CUNA in the News

November 2013

Chicago Shoppers Get a Head Start on Black Friday11/29/2013In the 14th annual holiday spending survey by the Consumer Federation of America and the Credit Union National Association, respondents were asked if "recent controversies over federal government spending and borrowing" had restrained their holiday spending plans. About half, or 51 percent, said they had, with 18 percent saying "very much." Still, the survey found reasons for optimism.

Consumer Holiday Spending Expected to Increase11/28/2013Bill Hampel, chief economist for the Credit Union National Association (CUNA), said to expect holiday spending to increase in a range between 3.5 percent and 4 percent. He bases his prediction on a national survey that asked respondents their intentions for holiday spending.Commissioned by the Consumer Federation of America (CFA) and the Credit Union National Association (CUNA), the 14th annual holiday spending survey was conducted by ORC International. A representative sample of 1,002 persons was interviewed by landline or cell phone during Nov. 7-10.

Your Wednesday Cheat Sheet 11-27-1311/27/2013And with "Black Friday" approaching, the Consumer Federation of America and the Credit Union National Association disclose an annual consumer survey on holiday spending plans. It's a window onto the state of the economy and includes consumers' views of how much debt they're carrying. 

Shutdown Leaves Impact on Holiday Shoppers11/27/2013Half of American shoppers said the federal government's inability to address its financial woes was a factor in scaled-down holiday spending plans this year, according to a recent survey.The Consumer Federation of America and the Credit Union National Association's annual consumer survey, released Wednesday, showed effects of the federal government shutdown are still being felt.

Credit Union Overseer Scores a Win in J.P. Morgan Settlement11/19/2013"I think [the NCUA] absolutely should, on behalf of the credit unions, recover as much as possible," said Bill Cheney, chief executive of the Credit Union National Association, an industry trade group. He spoke in an interview on Tuesday.The NCUA still has more than a dozen lawsuits outstanding related to the securities mess."We have made it clear to the defendants that we are willing to stay with this to the end," Ms. Matz said.

Schneiderman Details $13B JPMorgan Settlement11/19/2013Bill Cheney, CEO of the Credit Union National Association, said in a Tuesday telephone interview he was pleased that credit unions would see some restitution for shaky mortgage securities they bought from JPMorgan."One could certainly argue that it could have been more," Cheney said. "Having said that, we are happy with the settlement," he added.

K Street in the Dark About Tax Reform Plans11/19/2013"You hear a new rumor every day," said Ryan Donovan, senior vice president for legislative affairs for the Credit Union National Association (CUNA). "Even if someone told us what's in it, I'm not sure we'd have a lot of confidence in that until we saw it on paper."

Gain Necessary Knowledge Before Buying a Home- 11/15/201311/15/2013There are various rules of thumb that will help you get an idea of how much home you can afford. If you're using FHA financing, as almost one-fifth of buyers get FHA-insured loans, your home payment can't exceed 31 percent of your monthly income. But, with some mitigating factors, the FHA will let you go higher.For conventional loans, a safe formula is that home expenses should not exceed 28 percent of your gross monthly income, said Susan Tiffany, director of consumer periodicals for the Credit Union National Association.

Banks Trail Credit Unions in Exec Pay, Loan Growth, Political Clout11/13/2013"Fighting the credit unions' tax-exempt status is like trying to outlaw apple pie," David Hanrahan Sr., the president and chief executive of Capital Bank of New Jersey, said during a recent meeting in Washington hosted by the American Bankers Association. "It isn't going to happen."

CUNA to Consider Regulation Relief Bill11/12/2013The Credit Union National Association (CUNA), which supports the bill, said in a statement the measure would rectify the disparate treatment given to such accounts at credit unions. In 2008, the National Credit Union Administration issued an opinion letter on insurance coverage on Interest on Lawyers' Trust Accounts (IOLTA). The accounts are those set up by lawyers at a credit union or bank to hold funds for their clients. Often, the interest accrued is paid to the state or the state bar association to fund legal services. -

Security Concerns with Smartphones-11/12/201311/12/2013The survey of 1,046 people who responded via the Internet was released by the Credit Union National Association, a network of an affiliated credit union organization in Washington, D.C.Nearly 78 percent of the respondents listed security as their most serious concern of mobile banking. About 7 percent cited their phone's battery life, 6.4 percent said mobile banking was confusing to use, 5.1 percent said the reward or bonus features weren't appealing and 4 percent were concerned that they wouldn't be able to track a budget with mobile banking.

Survey: More Than Half Of Those In U.S. With Smartphones Use Mobile Payments11/08/2013The Credit Union National Association (CUNA) released a survey that finds that among smartphone users, more than half use their phone to make some type of mobile payment (defined as "any payment done using a mobile phone"). The survey also revealed that regardless of whether a smartphone owner uses mobile payments or not, security remains the foremost concern.

Delay Legal Liability Under New Mortgage Rules11/07/2013A short, reasonable delay in enforcement and legal liability of new mortgage rules, required under the Dodd-Frank Act, would prove enormously useful to creditors as they work to meet their responsibilities under them. Importantly, consumers would not be measurably affected by these delays, particularly if institutions establish benchmarks toward full compliance. 

Student Loan Nightmare: The 15-Year Barrier11/05/2013The Credit Union National Association (CUNA) is proposing that its members be allowed to offer student loans that go beyond the 15-year payoff mark, the current limit for student loans offered by credit unions. "The 15-year standard student loan made sense in years past when the total debt taken out was much lower," said Paul Gentile, CUNA's executive vice president. "Now students are borrowing more. They need more time to pay off these loans." CUNA representatives met with officials from the Consumer Financial Protection Bureau (CFPB) last month to make the case for the longer loan. 

Mobile Payments: Security Concerns Trump Convenience11/04/2013More Americans may be using mobile payments, but security remains a top concern across the board, new research finds. A new study by the Credit Union National Association (CUNA) revealed that more than half of U.S. smart phone owners use their phone for at least some type of mobile payments; however, security remained the biggest concern for all U.S. smart phone users, regardless of whether they actually used their smart phones to make mobile payments. 

DC Influencer Q&A: Paul Gentile, Credit Union National Association11/01/2013Why has the association decided to launch the Don't Tax My Credit Union initiative?
Congress is engaged in comprehensive tax reform and it is important to tell our story and reinforce the value of the credit union system to Congress Credit unions are nonprofit financial cooperatives that serve 97 million Americans with low cost, high-quality financial services. We return $8 billion in benefits back to consumers annually and provide an ...