Blog
- Condoleezza Rice Joins CUNA GAC Programming
October 24, 2022No stranger to navigating the notoriously difficult arenas of politics, academia, and business, 66th U.S. Secretary of State Condoleezza Rice will share insights from her trailblazing career during a chat with CUNA President/CEO Jim Nussle at CUNA Governmental Affairs Conference on Tuesday, Feb. 28, 2023.
- Divided US Government Would Shape Recession Response
October 24, 2022The U.S. federal government will have a harder time addressing an economic downturn if either chamber of Congress flips parties in the midterms. Democrats are likely to hold the Senate in the November elections, while Republicans are poised to take control of the House of Representatives, according to an analysis of poll data by S&P Global Market Intelligence economists. The midterm elections come as the U.S. is entering an economic downturn, with Market Intelligence economists forecasting U.S. GDP will contract in 2023.
- GOP Seeks to Subject CFPB to Appropriations Process Following Ruling
October 21, 2022House Republicans say they have a solution to the conundrum caused Wednesday by the U.S. Court of Appeals for the Fifth Circuit when it found that the CFPB was unconstitutionally funded -- Kentucky
- NCUA Board to Congress: Extend CLF Changes
October 21, 2022 - Visa, Mastercard Draw New Government Scrutiny Over Debit-Card Routing
October 21, 2022The Federal Trade Commission is investigating whether the security tokens used by Visa Inc. and Mastercard Inc.
restrict debit-card routing competition on online payments, The Wall Street Journal reported Oct. 17, citing people
familiar with the matter. - FTC to Explore Rulemaking to Combat Fake Reviews and Other Deceptive Endorsements
October 21, 2022The Federal Trade Commission announced this week it is exploring a potential rule to combat deceptive or unfair review and endorsement practices, such as using fake reviews, suppressing negative reviews, and paying for positive reviews. Deceptive and manipulated reviews and endorsements cheat consumers looking for real feedback on a product or service and undercut honest businesses. The FTC’s Advance Notice of Proposed Rulemaking (ANPR) seeks public comment on potential harms stemming from deceptive or unfair review and endorsement practices and whether a rule would help consumers and level the playing field for honest marketers.
- Court Rules CFPB Funding Unconstitutional, CU Trades Applaud Ruling
October 20, 2022The 5th U.S. Circuit Court of Appeals found the Consumer Financial Protection Bureau’s (CFPB) funding mechanism is unconstitutional Wednesday. CUNA has long supported placing the CFPB under the traditional appropriations process. The three-judge panel found placing the bureau’s funding outside of the process violates the U.S. Constitution’s structural separation of powers.
- NCUA Should Be ‘Laser-Focused’ on Budget Discipline
October 20, 2022NCUA should be laser-focused on budgetary discipline, CUNA Deputy Chief Advocacy Officer Jason Stverak told the agency Wednesday at its 2023-24 budget briefing. NCUA’s proposed combined 2023 staff draft budget is $367.0 million, or 8.1% higher than the 2022 budget. Virginia Credit Union League President/CEO Carrie Hunt also presented at the briefing. “The NCUA budget has increased more than $100 million in 10 years, yet credit unions’ core business model has not changed, and new threats cannot account for the full $100 million in increases,” she said. As an industry, I think it fair we ask if that investment resulted in an increase in assets and member growth for credit unions?
- NCUA Budget Briefing: What 4 People Told Agency About Spending
October 20, 2022Representatives of four credit union/regulator trade groups -- including League President/CEO Carrie Hunt -- offered their feedback on NCUA’s proposed 2023-24 budgets during the agency’s budget briefing here, with all four calling for budget reductions.
- CFPB Takes Action to Address Junk Data in Credit Reports
October 20, 2022Today, the Consumer Financial Protection Bureau (CFPB) issued guidance to consumer reporting companies about their obligation to screen for and eliminate obviously false “junk data” from consumers’ credit reports. Companies need to take steps to reliably detect and remove inconsistent or impossible information from consumers’ credit profiles.