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Connecticut legislature passes League-supported financial literacy bill

The Connecticut legislature overwhelmingly passed a Credit Union League of Connecticut-supported bill making financial literacy education a requirement for all seniors graduating high school. It has been sent to Gov. Ned Lamont for his signature.

NCUA to conduct June 21 webinar on combatting appraisal bias

NCUA is hosting a webinar to discuss federal government efforts to combat bias in home valuations and increase opportunities for homeownership and relevant resources available for consumers and credit union professionals. It will take place June 21 at 1 p.m. ET.

CUNA, trades release statement opposing interchange legislation
CUNA and other trade associations representing the financial services industry released the following joint statement opposing legislation creating new credit card routing mandates that would reduce access to credit for those who need it the most.

CUNA urges Congress to oppose interchange legislation

Credit unions urge members of Congress to oppose any legislation affecting the security and efficiency of the interchange system, CUNA Deputy Chief Advocacy Officer Jason Stverak wrote. Grocers are visiting Washington, D.C., this week and CUNA expects them to push for credit union-opposed interchange legislation.

CUNA's Sakash talks small credit union member service on podcast
CUNA Manager of Small Credit Union Initiatives Tom Sakash appeared on American Banker's Bankshot podcast recently to discuss Holy Trinity Baptist FCU, one of the smallest credit unions in the U.S., and one that has thrived for more than 50 years. 

'Junk fee,' blockchain hearings scheduled this week in D.C.
The House and Senate are in Washington, D.C., this week, with the House to consider legislation on the floor, and the Senate to consider executive nominations. Hearings of note will cover "junk fees," blockchain, and the U.S. dollar's status as a global reserve currency. 

Maine credit unions join forces to fight hunger in June
Credit unions across Maine are coming together to support the fourth annual $100,000 Ending Hunger Challenge. This initiative kicks off on June 1 with a goal to raise $100,000 in 30 days for Maine Credit Unions’ Campaign for Ending Hunger. 

Agencies release advisory on PRC state-sponsored malicious cyber activity
CISA and other domestic and international agencies published a joint Cybersecurity Advisory to highlight a People’s Republic of China state-sponsored actor, also known as Volt Typhoon, that is working to compromise networks and conduct malicious activity.

CUNA economics: Strong hiring in May
CUNA Senior Economist Dawit Kebede said the Labor Department’s May Employment Situation shows hiring much higher than the consensus expectation, signaling a stronger labor market. The report also revised up job gains in the prior two months by 93,000, bringing the three-month average job growth to 283,000.

Senate passes debt relief bill, Biden signature next

The Senate passed the Fiscal Responsibility Act (H.R. 3746) late Thursday night, which extends the U.S. debt ceiling to Jan. 1, 2025. President Biden is expected to sign the measure shortly.

Regulators issue AVM proposal, WH addresses appraisal bias efforts
NCUA and other federal financial regulators issued a proposed rule regarding Automated Valuation Models (AVMs) Thursday, part of several efforts announced by the Biden administration to address racial bias in home valuations.

Nine League executives participate in mentorship program
Nine women executives from eight Leagues and League Foundations participated in the 1-to-1Woman Mentoring Program’s most recent cohort, sponsored by AACUL. The 1-to-1Woman Mentoring Program pairs Caucasian C-suite executive level women with rising Black women professionals.

Credit union loans outstanding increased 0.8% in March
Credit union loans outstanding increased 0.8% in March, compared to a 0.5% increase in February 2023, and a 1.7% increase in March 2022, according to CUNA's latest Monthly Credit Union Estimates.

CFPB seeks new CUAC members, applications open July 3 to 16

The CFPB will accept applications to its Credit Union Advisory Council and other advisory committees July 3 through 16. The CUAC advises the CFPB on regulating consumer financial products or services via the unique perspective of credit unions.

NCUA Designates June as MDI Awareness Month

The designation aims to enhance understanding of how these credit unions serve communities in need.

CCUA Launches initiative in partnership with American Red Cross
The Cooperative Credit Union Association’s We CU Care program officially launched its debut campaign supporting the American Red Cross, bringing credit unions together to make a difference in the lives of those affected by disasters. The campaign ends July 31.

CUNA to host free webinar on FedNow service strategy June 13
CUNA’s latest webinar on the FedNow service will take place June 13, and will cover planning for FedNow service. The webinar is free to CUNA members and features Joni Hopkins, vice president of customer relations at the Chicago Federal Reserve.

Debt ceiling deal has credit union implications
Congress is expected to vote this week on the debt ceiling deal reached over the weekend that would suspend the debt ceiling until Jan. 1, 2025. The legislation contains several implications for credit unions, including rescinding unspent funds from the Treasury’s Emergency Capital Investment Program.

FOM proposal is ‘important step’ toward more inclusive CU membership
NCUA’s proposed field of membership changes would reduce unnecessary burdens and increase efficiency in the FOM application process, CUNA wrote to the agency Tuesday. adding the proposed changes would help credit unions deliver necessary financial services to more consumers. 

Sullivan: Stories, data are most important parts of advocacy
Credit union lenders must be an active part of advocacy, CUNA Senior Director of Advocacy and Counsel Elizabeth Sullivan told the American Credit Union Mortgage Association’s OnPoint podcast, since they're the ones working to serve members while complying with the rules and regulations.

2023 Recognition Award winners honored at CUNA HR & Organizational Development Council Conference
The credit union movement’s brightest human resources and organizational development stars were recognized during an awards luncheon ceremony during the CUNA HR & Organizational Development Council Conference.

Iowa Credit Union League partners with Credit Union Loan Source
The Iowa Credit Union League has formed a new partnership with Credit Union Loan Source to bring a low-risk, high quality loan participation program to state chartered credit unions in Iowa.

CUNA-requested proposal would expand CDA charity definition

The NCUA board issued a proposal to update the definition of “qualified charity” in its Charitable Donation Accounts (CDA) rule at its Thursday meeting. CUNA requested NCUA add 501(c)(19) veterans organizations in addition to currently allowed 501(c)(3) organizations in June 2022.

Defense Credit Union Council recognizes Memorial Day
DCUC recognizes the importance of this historic holiday and urges others to reflect on its true meaning during the upcoming extended weekend and DCUC President/CEO Anthony Hernandez shares a special tradition involving the American Flag.

Webinar highlights credit union relief response to Ukraine, Turkey
The Worldwide Foundation for Credit Unions (WFCU) will conduct a virtual event highlighting credit union crisis response efforts in Ukraine and Turkey. The event will be held June 22, starting at 10 a.m. ET.

Veterans MBL bill would increase support to entrepreneurs
Credit unions recognize that financial inclusion and access to capital for entrepreneurs are critical to ensuring the growth and development of vibrant small businesses, CUNA wrote to the House Small Business Committee for its hearing on supporting veteran-owned small business.

Reminder: 2023 CDRLF grant round open through June 30
Low-income and MDI credit unions have until June 30 to apply for Community Development Revolving Loan Fund grants. NCUA will administer approximately $3.5 million in CDRLF grants to the most-qualified applicants, subject to the availability of funds.

Golf classic raises over $59K for CMN Hospitals
Credit unions and business partners came together to help raise over $59,000 for Children’s Miracle Network Hospitals (CMN Hospitals) at the Credit Union Miracle Day’s Annual Charity Golf Classic. Credit unions have raised more than $150 million for CMN Hospitals over the past 25 years.

CUNA offices closed May 29 for Memorial Day
CUNA offices in Washington, D.C., and Madison, Wis., will be closed Monday, May 29, in observance of Memorial Day. There will be no Daily email May 29. The Daily will resume May 30.

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