A change to the tax status of large credit unions will impact small credit unions as well, Freedom CU President/CEO Ken Payne wrote in Credit Union Journal Friday. Payne’s op-ed on how credit unions are stronger together comes as bankers are ramping up attacks on the credit union tax status.
CUNA launched its “Credit Unions Vote” campaign Thursday which is focused on getting credit union members to vote in the November mid-term elections. The non-partisan campaign features a Web site where credit union members can visit to check their registration status, register to vote, participate in early voting and find their polling place.
Rep. Barry Loudermilk (R-GA) introduced the Financial Reporting Threshold Modernization Act (H.R. 6850) on Thursday. The bill would reform the Bank Secrecy Act (BSA) and provide some relief to credit unions by raising certain thresholds, including those for currency transaction (CTR) and suspicious activity reports (SAR).
Earlier this week, the Federal Reserve Board approved final amendments to the liability provisions of Regulation CC, which governs availability of funds and collection of checks. These amendments continue the Board's efforts to update Regulation CC to reflect the evolution of the nation's check collection system from one that is largely paper-based to one that is virtually all electronic.
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced grants and loans to 302 organizations totaling $202.2 million Wednesday.
Krebs on Security reported Tuesday that more than 14 million customer records from an online payment company used by state and local governments have been exposed by a security vulnerability.
CUNA is engaged with continuing government funding discussions and a Senate hearing on fin tech this week. The House is in recess until Sept. 25.
Senate Finance Committee Chairman Orrin Hatch (R-UT) and Sen. James Lankford (R-OK) introduced legislation Monday that would require the Bureau of Consumer Financial Protection (BCFP) to issue timely guidance on its rules in order to facilitate industry compliance and better protect consumers.
The New Jersey Credit Union League and credit union advocates met Monday morning with Congressman Frank Pallone (D-6) and in the afternoon with Congressman Bill Pascrell, Jr. (D-9). Pallone is the ranking Democrat on the House Energy and Commerce Committee and is in line to become chairman if the Democrats capture a House majority in the November mid-term elections. Pascrell serves on the House Ways and Means Committee. Both committees are extremely important when it comes to credit union-related legislation.
Credit unions' tax-exempt status remained untouched following the House Ways and Means Committee's markup of the "Tax Reform 2.0" package Thursday.
The time is now for Congress to enact stricter data security standards that better protect credit unions and consumers, CUNA President/CEO Jim Nussle wrote Thursday in Credit Union Journal. Nussle noted that with the heads of Facebook and Twitter before Congress last week and the markup of a data breach notification bill this week, data security is on a lot of policymakers’ minds right now.
The House Financial Services Committee (HFSC) advanced two credit union-backed bills at its Thursday markup, bills covering compliance consistency and data security. CUNA wrote in support of both bills prior to the markup.
The New Jersey Credit Union League (NJCUL) and credit union advocates met Thursday with George Helmy, Sen. Cory Booker’s (D-NJ) state director, and other senior state staff to discuss credit union priorities for the balance of the 115th Congress. The discussion focused on post-S. 2155 regulatory relief priorities, the need for the Department of Justice to issue Americans with Disabilities Act (ADA) Web site compliance rules, the ongoing problem of merchant data breaches and the need to subject retailers to the same data security requirements as card issuers, and issues relating to NCUA’s treatment of taxi medallion loans and participations.
Legislation (S2891) that would establish the “New Jersey Secure Choice Savings Program,” a retirement savings program for certain private sector employees, was removed from Thursday’s Senate Labor Committee agenda following opposition from the League.
CUNA joined other trade organizations Wednesday requesting an extension of the comment deadline for the Bureau of Consumer Financial Protection’s proposed policy to encourage trial disclosure programs. Specifically, CUNA requests the comment deadline be extended an additional 45 days beyond the current Oct. 10 deadline.
The Senate Banking Committee announced Tuesday it will postpone its hearing on the implementation on the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155). Originally scheduled for Thursday, the hearing is now scheduled to take place Oct. 2.
The Consumer Information Notification Requirement Act (H.R. 6743) is a strong step in the right direction, and CUNA looks forward to working with Congress to do more on data security, CUNA President/CEO Jim Nussle wrote Tuesday. CUNA’s letter was sent to Rep. Blaine Luetkemeyer (R-Mo.), who introduced the bill last week.
Interest rate swaps and caps promote safety and soundness by helping community-based depository institutions hedge interest rate risks related to fixed-rate mortgage loans held in portfolio and similar fixed-rate investments, the World Council of Credit Unions wrote Monday. The World Council sent its letter to the Basel Committee on Banking Supervision, the primary global standard setter for the prudential regulation of banks, in response to its consultative document on “Incentives to centrally clear over-the-counter derivatives.”
CUNA will be engaged with a Senate Banking Committee hearing on implementation of S. 2155, the markup of a data breach notification bill and other activities on Capitol Hill this week. National Credit Union Administration (NCUA) Chairman J. Mark McWatters will be among federal financial regulators who will be testifying before the Senate Banking Committee Thursday on implementation of S. 2155, which contains several regulatory relief provisions from credit unions.
The credit union tax status remains untouched in the House Ways and Means Committee release of “Tax Reform 2.0,” legislation intended to make several changes to the Tax Cuts and Jobs Act of 2017.
Legislation (S2891) that would establish the “New Jersey Secure Choice Savings Program,” a retirement savings program for certain private sector employees, is on Thursday’s Senate Labor Committee agenda. The Assembly companion bill (A4134) is pending consideration by the Assembly Financial Institutions and Insurance Committee.
The Bureau of Consumer Financial Protection (BCFP) Friday announced new members for its reconstituted Credit Union Advisory Council (CUAC). All seven of the selected CUAC members are currently CUNA member credit unions.
British Airways announced that consumers who booked flights with the company between Aug. 21 and Sept. 5 had their personal data stolen. The information compromised in the breach includes credit card numbers, expiration dates and security codes, and names, street addresses and email addresses.
Rep. Blaine Luetkemeyer (R-MO) formally introduced data breach notification legislation Friday, a bill that would provide credit unions regulatory relief if they suffered a data breach. The bill is titled the Consumer Information Notification Requirement Act.
Governor Phil Murphy and Assembly Speaker Craig Coughlin (D-19) held a press conference Thursday where they indicated that the top two legislative priorities for this fall are legalizing recreational marijuana and increasing the state's minimum wage to $15 an hour.
The Fourth Circuit U.S. Court of Appeals will hear arguments Oct. 30 in an appeal by Department of Labor (DOL) FCU in a frivolous lawsuit alleging Web site noncompliance with the Americans with Disabilities Act (ADA). The lawsuit is just one of many around the country facing credit unions due to uncertainty about how the ADA applies to Web sites.
A new bi-partisan housing finance reform discussion draft unveiled Thursday by House Financial Services Committee Chairman Jeb Hensarling (R-TX) and Rep. John Delaney (D-MD) would preserve a credit union-sought government guarantee to the secondary mortgage market and create more lending opportunities for small lenders.
CUNA President/CEO Jim Nussle discussed grassroots advocacy, the Bureau of Consumer Financial Protection and the appropriations process Wednesday in an interview with National Journal. Nussle served as a member of Congress from Iowa from 1991 to 2007, and as director of the Office of Management and Budget from 2007 to 2009.
The National Credit Union Administration (NCUA) Chairman J. Mark McWatters will be among federal financial regulators testifying before the Senate Banking Committee Sept. 13 on implementation of the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155). The hearing is scheduled to begin at 10 a.m. and will be live streamed on the committee’s Web site.
Six Senators wrote to Attorney General Jeff Sessions Wednesday with concerns shared by credit unions, banks and small businesses over how the Americans with Disabilities Act (ADA) applies to Web sites. Credit unions around the country continue to face legal threats due to uncertainty over how to make Web sites compliant with the ADA. Finding a solution is a top priority for CUNA and the state leagues.
The House and Senate are both back in Washington, D.C. this week, and CUNA is engaged with several activities on Capitol Hill, including ongoing discussions to fund the federal government after Sept. 30, when funding runs out.
Credit union-backed candidates saw victories in Tuesday’s elections, including primaries in Florida and a runoff election in Oklahoma. Candidates are backed by credit union leagues and the Credit Union Legislative Action Council, CUNA’s political action committee.
Congress got the credit union “formula” right, American Consumer Institute (ACI) President Steve Pociask wrote in Inside Sources in response to false banker claims appearing in the Wall Street Journal. CUNA President/CEO Jim Nussle’s response to the banker claims appeared in the Wall Street Journal last week.
Sen. Chris Van Hollen (D-MD) expressed concern to Federal Reserve Chairman Jerome Powell over the delay in implementing a real-time payment system in a letter Tuesday and asked him a series of questions pertaining to the legislative and regulatory needs to get the system underway.
The Senate voted 69-26 Tuesday to confirm Richard Clarida as vice chairman of the Federal Reserve Board. Clarida has offered support of reducing the regulatory burden facing community-based financial institutions by better tailoring regulations.
According to a report by KrebsOnSecurity released Tuesday, Fiserv recently fixed a Web platform weakness that exposed personal and financial details of customers across hundreds of financial institutions' Web sites.
CUNA joined a group of organizations this week to call on Senate leadership to ensure mortgage regulatory relief language remains in the conference committee version of the 2019 financial services and general government appropriations bill. The Mortgage Choice Act (H.R. 1153) language is a bipartisan measure that passed the House in February and is strongly supported by CUNA and the state leagues.
Credit unions are supporting several candidates in Tuesday’s primary elections in Arizona and Florida, and a candidate in a runoff election in Oklahoma. Candidates are backed by credit union leagues and the Credit Union Legislative Action Council (CULAC).
The top official overseeing student loans at the Bureau of Consumer Financial Protection (BCFP) resigned on Monday saying Trump Administration policies were harming students and families.
The Internal Revenue Service (IRS) issued proposed regulations last week providing rules on the availability of charitable contribution deductions when the taxpayer receives or expects to receive a corresponding state or local tax credit.
In the latest reported data breach, information from some 567,000 payment cards may have been exposed at the Cheddar's Scratch Kitchen restaurant chain between November 3, 2017, and January 2 the parent company announced Wednesday.
Kathy Kraninger’s nomination to lead the Bureau of Consumer Financial Protection (BCFP) cleared the Senate Banking Committee 13-12 Thursday and now heads to a final vote by the full Senate.
HIGHTSTOWN, N.J. – NJCUL President/CEO David Frankil sent a letter today to Sen. Cory Booker (D-NJ) voicing credit union opposition to a bill he and Senate Banking Committee Ranking Member Sherrod Brown (D-OH) have introduced, The Stop Overdraft Profiteering Act of 2018 (S.3343).
CUNA and credit unions responded to the latest banker attack in the Wall Street Journal Thursday, with CUNA President/CEO Jim Nussle leading the response letters to the editor. Nussle responded to claims by a Florida banking association on credit unions’ tax status.
A Senate Banking Committee vote on the nomination of Kathy Kraninger to lead the Bureau of Consumer Financial Protection (BCFP) is expected today. During her nomination hearing last month, Kraninger said that rule-makings by the Bureau should be tailored "to reduce the burden of compliance, particularly on consumers and smaller marketplace participants."
CUNA Senior Director of Advocacy and Counsel Alexander Monterrubio appeared on CUBroadcast recently to discuss CUNA’s latest efforts at finding a solution to credit unions being hit with abusive lawsuits under the Americans with Disabilities Act (ADA). Credit unions are facing these lawsuits due to uncertainty about how the ADA applies to Web sites.
CUNA will be engaged with the Senate Banking Committee’s mark-up of several nominees Thursday, most notably director of Bureau of Consumer Financial Protection (BCFP) nominee Kathy Kraninger. The Senate Banking Committee is expected to meet in executive session to consider the nominees Thursday morning.
The New Jersey Credit Union League (NJCUL) will be meeting with Congressman Bill Pascrell (D-9) August 29th to discuss credit union priorities for the balance of the 115th Congress. The discussion is expected to focus on post-S. 2155 regulatory relief priorities, the need for the Department of Justice to issue Americans with Disabilities Act (ADA) Web site compliance rules, the ongoing problem of merchant data breaches and the need to subject retailers to the same data security requirements as card issuers, and issues relating to NCUA’s treatment of taxi medallion loans and participations.
The Senate Banking Committee is expected to vote on the nomination of Kathy Kraninger to lead the Consumer Financial Protection Bureau (CFPB) on August 23. During her nomination hearing before the committee last month, Kraninger said that rule-makings by the Bureau should be tailored "to reduce the burden of compliance, particularly on consumers and smaller marketplace participants."
This year has been a “wildly successful year in credit union advocacy,” CUNA Chief Advocacy Officer Ryan Donovan said, and during the August recess credit unions have a great opportunity for additional efforts. The House has adjourned until Sept. 4.
The Bureau of Consumer Financial Protection will reportedly suspend routine examinations of lenders for compliance with the Department of Defense's (DoD) Military Lending Act (MLA) rule, a rule that has posed compliance challenges to many credit unions. CUNA and the state leagues continue to push for clarity in the form of guidance or revisions.
A report released last week by UK-based Juniper Research estimates that cybercriminals will steal more than 146 billion personal and financial data records globally over the next five years. In addition, the firm expects the U.S. to become an even bigger target for data breaches, with over half of all breaches to occur here by 2023.
President Donald Trump signed the National Defense Authorization Act (NDAA) for fiscal year 2019 Monday at Fort Drum, enacting the legislation without a provision that could have negatively impacted military credit unions. CUNA and leagues successfully fought for removal of a section of the bill that would have the House bill, which was removed when the conference report of the bill was released Monday.
CUNA will conduct two training programs for young credit union professionals in September, building off the successful program CUNA hosted last year. Registration is open now for the all-day programs, scheduled for September 10 and 24 at Credit Union House.
The Bureau of Consumer Financial Protection (BCFP) issued a final rule on Friday amending Regulation P providing regulatory relief by exempting credit unions that meet specific criteria from the requirement to send annual privacy notices to members. CUNA continues its evaluation of the final rule but supports efforts to reduce burdens associated with redundant and unnecessary regulations.
The New Jersey Credit Union League (NJCUL) met with Congressman Donald Norcross (D-1) Thursday to discuss credit union priorities for the balance of the 115th Congress. The discussion focused on post-S. 2155 regulatory relief priorities, the need for the Department of Justice (DOJ) to issue Americans with Disabilities Act (ADA) Web site compliance rules, the ongoing problem of merchant data breaches and the need to subject retailers to the same data security requirements as card issuers, and issues relating to NCUA’s treatment of taxi medallion loans and participations.
The Borough of Red Bank is seeking proposals from financial institutions to provide primary banking services for the Borough. The Borough’s objective in soliciting proposals is to enable it to select a respondent that will provide high quality and cost-effective services to the municipality.
The New York City Council voted Wednesday to halt the issuance of new for-hire vehicle licenses for 12 months while it studies the booming industry. Under the cap, Uber and Lyft could still be granted licenses for wheelchair-accessible vehicles, but would be prevented from adding new ride-hail vehicles for one year. The city’s Taxi and Limousine Commission could also issue licenses in particular neighborhoods that are running low on ride-hail vehicles.
Credit union supported candidates saw victories in Tuesday’s primaries, including in Kansas and Michigan, and a likely victory in Ohio’s special election. Candidates are supported by the CUNA’s political action committee, the Credit Union Legislative Action Council, and state leagues.
CUNA and the Illinois Credit Union League (ICUL) saw a victory late Tuesday with the dismissal of a frivolous lawsuit against Aurora (Ill.) Policemen Credit Union. CUNA and the league worked with the credit union to file an amicus brief on its behalf.
Yesterday, Mikie Sherrill, the Democratic candidate for Congress in the 11th District, took time from her busy campaign schedule to meet with credit union leaders at the New Jersey Credit Union League’s office.
A U.S. Court of Appeals has upheld a district judge’s decision to bar the National Credit Union Administration (NCUA) from bringing legacy breach of fiduciary duty claims on residential mortgage-backed securities certificates the agency inherited from the failure of five corporate credit unions.
Senators Cory Booker (D-NJ) and Sherrod Brown (D-OH) have introduced The Stop Overdraft Profiteering Act of 2018.
The New Jersey Credit Union League (NJCUL) met with Congressman Leonard Lance (R-7) Tuesday to discuss credit union priorities for the balance of the 115th Congress. The discussion focused on post-S. 2155 regulatory relief priorities, the need for the Department of Justice to issue Americans with Disabilities Act (ADA) Web site compliance rules, the ongoing problem of merchant data breaches and the need to subject retailers to the same data security requirements as card issuers, and issues relating to NCUA’s treatment of taxi medallion loans and participations.
Credit unions are involved with dozens of primary races across Kansas, Michigan, Missouri and Washington today, as well as a special election in Ohio. Hawaii’s primaries will take place Saturday, August 11.
Credit unions saw an industry-changing victory 20 years ago with the passage of H.R. 1151, CUNA President/CEO Jim Nussle wrote in an op-ed Monday, a win that demonstrated the credit union system is at its best when it works together. Nussle was serving as a member of Congress from Iowa in 1998 and voted for H.R. 1151.
Twenty years ago today, President Bill Clinton signed into law the Credit Union Membership Access Act (H.R. 1151).
Two credit union-friendly candidates won their primary elections Thursday in Tennessee. Both candidates are supported by the Tennessee Credit Union League and the Credit Union Legislative Action Council (CULAC), CUNA’s political action committee.
Government-sponsored enterprises (GSEs) Freddie Mac and Fannie Mae reported net incomes of $2.4 billion and $4.4 billion, respectively, in the second quarter of 2018. Each entity saw slight increases from their first-quarter gains.
CUNA staff hosted a webinar Tuesday highlighting the latest Member Activation Program (MAP) campaign, Stop the Data Breaches. CUNA launched the campaign last week to focus on educating and activating members to call on members of Congress to enact data breach legislation. A recording of the webinar is available for free to CUNA members.
A blast email was sent to New Jersey credit unions Thursday afternoon alerting them of an unsolicited “Call-to-Action” email from an outside player that was not issued nor endorsed by either CUNA or the NJCUL.
Mercer County Freeholder Anthony Verrelli (D) won appointment to fill the Assembly seat left vacant when Reed Gusciora (D) was elected mayor of Trenton. He will join state Sen. Shirley Turner (D) and Asw. Verlina Reynolds-Jackson in representing the 15th Legislative District, which covers parts of Hunterdon, and Mercer counties.
The Federal Open Market Committee (FOMC) did not raise rates at the close of its two-day policy-setting meeting Wednesday citing a strengthening labor market and rising economic activity.
The Senate passed its Financial Services and General Government (FSGG) Appropriations Act for Fiscal Year 2019 Wednesday as part of a package of four appropriations bills.
The Senate voted in favor of the National Defense Authorization Act (NDAA) Fiscal Year 2019 (H.R. 5515) conference report that omits a harmful provision to military credit unions. As a result, credit unions will continue to receive exemption from costs associated to the furnishing of office space and/or land (including ATM placement) on military bases – as governed by Section 124 of the Federal Credit Union Act.
HIGHTSTOWN, N.J. — New Jersey Credit Union League (NJCUL) President/CEO David Frankil led a delegation of credit union officials from New Jersey to Alexandria, Virginia and Washington D.C. yesterday.
HIGHTSTOWN, N.J. — New Jersey Credit Union League (NJCUL) President/CEO David Frankil led a delegation of credit union officials from New Jersey to Alexandria, Virginia and Washington D.C. yesterday.
The U.S. Senate voted Tuesday to extend the National Flood Insurance Program (NFIP) until November 30, providing program funding for an additional four months. Extending the program prevents potentially significant disruption to housing markets in flood-prone areas of the country.
Major merchant data breaches continue to put millions of consumers at risk, CUNA and other financial trade organizations wrote in a joint letter Tuesday. The joint letter was sent to Rep. Bob Latta (R-Ohio), chairman of the House Energy and Commerce sub-committee, and follows up a letter CUNA wrote last week on the same topic.
CUNA will be engaged with several Senate floor activities this week, including consideration of several bills that would have an impact on credit unions. The Senate Banking Committee will also vote on the nomination of Kathy Kraninger to serve as Consumer Financial Protection Bureau director.
In its comment letter submitted Monday, CUNA wrote to NCUA that it appreciates the agency’s efforts to expand opportunities to provide short-term, small-dollar loans, but expressed concerns about the agency’s proposed Payday Alternative Loan (PAL) rule. NCUA proposed the rule May 24.
Mitigating losses from data breaches remains a top credit union priority, CUNA wrote to Rep. Bob Latta (R-OH), chair of the House Energy and Commerce sub-committee on digital commerce and consumer protection Friday. CUNA’s letter comes as CUNA launches its Stop the Data Breaches campaign under its Member Activation Program (MAP).
CUNA and leagues will be on hand with nearly 6,000 attendees at the National Conference of State Legislatures (NCSL) Legislative Summit July 30-Aug. 2 in Los Angeles. Attendees include state lawmakers, legislative staff, government officials, business representatives, and others interested in public policy.
CUNA launched its latest Member Activation Program (MAP) Campaign this week, “Stop the Data Breaches,” focused on educating and activating members to call on members of Congress to enact data breach legislation. CUNA will be hosting a free, members-only Stop the Data Breaches webinar Tuesday, July 31 at 3 p.m.
The House Ways and Means Committee released a two-page outline commonly referred to as “Tax Reform 2.0” this week. This bill will likely not have any direct positive or negative effects on credit unions.
The U.S. House passed the National Defense Authorization Act for Fiscal Year 2019 (H.R. 5515). The Act, which passed on Thursday, excluded a provision, which CUNA fought to exclude, that could have negatively impacted credit unions on military bases.
The U.S. House passed legislation Wednesday that would extend the National Flood Insurance Program's (NFIP) funding an additional four months, through Nov. 30. CUNA and the state leagues support this extension to prevent potentially significant disruption to housing markets in flood-prone areas of the country.
All indications suggest that New Jersey will adopt a $15 per-hour minimum wage this year.
CUNA wrote this week in support of the Senate’s Financial Services and General Government (FSGG) Act for Fiscal Year 2019 and its funding levels for several vital credit union funds. The Senate is expected to finish consideration of the bill Thursday.
The Financial Accounting Standards Board (FASB) agreed to propose a CUNA-advocated for change to its current expected credit losses (CECL) standard at its Wednesday board meeting.
More than 5,700 credit unions will begin receiving share insurance fund distributions this week as a result of the CUNA-supported plan from NCUA. CUNA continues to press NCUA to reduce the Share Insurance Fund Normal Operating Level (NOL).
CUNA’s newly launched Member Activation Program (MAP) community was highlighted this month in Associations Now, in an article noting CUNA’s efforts to expand the reach of its government relations work. CUNA Grassroots Manager Adam Engelman spoke to the publication about the new community’s origins and CUNA’s goal for the online community.
CUNA and the state leagues' efforts to remove language putting credit unions on military bases at a potential disadvantage was successful with the removal of Section 2808 of the National Defense Authorization Act for Fiscal Year 2019 (H.R. 5515).
CUNA is engaged with appropriations legislation, a bill to extend the National Flood Insurance Program (NFIP) and an oversight hearing of the Federal Communications Commission, among other activities in Washington, D.C. this week.
CUNA will continue to push the Senate this week to take up credit union-backed, House-passed regulatory relief measures and approve the delay the NCUA’s risk-based capital (RBC) rule, a provision that has passed the House three times. The House this week is expected to vote on a four-month extension of the National Flood Insurance Program, which expires July 31. Both chambers are also working out the final details of the National Defense Authorization Act (NDAA).
Two members of the Senate Banking Committee called for board/commission oversight of the Consumer Financial Protection Bureau (CFPB) during the confirmation hearing of Kathleen Kraninger, President Trump’s choice to lead Bureau.
In a Thursday vote, the U.S. House approved the Financial Services and General Government (FSGG) Appropriations Act for Fiscal Year 2019 (H.R. 6147). CUNA and the state leagues support the legislation as it continues to build upon CUNA’s Campaign for Common-Sense Regulation.
CUNA sent a letter to Senate Banking Committee leadership ahead of the Consumer Financial Protection Bureau's (BCFP or Bureau) Director nomination hearing. The letter was written to Chairman Michael Crapo (R-ID) and Ranking Member Sherrod Brown (D-OH) in support of the nomination process and urges Congress to support a bipartisan commission for the CFPB.
The U.S. House is scheduled to vote on the Financial Services and General Government Appropriations Act for Fiscal Year 2019 (H.R. 6147) today.
“Blue state” Democrats have been saying it for a long time, and now New Jersey has joined a coalition of predominately Democratic states that have filed a lawsuit saying the new federal tax law is a politically motivated attack on them.
The structure of the government caretaker of Fannie Mae and Freddie Mac is unconstitutional, a federal court has ruled.
CUNA joined other trade association in sending a letter to House leaders urging the adoption of Rep. Patrick McHenry’s (R-N.C.) amendment to the Financial Services and General Government (FSGG) appropriations bill to prohibit the U.S. Postal Service from providing banking services.
As CUNA continues to press NCUA to reduce the Share Insurance Fund Normal Operating Level (NOL), the agency has announced it will issue dividends in 2018 during the week of July 23 for more than 5,700 eligible institutions.
The CUNA Advocacy Team is busy in both the House and Senate as both chambers are in session this week.
CUNA President/CEO Jim Nussle and Deputy Chief Advocacy Officer Elizabeth Eurgubian attended roundtable discussion Thursday with Consumer Financial Protection Bureau (CFPB) Acting Director Mick Mulvaney. The roundtable featured discussion of several of the Bureau’s recent requests for information about how it performs its functions.
There were little or no real surprises in New Jersey’s Congressional primary elections. Those incumbents running for re-election won their party’s nomination for an additional term, and all CULAC-supported candidates won their race.
According to a story in Politico, during an unrelated Atlantic City press conference Tuesday Gov. Phil Murphy said that he wants lawmakers to send him legislation before the end of the year that would raise the state's minimum wage to $15 per hour. Support for a $15 minimum wage was one of the positions candidate Murphy campaigned on last year, and he has re-affirmed that commitment on numerous occasions since taking office in January.
