CUNA in the News

April 2014

5 Benefits of a Community Credit Union04/27/2014According to the Credit Union National Association, the financial cooperatives had highly competitive terms versus the Wall Street banks. Here's a comparison of the available rates as of April 16.

Getting Housing Finance Reform Right04/24/2014Without private capital engaged, taxpayers will be on the hook for irresponsible lending similar to what happened in the financial crisis. The Independent Community Bankers Association, along with Credit Union trade associations, raised the concern that the current proposal will overly concentrate mortgage lending with large financial institutions. They told senators in a letter that "Any housing reform proposal must ensure equal and competitive access for community banks and credit unions, while avoiding further concentration of the primary and secondary mortgage markets to the largest lenders and Wall Street firms." The current proposal fails to meet that test, in their opinion.

NCUA Passes Stress Test Rule for Credit Unions04/24/2014The Credit Union National Association and the NAFCU, while appreciating the changes, still contend the rule is costly and unnecessary, with CUNA emphasizing the agency has yet to substantiate a need for the rule. CUNA President Bill Cheney said in a prepared statement that his trade association acknowledges stress testing's benefits, but sees no need for the rule.

GSE Reform Bill Delay is Opportunity to Get More Votes: CUNA04/21/2014The Senate Banking Committee is still tentatively slated to mark up the GSE reform bill on April 28 or 29, but word on the Hill is that the hearing could be put off for another week, said CUNA SVP-Legislative Affairs Ryan Donovan, during the trade group's weekly conference call. "But delay is a good thing," Donovan said. "It gives them a chance to get more votes together."

Most Banks Unaffected By Heartbleed Bug Password Safety 10104/15/2014Credit unions, too, are taking the appropriate steps, the Credit Union National Association trade group said Friday. "Many credit unions reassured members via email or on their websites if their online systems did not use OpenSSL, if their third- party providers were up-to-date or if they had taken the appropriate measures to secure their sites," CUNA said.

7 Problems NAFCU, CUNA and ICBA Have with Johnson-Crapo Reform04/14/2014Three financial trade associations have issued a joint letter protesting the direction in housing finance reform as biased in favor of large lenders, and they list seven specific concerns they have about Johnson-Crapo. The Credit Union National Association, Independent Community Bankers of America and the National Association of Federal Credit Unions issued the letter ahead of the Johnson-Crapo markup coming April 29. 

Stakeholders Position Themselves Ahead of Johnson-Crapo Markup04/14/2014The joint letter from the Credit Union National Association, the National Association of Federal Credit Unions and the Independent Community Bankers of America comes as senators prepare to consider a bill many see as the best chance for a housing reform bill this Congress.

Senate Banking Leaders May Delay Vote on GSE Reform04/14/2014Industry groups who have generally been supportive of the process are also beginning to step up their pressure on the committee to make key changes ahead of the scheduled vote. The Independent Community Bankers of America, Credit Union National Association and National Association of Federal Credit Unions penned a letter to the banking panel on Friday, pushing for seven key changes to the bill.

IRS Backs Down on UBIT; Memo Hailed As 'Significant Win'04/09/2014The Internal Revenue Service has backed down in its dispute with the credit union community over unrelated business income tax and cleared almost all CU products at stake in related litigation.

IRS Concedes on UBIT04/09/2014After a 15-year effort, and two cases lost in federal court, the IRS has apparently conceded defeat in its battle with credit unions over the Unrelated Business Income Tax. CUNA announced Wednesday that the IRS issued a memo late last month that frees products that include card interchange fees, ATM per-transaction fees and interest on credit card loans, among other items, from being subject to the UBIT.

Lawmakers Prep for Big Race on Sunday04/03/2014The Credit Union Cherry Blossom Ten Mile Run is one part of the larger Credit Union Miracle Day, which is sponsored by credit unions nationwide to benefit children's hospitals in their own area. The money raised through the Washington race - $487,000 this year - will be donated to hospitals in the nation's capital and Maryland.