CUNA in the News

Most Recent

CU Ledger credit union consortium launches blockchain services business08/16/2017CULedger announced a new CUSO, CULedger, LLC, which gives credit unions a majority ownership in the initative. “CULedger is an opportunity for credit unions to be leaders of innovation in financial services. Getting involved now in CULedger and CULedger, LCC will offer credit unions the ability to participate in shared-ledger technology that is on path to reshape the credit union industry as a whole in the years to come,” said Premier America Credit Union President/CEO and chairman of the CULedger steering committee. 

CUNA’s Ryan Donovan on addresses what advocacy looks like during disruption08/01/2017CUNA Chief Advocacy Officer Ryan Donovan appeared on CU Broadcast to explain what advocacy looks like in a period of disruption while attending World Council of Credit Union's annual conference in Vienna, Austria. “Things are changing and we need to make sure we're well situated to deal with that change,” commented Donovan. He later added, “we were prepared for the election results. And what we've seen in the first six months of the administration has been very positive for credit unions and our Campaign for Common-Sense Regulation.”

Congressional Republicans release tax reform framework08/01/2017Members of Congress and the administration released a broad framework for future tax reform, in which the credit union tax status was not addressed. CUNA believes the credit union tax status should be preserved, and CUNA President/CEO Jim Nussle commented that, “As the administration and Congress continue their work on tax reform, CUNA will continue its engagement to protect the credit union tax status and ensure policymakers are aware of the credit union difference as committees and staff work to add more detail to the framework.” 

House votes to repeal consumer arbitration rule07/25/2017The House recently voted to repeal the Consumer Financial Protection Bureau's arbitration rule, which would restrict the use of arbitration agreements. CUNA, along with other trade organizations, denounced the rule in a joint letter ahead of the vote. Now the Senate must act to repeal the rule. 

Ask Brianna: should I borrow money from family and friends?07/25/2017Brianna McGurran from Nerdwallet explores money borrowing options, and encourages readers to look at their local credit union. Credit union members enjoy comparatively low interest rates to the rest of the banking industry and she notes that according to CUNA, federal credit unions cap loan interest rates at 18%. 

Q&A with Tom Kane, Illinois Credit Union League, Alan Meyer, 1st MidAmerica Credit Union and chairman of the ICUL Board, and Jim Nussle, president and CEO, Credit Union National07/14/2017Jim Nussle, Illinois Credit Union League President/CEO Tom Kane and 1st MidAmerica Credit Union CEO Alan Meyer discuss the negative impact excessive regulations have had on credit unions. “I've been here at 1st MidAmerica Credit Union for 15 years. I think the number of credit unions has almost been cut in half in the years I've been here. It's not all related to regulatory environment but that's a piece of it,” explained Meyer. Kane added, “we're hopeful that the CHOICE Act passed in the House and the Senate version of the bill can address our issues.”  

BankThink: ‘Communities’ are evolving. Let credit unions do the same07/11/2017CUNA President/CEO Jim Nussle responds to recent BankThink article by Aaron Klein, a fellow at the Brookings Institution, regarding NCUA's field-of-membership rule. “Ultimately, geography no longer dictates where we work, how we socialize or how we build relationships with one another. It's only logical, then, that the instruments and services we employ to support these evolving communities, including financial services, should be updated accordingly. We applaud the NCUA for its leadership in this area,” wrote Nussle.  

Consumer bureau cracks down on arbitration clauses07/10/2017Jim Nussle said CUNA is still reviewing the Consumer Financial Protection Bureau's arbitration rule but is concerned given that credit unions have a long history of working with their members to resolve disputes. “The additional regulatory burden imposed on credit unions in response to abuses by other financial services providers further rigs the regulatory scheme in favor Wall Street banks and other abusers of consumers and does credit union members an incredible disservice,” said Nussle.  This was also highlighted in Politicoand Morning Consult  

Fix Military Lending Act’s growing pains07/05/2017R Street Institute Editor in Chief and Senior Fellow R.J. Lehmann explains the negative impact the Military Lending Act has had on credit unions and consumers. According to call data, 86% of military credit unions saw their portfolios of payday alternative loans shrink in 2016. In June, CUNA and other trade associations wrote to the Defense Department seeking clarity on many of the rule's provisions. This piece also appeared in The Las Vegas Sun  

Credit union personal loans often cheaper, more forgiving07/03/2017Your local credit union should be the first and only stop when looking for a loan. Due to their not-for-profit structure, credit unions often have lower interest rates, more flexible terms, and more willing to work with those with less than perfect credit score.  According to data collected by CUNA, state credit unions charged an average personal loan APR of 11.3% in the last five years. 

CU BROADCAST by MIKE LAWSON ACUC interviews: CUNA’s Jim Nussle shares the credit union perception today, CFPB changes, and more07/01/2017CUNA President/CEO Jim Nussle talks about America's Credit Union Conference, the CFPB and how consumers perceive credit unions. “What we need in credit union land if we're going to be successful in the future, is we need people willing to get on the field and be players,” explained Nussle. You can also check out interviews by CUNA Chief Engagement and Transformation Officer Mollie Bell, Chief Advocacy Officer Ryan Donovan, Chief Products & Services Officer Todd Spiczenski, Grassroots Manager Adam Engelman and others. 

Credit union consolidation could be a blessing in disguise06/18/2017Despite the growing number of regulations imposed on credit unions membership is soaring. “As an industry, we're doing very well and member growth is strong. The stronger a credit union is, the more capable they are of providing an alternative to for-profit banking services,” said Ohio Credit Union League President/CEO Paul Mercer. According to CUNA, Ohio has more than 2.8 million credit union members.

Banks, credit unions fight for market share06/16/2017Mountain West Credit Union Association President/CEO Scott Earl defends the credit union tax status. “The bottom line is it benefits individual consumers, and points to why it's still valid today,” explained Earl. According to CUNA, credit unions provided $14 billion in savings to members in 2016 in the form of lower rates and fees.

LINKEDIN by JIM NUSSLE06/15/2017CUNA President/CEO Jim Nussle applauds North Carolina's State Employees Credit Union for advocating on behalf of credit unions at the Global Summit on World Elder Abuse Awareness Day. While credit unions serve as the first line of defense for their members, The Senior$afe Act would be an important step toward improving the ability of credit unions to further protect seniors from unscrupulous activity. CUNA strongly supports the bill and is actively working with Congress on this common-sense legislation.

HOUSING WIFE by BRENA SWANSON06/14/2017CUNA Vice President of Economics and Statistics Mike Schenk predicts some economic uncertainty in the coming months.  “Policymakers are proceeding with caution. Expectations of economic stimulus arising from tax cuts and from increased federal infrastructure spending were baked in to most economic forecasts earlier this year,” commented Schenk.

THE ELKHART TRUTH by DAVID M. PALMER06/08/2017CUNA board member and INOVA FCU CEO Dallas Bergl testified before the U.S. Senate Banking Committee, advocating for credit unions to be exempt from excessive regulations brought on by Dodd-Frank. “These regulations have added cost and complexity for credit unions serving their members and the costs directly impact member-owners of credit unions,” said Bergl.

Credit Union National Association makes recommendations to CFPB to provide regulatory relief for credit unions06/05/2017CUNA made recommendations to the Consumer Financial Protection Bureau on how it can provide regulatory relief to credit unions and their members. CUNA highlighted changes to lending, mortgages, remittances, access to financial records and more. “We urge the bureau to take immediate action and implement our suggestions for the protection of credit union members, who have fewer choices and are incurring increased costs due to CFPB rules,” said CUNA President/CEO Jim Nussle. This was also highlighted in Housing Wire.

Sneak peak of the list: these are the largest Louisville – area based credit unions06/02/2017Louisville Business First used data from CUNA to assess that Kentucky has a total of 196 credit union branches with 867,000 members.  The article notes that credit unions are financial institutions owned by members. They are similar to banks in that they accept deposits, make loans and help in other financial services. 

How a credit union raised the roof on credit card rewards05/30/2017Alliant Credit Union revamps its credit card portfolio by offering two cards that generously reward spenders. “We realized that we didn't have an appropriate product for those [affluent] members,” said Alliant Credit Union Senior Manager of Credit Product Strategy Michelle Goeppner, who serves Google and United Airline employees. “On average, credit union cards offer lower interest rates and fees than bank cards,” explained CUNA Vice President of Research and Policy Analysis Mike Schenk.

Give credit unions carve-out from CFPB? NCUA says yes05/24/2017The National Credit Union Administration acting chairman J. Mark McWatters urged the Consumer Financial Protection Bureau to exempt credit unions from two regulatory requirements that continue to hamstring credit union operations. "This is a pretty bold step; it's meaningful," said Ryan Donovan.