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CUNA in the News


Most Recent

Banks wanted America's consumer watchdog to change — but not like this02/17/2017CUNA Senior Counsel Elizabeth Eurgubian elaborates on future state of the Consumer Financial Protection Bureau. "This agency is very powerful in that it regulates a huge influential industry," said Eurgubian. "Several perspectives are needed so that rules and enforcement actions are thought out and good policy can take place." Four key industry groups including CUNA submitted a letter to the Senate leadership in December outlining their desire for a bi-partisan commission to run the agency.

Trump’s pick for budget director just lost a crucial backer in the Senate02/17/2017CUNA President/CEO Jim Nussle elaborates on his experience as director of the Office of Management and Budget in President George W. Bush's administration. “You write the budget, and by doing so, you are making value decisions,” said Nussle. “I said, 'No,' a lot, because I was the person tasked with that responsibility.”

Nussle: There are ways that they can grow the economy through the...02/17/2017CUNA President/CEO Jim Nussle appears on CNBC's Squawk on The Street to discuss recent OMB confirmation as well as, budget overhaul. Nussle was previously OMB Director under President George W. Bush administration. 

La Pine: Credit unions protect consumers’ interests in Florida02/16/2017League of Southeastern Credit Union & Affiliates President/CEO Patrick LaPine hopes members of the 115th Congress achieves common-sense regulations and preserves the tax-exempt status of credit unions. CUNA estimates Florida credit unions provided more than $517,648,000 in direct financial benefits to the state's 5,249,940 members during the 12 months ending in September 2016.

GOP senators unveil bill to give Congress control of consumer bureau budget02/15/2017More than a dozen Republican senators are supporting Sen. David Perdue (R-GA) legislation that would give Congress more control and oversight of the Consumer Financial Protection Bureau. “The CFPB should be subject to more Congressional oversight so we know what they are doing and how they are using all the personal financial information they collect on American consumers,” said Perdue. CUNA supports this legislation. 

Patrick LaPine: Credit unions work to protect consumers’ interested, balance Florida economy02/14/2017League of Southeastern Credit Union & Affiliates President/CEO Patrick LaPine advocates for better common-sense regulation and preservation of the tax-exempt status of credit unions. According to CUNA, Florida credit unions provided returning earnings in the form of $99 per member or $187 per member household 2015-2016. This also appeared in the Huntsville Times

Adjust the rules to help consumers: second look02/12/2017CUNA President/CEO Jim Nussle highlights the need for common-sense regulation in USA Today. In a letter to the editor, Nussle weighs in on the debate over the future of the Consumer Financial Protection Bureau. Nussle asserts that the current regulatory environment imposed by the CFPB, treats Wall Street and Main Street the same. Despite the $11.8 billion the CFPB has achieved in relief over the past six years, credit unions already deliver roughly $10 billion in savings to more than 100 million consumer members each year. 

Memo from a key congressman outlines plan to gut Dodd-Frank bank rules02/09/2017House Financial Services Chairman Jeb Hensarling (R-TX) plans to re-introduce the Financial Choice Act, which plans to scale back regulations. In a letter sent to Senate leaders in December, CUNA voiced its support for Rep. Hensarling's effort to establish a bipartisan commission to run the Bureau. 

Trump signs order to begin rolling back Wall Street regulations02/03/2017President Trump signed an executive order aimed at the Dodd-Frank Act - a move CUNA supports. “The current one-size-fits-all style of regulation does not work for Main Street - local credit unions, small banks, and the consumers and small businesses they serve,” said Jim Nussle. “We're hopeful that the core principles spelled out today will help ensure community ­financial institutions and the millions of Americans that rely on them are able to operate in a more favorable environment.”

Is CFPB subject to Trump executive orders? No easy answer02/01/2017Jim Nussle's interview with The Wall Street Journal reinforces CUNA's position on why the administration's directive to freeze regulations should apply to the CFPB. “Regardless of what happens next, just allowing everyone to catch up and take a pause and review what has already gone on is a very reasonable thing to be able to do,” said Nussle.

Trump's regulatory freeze goes further than Obama's01/29/2017The Hill  cites a letter by CUNA President/CEO Jim Nussle on the need for the CFPB to abide by President Trump's regulatory freeze. “In a letter to CFPB Director Richard Cordray last week, the Credit Union National Association's President and CEO Jim Nussle asked the bureau to suspend all rulemaking activity in accordance with the government-wide freeze,” The Hill wrote. “'A moratorium will give credit unions time to catch up with all of the recently imposed requirements and it will give the bureau time to figure out how to focus its rules on Wall Street and get out of the way of Main Street,'” wrote Nussle.

J. Scott Sullivan and Kurt T. Yost: Small banks, credit unions struggling with overregulation01/29/2017Nebraska Credit Union League President/CEO J. Scott Sullivan partners with Nebraska Independent Community Bankers on regulatory relief op-ed. “For many years, but most especially over the last decade, Nebraska's credit unions and community banks have been bombarded by an onslaught of rules and regulations originating from Washington, D.C.,” wrote Scott Sullivan, president/CEO of the Nebraska League and Kurt Yost, president of the Nebraska Independent Community Bankers. According to CUNA, there have been 235 regulatory changes by 23 federal agencies, filling 7,643 pages, since the 2008 financial crisis. 

Dodd-Frank rule on interchange fees putting a hurt on consumers01/24/2017Ohio Credit Union League Vice President of Governmental Affairs Patrick Harris elaborates on how the Durbin amendment has failed to protect consumers and America's credit unions. Please note, credentials are required to access this article.

What you should know about credit unions01/15/2017Consider your local credit union when opening a credit card account. As a not-for-profit financial institution, credit unions are able to offer more credit card perks than those provided by banks. For example, credit unions typically have lower APRs than banks, which has been backed up by recent data from the Credit Union National Association. 

Small banks and credit unions paying millions for Durbin Amendment
Electronic Payments Coalition Executive Director Molly Wilkinson advocates for the 115th Congress to reconsider repealing the Durbin amendment. The Durbin amendment, which was added to the Dodd-Frank Act at the last minute. Unfortunately, according to a February 2016 CUNA report, credit unions have lost $1.1 billion as a result of the Durbin amendment.

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."