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Credit Union Daily News
 
CU helps keep community afloat after Hurricane Michael
Residents of Calhoun and Liberty Counties, Fla. are dealing firsthand with the devastation brought by Hurricane Michael in early October. Calhoun Liberty Employees CU was the only financial institution open and one of the few businesses with generator power.

CUNA to host webinar on Fed faster payments Nov. 28
CUNA will conduct a webinar on the Federal Reserve’s development of faster payments, designed to answer member questions and solicit feedback for CUNA’s comments. The free, members-only webinar is scheduled for noon (ET) Wednesday, Nov. 28.  

2018 Maxwell, Herring, Desjardins National Award winners announced
CUNA’s National Awards Committee announced the 2018 recipients of the Dora Maxwell Social Responsibility Community Service Award, the Louise Herring Philosophy-in-Action Member Service Award, and the Desjardins Awards for Financial Education. 

CUNA closed Thursday, Friday for Thanksgiving holiday
CUNA offices in Washington, D.C. and Madison, Wis. Will be closed Thursday, Nov. 22 and Friday, Nov. 23 in observance of the Thanksgiving holiday. There will be no Daily e-mail during those days.

CUNA to focus on tax extenders, UBIT, excise for rest of 2018
As both 2018 and the 115th Congress wind down, CUNA will pursue several credit union priorities, and is working closely with new and returning members of Congress to set up its advocacy agenda for next year.

CU with staff of 8 serves members through hurricane, aftermath
Jackson County Teachers CU is based in Marianna, Fla., a city hit by the core of Hurricane Michael with winds as high as 120 MPH, and helped the community recover from the massive damage inflicted by the storm.

Compliance: CECL implementation delay made official by FASB
FASB has officially issued an update to its CECL standard, delaying implementation for credit unions for fiscal years beginning after December 2021. CUNA strongly pushed for the delay for help credit unions come into compliance.

Vote on Kraninger for BCFP director set for week after Thanksgiving
Senate Majority Leader Mitch McConnell (R-Ky.) filed cloture Thursday on several nominations, including Kathy Kraninger to lead the Bureau of Consumer Financial Protection, setting up a Senate vote on confirmation for the week after Thanksgiving.

CUNA provides two 2019 scholarships for young leaders
CUNA, after being approached to support HUD FCU’s leadership training program, will supply the credit union with two scholarships in 2019. CUNA was on hand at HUD FCU Thursday to see the credit union receive a $10,000 grant from NCUA.

CUNA applauds FHFA efforts to address pre-launch UMBS concerns
CUNA applauds the Federal Housing Finance Agency efforts to address investor concerns surrounding the Uniform Mortgage-Backed Security before the security is launched in the to-be-announced market on June 9, 2019. 

CUNA approves of strong GSE capital reqs, has impact concerns
CUNA welcomes the Federal Housing Finance Agency’s efforts to adopt strong capital requirements, but has concerns about the lack of analysis of the impact on the cost of conventional mortgage credit in the primary market.

NCUA approves 2019-20 budget, proposes bonds rule
The NCUA board approved the agency’s 2019 and 2020 operating budget at its Thursday meeting, in addition to issuing a proposed rule on fidelity bonds. CUNA presented at the agency’s budget briefing and submitted written comments on the budget.

More than half of CU CEOs are female: CUNA research
More than half (52%) of credit union CEOs are female, according to CUNA research, compared with only 5% of commercial bank and 6% of Fortune 500 CEOs, according to CUNA research into CEO gender at financial institutions.

McCarthy elected House Minority Leader in leadership elections
House Republicans conducted leadership elections Wednesday, and. Rep. Kevin McCarthy (R-Calif.) was named House Minority Leader. House Democrats are expected to conduct their leadership elections in late November.

California CUs once again battle wildfires 
Once again credit unions, their members, and staff are dealing with the impact of another round of devastating fires in both Southern and Northern California, the California and Nevada Credit Union League reports. 

CUNA hosts 2nd Awareness webinar Wed., registration still open
Registration is still open for Wednesday’s free webinar on CUNA’s Awareness Initiative, which will delve deeper into the “Open Your Eyes” campaign, with a look at the brand platform and a portfolio of consumer-facing materials.

CUNA engaged as Congress returns for final session of 2018
Both chambers of Congress have returned to Washington, D.C. this week to start the final weeks of the 116th Congress. CUNA plans to pursue several advocacy priorities, as well as outreach to newly elected members of Congress.

Compliance: Complete coverage of CUNA/NASCUS BSA Conference
CUNA, in conjunction with NASCUS, conducted its annual BSA Conference last week, providing nearly 300 attendees with the latest information on BSA, anti-money laundering and Office of Foreign Assets Control compliance issues.

NTIA should ‘seriously consider’ CUNA data security priorities
Credit unions have a long history of safeguarding information and are subject to numerous requirements, unlike others that use or maintain consumer information, CUNA wrote in response to a request for comment on an administration data privacy policy.

CUNA attends Fed Faster Payments Town Hall forum
CUNA attended Friday’s Faster Payments Town Hall meeting in Minneapolis, part of a series of town halls on the topic. CUNA has expressed to the Fed that the increased fraud opportunity a problem with a real-time payment system.

CUNA continues work to fix excise tax disparity in TCJA
CUNA is continuing its advocacy with lawmakers to secure a fix for an excise tax contained in the Tax Cuts and Jobs Act of 2017, which requires tax-exempt entities to pay a 21% excise tax on certain employee compensation.

CUNA to hold board elections
Nominations are now being accepted for eight open director positions on CUNA’s board of directors. Directors elected will take office upon the adjournment of CUNA's Annual General Meeting during the CUNA Governmental Affairs Conference.

CUNA talks CU priorities for BCFP at SBA roundtable
CUNA participated in a roundtable Thursday led by the Small Business Administration's Office of Advocacy to discuss the latest Bureau of Consumer Financial Protection rulemaking agenda, which was released last month.

CUNA election whitepaper highlights election’s impact on CUs
Despite the divided Congress that will take office in January, CUNA, leagues and credit unions are well-positioned in a challenging legislative environment, CUNA noted in its post-election whitepaper, released Thursday.

CUNA’s Nussle, Donovan, Gose talk post-election picture for CUs
Credit unions are well positioned after Tuesday’s election into the 116th Congress, CUNA President/CEO Jim Nussle said during CUNA’s post-election webinar. CUNA’s CreditUnionsVote.com website got more than 13,000 hits during the election cycle.

NCUA to vote on operating budget, bonds proposal Nov. 15
The NCUA board will vote on the agency’s 2019-2020 budget Thursday, according to the agenda. CUNA presented last month at NCUA’s budget briefing, and submitted written comments as well.

CUNA to pursue ‘tax extenders’ during final months of 2018
CUNA will pursue the extension of two expired tax cuts, known as “tax extenders,” during the final months of the 115th Congress. Tax extenders are temporary tax provisions, and Congress may consider a tax extender package in late 2018.

CUNA calls for UBIT delay until IRS provides clarification
The Internal Revenue Service and Treasury should delay new Unrelated Business Income taxes until the IRS issues clear and final rules, CUNA and other organizations wrote to the IRS this month.

Nussle, CUNA leaders to talk election results in webinar today
CUNA President/CEO Jim Nussle and CUNA leaders will break down what a Democrat-controlled House and a larger Republican majority in the Senate means for credit unions Thursday in a free webinar for CUNA members.

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