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Credit Union Daily News
 
FOM expansion is ‘solid, free-market step’ to meeting financial needs
Any discussion of policy remedies to revamp and revitalize access to financial services to underserved communities should include modernizing laws and regulations which prevent credit unions from serving those the banks have left behind, CUNA wrote to a House subcommittee. 

CUNA Certified Credit Union Facilitator School teaches skills needed to lead high-impact training
Knowledge of how to plan, deliver and evaluate an effective learning event awaits credit union leaders and trainers who attend CUNA Certified Credit Union Facilitator School, Oct. 14 and 15 in San Antonio. A virtual version of this school will be held in April. 

Nussle: Broad classification of ‘junk fees’ in SOTU will hurt consumers
CUNA President/CEO Jim Nussle said President Joe Biden’s use of the term "junk fees" during the state of the Union address Tuesday is overly broad and ignores the needs of low-income and middle-income consumers who depend on services to resolve short-term financial difficulties.

NCUA issues letter on expansion of permissible CUSO activities
NCUA issued a Letter to Credit Unions this week to provide guidance on expanded permissible activities and services for credit union service organizations (CUSO). NCUA finalized its CUSO rule in October 2021 and it became effective Nov. 26, 2021.

Nusenda returns over $7.8 million to members
Nusenda Credit Union announced the distribution of more than $7.7 million in Earn Your Return bonus dividends and Community Rewards to qualifying members. In addition, qualifying business members received over $192,000 in Business Debit Card rewards. 

Georgia credit unions 'gather under the gold dome' at state capitol
Credit unions from Georgia gathered in Atlanta at the State Capitol for this year’s Georgia Advocacy Conference Jan. 31 and Feb. 1 to discuss remote online notarization, state charter enhancements, interchange, protecting credit unions from taxation, and more.

Hearings on modern banking, housing scheduled this week
Both chambers of Congress are in Washington, D.C, this week. A House Financial Services Subcommittee will conduct a hearing that will cover several pieces of legislation, including a draft financial data privacy bill, and the Senate Banking Committee will conduct a hearing on housing. 

Disneyland will host CUNA Finance Council Conference May 21-24
The CUNA Finance Council Conference will convene in May at the AAA Four Diamond Award-winning Disneyland Hotel, and speakers and sessions for this annual conference are based on attendee and member feedback and curated specifically by and for credit union finance professionals.

CISA issues alert on remote monitoring, management software
The Cybersecurity and Infrastructure Security Agency (CISA), National Security Agency (NSA), and Multi-State Information Sharing and Analysis Center (MS-ISAC) released a joint Cybersecurity Advisory (CSA) to warn network defenders about malicious use of legitimate remote monitoring and management (RMM) software.

CUNA research: Larger than expected increase in January jobs report
CUNA Senior Economist Dawit Kebede said the Labor Department’s January Jobs Report showed widespread gains in several factors, a much larger increase than consensus projections, not good news for the Federal Reserve fighting to bring inflation down to a 2% target.

Compliance: NCUA to take flexible approach to HMDA reporting
NCUA issued a Regulatory Alert indicating it will take a flexible supervisory and enforcement approach to court-ordered changes to the 2020 HMDA rule. This comes after a court vacated the portion of the HMDA final rule that amended the closed-end loan reporting threshold. 

Auto lending report shows significant credit union member savings
Credit unions continue to fulfill their mission through extremely favorable auto lending interest rates, according to CUNA’s inaugural Credit Union Auto Lending Monthly Report. Consumers on the lowest end of the credit score spectrum average $13,204 in life-of-loan savings compared to other lenders.

CUNA leaders meet with NCUA Chairman Harper

CUNA President/CEO Jim Nussle, EVP/Chief Advocacy Officer Robert Lewis, and Deputy Chief Advocacy Officer for Federal Government Affairs Jason Stverak met with NCUA Chairman Todd Harper Thursday to discuss issues facing credit unions in a challenging economic environment.



Advocates share credit union difference at Minnesota State Capitol
More than 100 credit union professionals and board members gathered at the State Capitol last week to share with legislators that credit unions play an important role in the financial well-being of all Minnesotans.

CUNA’s McMillan speaks at Black History Month kickoff event
CUNA Manager of State Outreach Tylik McMillan spoke Wednesday at the U.S. Department of Education to kick off Black History Month alongside Education Secretary Miguel Cardona, Rep. Jahana Hayes, D-Conn., and others.

CUNA, Iowa League receive MarCom Gold Award for political ad
CUNA and the Iowa Credit Union League were recognized with a MarCom Gold Award for Best Association Member Communications Digital Ad Campaign for an ad in support of Rep. Ashley Hinson, R-Iowa.

CUNA Credit Union Board School: Introduction & Designation offers important board development
CUNA Credit Union Board School: Introduction & Designation, a new CUNA board program held in Savannah, Ga., will feature separate tracks to meet the needs of both established board members and newcomers to the role.

2023 Credit Union Hero of the Year voting open
Credit Union Magazine has selected four industry leaders as its 2023 Credit Union Heroes. Your voting will determine the 2023 Credit Union Hero of the Year from the four finalists. Voting is open through March 18

CFPB issues CUNA-opposed proposal on credit card late fees
The Consumer Financial Protection Bureau issued a proposed rule on credit card late fees Wednesday morning. CUNA has major concerns with the proposal and wrote to the CFPB last week urging it to conduct a Small Business Review Panel as required by statute.

Illinois Credit Union System delivers checks to area food pantries
The Illinois Credit Union System helped those in need during the 2022 holiday season with donations totaling $15,000 for area food pantries. ICUS employees presented $1,000 checks to food pantries all over the state to alleviate ongoing hunger challenges.

CUNA National Young Professionals Virtual Conference provides industry insights
Young credit union professionals have the opportunity to enrich themselves, while in turn enriching the credit union movement, by attending CUNA National Young Professionals Virtual Conference, May 16 and 17.

Best-selling author, futurist Peter Diamandis to take the stage at CUNA GAC
Peter Diamandis, founder and executive chairman of XPRIZE Foundation and executive chairman of Singularity University, will speak Feb. 27, at the 2023 CUNA GAC. He will demonstrate the disruptive power of exponential technologies and how to identify opportunities to innovate. 

FCU operating fees will decrease by average of 1.8% in 2023
Federal credit union operating fees will decrease by an average of approximately 1.8% in 2023, NCUA said in a Letter to Federal Credit Unions. Credit unions that owe an operating fee must submit it no later than April 18. 

House passes CUNA, League-led board modernization bill
The House passed the CUNA-League-led Credit Union Board Modernization Act Monday night. CUNA wrote to House leadership Monday prior to the vote calling stating urging members of the House to vote in favor of the bill.

CUNA calls for Credit Union Board Modernization Act support prior to House vote
CUNA joined other organizations calling for House members to vote in support of the Credit Union Board Modernization Act Monday. The bill would allow federal credit union boards to meet at minimum six times per year instead of the current once per month.

NCUA releases new updated CECL FAQs, Simplified CECL Tool
The NCUA has released updates to its frequently asked questions on the current expected credit losses (CECL) accounting standard and its Simplified CECL Tool. The CECL GAAP FAQs address common credit union topics.

Worldwide Foundation launches new grant programs for Ukraine
Worldwide Foundation for Credit Unions disbursed three new grants worth a total of $355,000 from its Ukrainian Credit Union Displacement Fund to help credit unions in Ukraine cover the cost of operating expenses, purchase alternative sources of power and recover the unpaid interest on loans.

Iowa Credit Union Foundation invests over $155K support financial well-being
The Iowa Credit Union Foundation, the philanthropic arm of the Iowa Credit Union League, invested more than $155,000 in mission-aligned initiatives in 2022 to help champion financial well-being for all.

Key committee leaders supportive of credit union priorities

Key committee chairs and ranking members of the 118th Congress are familiar faces to credit unions and Leagues, including the Senate Banking, Housing, and Urban Affairs Committee; Senate Finance Committee, House Financial Services Committee, and House Ways and Means Committee. 


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