016-2017 totaled $429 million, including a savings of nearly $43 million to members in the form of fewer and less fees. “This challenge is neither new nor untested. Each time it has been posed over several decades, citizens and Congress have reaffirmed the value of credit unions and consumers' choice in the matter,” said Radebaugh.  

Wall Street wins big as Senate votes to roll back regulation allowing consumers to sue their banks10/24/2017Vice President Mike Pence casts tie-breaking vote to block CFPB's arbitration rule. CUNA said the rule “was just the latest example of the one-size-fits-all rulemaking coming from the CFPB and thankfully Congress acted to remedy the situation.” CUNA was also highlighted in The New York Times.

When payday loans die, something else is going to replace them10/20/2017Ryan Donovan is hopeful credit unions will fill the need for small-dollar loans following the CFPB's payday lending rule. "Credit unions were created about 100 years ago to provide this type of credit. They were the original small-dollar, short-term lender,” explained Donovan.  

International Credit Union Day celebrates thriving dreams10/18/2017Credit unions around the world celebrate International Credit Union Day on Oct. 19. The international holiday has been celebrated on the third Thursday of October since 1948, in order to raise awareness of the credit union difference to consumers. “Credit unions are good at showing how we're the socially responsible choice for banking, but we also need to remind consumers that credit unions are their best choice for personal success and satisfaction,” said CUNA Consumer Engagement Program Lead Jeremiah Tucker. 

Why credit union branches keep opening in the Treasure Valley while bank branches close10/17/2017Credit union branches continue to open in Treasure Valley, Idaho, while bank branches have closed. Between 2011-2017, the number of credit union branches rose 14% while banks dropped 10%. “We have some great credit unions in the Treasure Valley state, and people are starting to see their value,” said Pioneer Federal Credit Union Vice President of Marketing and Development Elizabeth Thomas. According to CUNA, credit union membership is at a record high of 112.7 million members.   

FCC Issues Public Notice Regarding Requested TCPA Exemptions for Credit Unions10/10/2017FCC issued a Public Notice that seeks comment on a Petition recently filed by the Credit Union National Association on an outdated Telephone Consumer Protection Act (TCPA) statute that limits credit unions' ability to contact their member-owners. Opening Comments are due on November 6 and Reply Comments are due on November 21. 

Credit union group sues Equifax over data breach10/09/2017CUNA filed a lawsuit against Equifax in wake of the massive data breach that impacted 145.5 million consumers. “We filed this lawsuit because our member credit unions are very concerned with the effects of this breach - everything from reissuing compromised cards to adding uncertainty to the loan-underwriting process,” said CUNA President/CEO Jim Nussle.

How co-ops have a financial and non-financial impact across the US10/06/2017CUNA senior economist Jordan van Rijn discussed the economic benefits to being a credit union member at the Cooperative Impact Conference, hosted by the National Cooperative Bank. Rijn discussed how credit unions contribute to their local communities by providing jobs and returning earnings back to their members. Overall, credit unions have an economic output of $192 billion. 

The Foundation reports $2.3 million CU support for recent Hurricanes Harvey, Irma, and Maria impact10/05/2017The National Credit Union Foundation Communications Director Christopher Morris reports $2.3 million has been raised by credit unions to assist those in Texas, Florida, and Puerto Rico. Donations were collected via the Foundation's CUAid Fund, which was created to quickly assist credit unions in wake of a natural disaster. CUNA created a disaster relief community for credit unions to offer assistance to those impacted.  

Small banks, credit unions win carve-out in CFPB payday rule10/05/2017Jim Nussle spoke with Consumer Financial Protection Bureau Director Richard Cordray the same day that the agency's short-term small-dollar rule came out. Nussle tweeted about the conversation and that “while it's still early, it's looking good” for credit unions. 

Federal regulatory clamps down on payday lending industry10/05/2017The AP reported that the CFPB's final small-dollar rule implies that the agency wants banks and credit unions to take over the payday lending industry. Financial institutions are exempt from the rules if they make less than 2,500 loans a year and earn less than 10 percent of their revenue from these types of loans, which fits into the bank and credit union's business model. The Credit Union National Association, the trade group for the credit union industry, said they are “closely analyzing” the CFPB's new rules.

Should you get a car loan through a credit union?10/03/2017Consumer auto financing studies reports buyers prefer to get lending through a credit union. Wallet Hub reports credit unions auto lending rates are 21% better than the industry average - one of the many reasons why credit union memberships are on the rise. CUNA reports 4.6 million members have been added just in the past year.