Blog
- CUs, League Hosting Legislator Reception Oct. 11 in NoVA; You're Invited!
September 22, 2022Your League and member credit unions are hosting a legislator reception Oct. 11 in Northern Virginia and you're invited! This event is free to attend, but we do ask that you register to aid us in planning.
- Draft Bill Lets Nonbanks Issue Stablecoins, Bans Algorithmic Coins for Two Years
September 21, 2022Nearly finalized legislation between Democrats and Republicans on the House Financial Services Committee would authorize the Federal Reserve to license nonbank stablecoin issuers and introduce a two-year moratorium for algorithmic stablecoins.
- Why Regulators Can't Go as Far as They'd Like to Stop Zelle Scams
September 21, 2022The Consumer Financial Protection Bureau under the direction of Rohit Chopra thinks something is fishy about consumers being made whole in cases of credit card fraud but being out-of-luck in cases of P2P fraud and is gearing up for a fight with financial institutions.
- Senators Write to FDIC Seeking Support for Industrial Loan Charters
September 21, 2022A bipartisan group of senators led by Sen. Mitt Romney, R-Utah, has urged the Federal Deposit Insurance Corp. to give a "fair consideration" to new industrial loan company, or ILC, charter applications and continue to "follow the laws that Congress carefully designed."
- Joint Trades Express Views About NDAA Provisions
September 20, 2022CUNA, the Defense Credit Union Council (DCUC) and the National Association of Federally-Insured Credit Unions (NAFCU) sent a letter to Senate Armed Services Committee leadership regarding potential provisions to the National Defense Authorization Act (NDAA) for the Fiscal Year 2023.
- PAC That Takes Strong Anti-Credit Union Stance is Backing 4 Congressional Candidates
September 20, 2022A political action committee that has expressed criticism of “…fake credit unions” is urging the banking industry to put its support behind three candidates, according to one new report. The PAC, Friends of Traditional Banking (FOTB), was first reported on CUCollaborate.com. The banker-backed group bills itself as the “inverse” of a traditional PAC.
- CFPB Examines Potential Impact of Rising Car Prices on Consumer Credit
September 20, 2022On September 19, the Consumer Financial Protection Bureau (CFPB) released a blog post, exploring the potential relationship between rising car prices and changes in auto loan performance. The CFPB found that the rate of delinquency, especially for low-income borrowers, has risen over the past year.
- Credit Unions Focus on Service to Military, Not Profits
September 19, 2022CUNA wrote in opposition to any potential expansion of the credit union lease arrangement with military bases to banks in a letter sent to Senate Armed Services Committee leaders Friday asking the committee to reconsider the language included in its FY23 NDAA.
- White House Releases 'Digital Asset Framework' Outlining Vision for Crypto Regulation, Digital Assets
September 19, 2022The White House has released its first-ever “digital asset framework” that outlines its vision of what crypto regulation in the U.S. should look like, including ways in which the financial services industry should evolve to make borderless transactions easier, and how to crack down on fraud in the digital asset space.
- With Billions in Potential PPP Loan ‘Errors,’ Members of Congress Want Review of ‘Good Faith’ Rule
September 19, 2022A group of 40 Representatives signed a letter requesting the Small Business Administration (SBA) review the paycheck protection program (PPP) “Good Faith Error” rule.