Harroun PC
Client Login  
forgot password
Credit Union Daily News
Legislation passed to fund federal government, NFIP through Dec. 16
The House passed and President Joe Biden signed legislation Friday extending federal government funding through Dec. 16. It also funds the National Flood Insurance Program through Dec. 16. 

CUNA to hold elections for board of directors
Nominations are now being accepted for eight open positions on CUNA’s Board of Directors. The deadline for nominations and seconds is Nov, 4. In contested elections, voting will begin Nov. 10 and close Dec. 15. 

MDI credit unions continue to serve members, communities
Minority Depository Institution (MDI) credit unions experienced growth in membership, assets, and loans in 2021 as they continued to provide safe, fair, and affordable financial services to their members and communities, according to NCUA's report to Congress on MDI credit unions.

Agencies give update on supervisory practices regarding institutions affected by Hurricanes Fiona, Ian
NCUA and other regulatory agencies recognize the serious impact of Hurricanes Fiona and Ian on members and operations and encourage institutions operating in the affected areas to meet the financial services needs of their communities.

NCUA posts 2023–2024 proposed budget, sets Oct. 19 public briefing
NCUA’s staff draft budget for 2023–2024 is now available on the agency’s website for review and comment. The staff draft budget has also been submitted for publication in the Federal Register, and the comment period is open until Oct. 28.

House passes Credit Union Board Governance Modernization Act
The House passed the CUNA-League-led Credit Union Board Governance Modernization Act (H.R. 6889) Thursday, which would allow boards of federal credit unions the flexibility to meet at minimum six times a year rather than the required 12 times a year.

Senate advances bill funding government, NFIP through Dec. 16
The Senate advanced its continuing resolution Thursday to keep the government funded past the current Sept. 30 funding expiration date. The bill would fund the federal government—and the National Flood Insurance Program—through Dec. 16.

NCUA grants available for credit unions impacted by Hurricanes Ian, Fiona
NCUA reminds federally insured credit unions impacted by Hurricanes Ian and Fiona of the availability of urgent need grants for eligible low-income institutions of up to $7,500 to low-income credit unions that experience sudden costs to restore operations interrupted storms.

Registration open for NCUA webinar on defending against ransomware attacks
A ransomware attack could inflict serious financial damage and pose reputation risk. NCUA is teaming up with the FBI, Treasury Department, and the Wisconsin Department of Financial Institutions to discuss how to protect credit unions and members.

CUNA’s Gose details pushback on interchange bills
CUNA Chief Political Officer Richard Gose appeared on CUBroadcast this week to provide an update on CUNA, League, and credit union opposition to House and Senate interchange bills. The Credit Card Competition Act would allow merchants to route payments through an unaffiliated network.

Leagues, credit unions advance priorities during D.C. visits
Five Leagues representing 11 states were in Washington, D.C. last week to talk credit union priorities with policymakers. Visits included meetings with legislators and regulators, as well as briefings from CUNA staff.

NCUA to host Oct. 6 roundtable on empowering Hispanic consumers, communities
NCUA’s Office of Consumer Financial Protection and Hispanic Employee Resource Group, CULTURA, are hosting a virtual roundtable Oct. 6 in recognition of National Hispanic Heritage Month. Registration for the How Credit Unions Empower Hispanic Consumers and Communities virtual roundtable is now open. 

CUNA backs board governance modernization ahead of House vote
CUNA wrote House leadership Tuesday in strong support of the CUNA-League led Credit Union Board Modernization Act (H.R. 6889), scheduled for floor consideration this week. The bill would allow credit union boards the flexibility to meet at minimum six times a year rather than the required 12 times a year.

Interchange bill prioritizes large retailers over consumers
CUNA highlighted strong opposition to the interchange bill from Reps. Lance Gooden, R-Texas, and Peter Welch, D-Vt in a letter warning the bill would reduce access to credit, increase security risks associated with credit card use, and limit credit card rewards programs.

National Credit Union Foundation commits $250K to Hurricane Fiona relief
The National Credit Union Foundation has committed up to $250,000 from its CUAid program to support Puerto Rico-based credit union employees and volunteers affected by Hurricane Fiona. The grant will be made to the Inclusiv Network, which will then manage individual donations.

CUNA updates elections site in advance of November mid-terms
CUNA’s election tracking website has been updated to reflect races featuring credit union supporters for the Nov. 8 mid-term elections. CULAC and Leagues backed 333 credit unions candidates to date with a 96% success rate. 

Credit Union Magazine names 25 Credit Union Rock Stars for 2022
Twenty-five credit union professionals and directors have been named Credit Union Rock Stars 2022, outstanding credit union professionals and board members from a wide range of disciplines who use their unique strengths to advance the missions of their credit unions.

CDFIs considered certified until official notification of change
Certified Community Development Financial Institution (CDFI) credit unions with pending submissions or cure period requirements are considered certified until the CDFI Fund provides official notification of change or termination of status, the Fund said in a statement.

Cyber incident proposal keeps focus on incidents impacting operations
CUNA supports NCUA efforts to minimize the impact of cyberattacks on the credit union system through early alerts and information sharing, it wrote in response to a proposal that would require federally insured credit unions to notify NCUA of “reportable cyber incidents” within 72 hours.

Interchange bills would increase costs, decrease financial access
The Credit Card Competition Act would push more people away from access to financial products and services, wrote Resource One Credit Union President/CEO Mary Beth Spuck in The Dallas Morning News.

House to vote on board modernization bill this week
The House is expected to vote on the CUNA-League-led Credit Union Board Modernization Act (H.R. 6889) this week. The bill would allow boards of federally charted credit unions the flexibility to meet at minimum six times a year rather than the required 12 times a year.

Simplified CECL Tool webinar set for Oct. 12
NCUA's Office of Examination and Insurance is hosting a webinar on the recently announced Simplified Current Expected Credit Loss (CECL) Tool. The one-hour live webinar will take place on Wednesday, October 12, beginning at 2 p.m. ET.

CUNA, AACUL, Leagues call for Congressional assistance with CDFI Fund issues
CUNA, the American Association of Credit Union Leagues, and all state Leagues wrote to House and Senate leaders Friday calling for a solution to Community Development Financial Institutions (CDFI) Fund issues.

Leagues, credit unions from 12 states engage with policymakers in D.C.
Nine credit union Leagues representing 12 states were in Washington, D.C., last week for visits to Capitol Hill and other policymakers. Credit unions brought stories and data showing the power of the credit union difference as they advocated for policies to allow them to better serve members. 

NCUA issues subordinated debt, member expulsion proposals
The NCUA board issued two proposals and heard a quarterly update on the National Credit Union Share Insurance Fund at its Thursday meeting. Agency staff project the share insurance fund equity ratio will be 1.30% for the six-month period ending Dec. 31, 2022.

CUNA research: ‘Fed putting brakes on economy’
CUNA Senior Economist Dawit Kebede said the Fed's raise in interest rates indicate it is putting the brakes on the economy faster than expected to bring inflation down to its 2% target. The median forecast for interest rates remains at or above 4% through 2024.

NCUA to begin Phase 3 of resuming onsite operations
NCUA will enter the third phase (Phase 3) of resuming its onsite operations on October 17, according to a Letter to Credit Unions (22-CU-11) issued this week. Onsite examination and supervision activity will resume in all locations under Phase 3. 

EIP launches guide to promote employability of migrants and refugees in Ecuador
With the goal of facilitating effective and inclusive employment solutions for migrants, refugees and local residents, the United States Agency for International Development (USAID), World Council of Credit Unions’ (WOCCU) Economic Inclusion Project (EIP), the Ecuadorian Ministry of Labor, CONQUITO and Program Sin Fronteras have joined efforts to develop “The Guide for the Hiring of Human Talent in Ecuador.”

NCUA releases Q2 2022 state-level credit union data report
Federally insured credit unions experienced continued growth in assets, shares and deposits, and loans outstanding over the year ending in the second quarter of 2022, according to the latest Quarterly U.S. Map Review, released Tuesday by NCUA.

©2007 - 2022 Harroun P.C. · All rights reserved. · Designed and Hosted by Custom Web Concepts.