Blog
- One-in-Five Adults Unbanked, Underbanked, With Many Low-Income or People of Color, Congressional Report States
August 25, 2022The U.S. Congress Joint Economic Committee (JEC) has released a new report that finds nearly one in five U.S. adults are either unbanked or underbanked, and of the roughly 20% who lack access to a bank account or rely on alternative financial services, a disproportionate share are lower-income earners or people of color.
- Banking Groups Challenge CFPB’s RFI on Customer Service
August 25, 2022Banking trade groups are challenging a request for information (RFI) issued by the Consumer Financial Protection Bureau (CFPB) regarding customer service at large financial institutions. In a joint letter dated August 22, the Bank Policy Institute, Consumer Bankers Association, and the American Bankers Association objected to the CFPB’s insinuation that big banks are providing a sub-par customer experience and challenged the CFPB’s authority to regulate customer service.
- GreenState CU Still Eyeing Nebraska Expansion after Bank Deal Collapse
August 25, 2022Two battles with state banking regulators over the legality of credit unions' bank purchases will not discourage GreenState CU from future bank M&A, the institution's CEO said. GreenState CU and Premier Bank terminated their planned transaction after a judge upheld the Nebraska Department of Banking and Finance's decision denying the bank permission to sell to the credit union.
- CUs, League Host Greater Hampton Roads Lawmakers at Aug. 23 Reception
August 24, 2022Credit unions and the League played host to 10 lawmakers and legislative aides at a legislative reception in Newport News on Aug. 23.
- FHFA and Ginnie Mae Announce Updated Minimum Financial Eligibility Requirements for Enterprise Seller/Servicers and Ginnie Mae Issuers
August 24, 2022The Federal Housing Finance Agency (FHFA) and Government National Mortgage Association (Ginnie Mae) issued a joint announcement of their updated minimum financial eligibility requirements for seller/servicers and issuers. Related: NAFCU article on FHFA's updated minimum financial eligibility requirements.
- Defense Credit Union Council: Pentagon Study is a Victory for Industry
August 23, 2022A long-awaited Defense Department (DoD) report that concludes servicemembers do not lack access to banking services on military installations is being hailed as a victory for credit unions in their ongoing battle with banks over rent benefits on those bases.
- Virginia's Credit Union Advocates to Gather in Washington at 2023 CUNA GAC
August 23, 2022CUNA Governmental Affairs Conference (GAC), the credit union industry’s premier advocacy event, returns to Washington, D.C., Feb. 26 to March 2, 2023.
- Rep. Morgan Griffith Signs on as Co-Sponsor of CU Board Modernization Bill
August 23, 2022Following credit union and League advocacy efforts, Rep. Morgan Griffith (R-9th) has signed on to H.R. 6889 (Credit Union Board Modernization Act) as a co-sponsor. This bill revises the frequency of meetings required to be held by a federally chartered credit union's board of directors.
- League Continues Outreach to Federal Lawmakers on Interchange, Overdraft & More
August 22, 2022Your League today continued its push to reach every member of Virginia's Congressional delegation to discuss the long list of credit unions' federal legislative priorities. In meetings today with the offices of Sen. Tim Kaine and Rep. Gerry Connolly (D-11), we covered a range of issues and legislation, including interchange, overdraft protection programs, and third-party examination authority for the National Credit Union Administration.
- Excessive FCC Restrictions Could Block Important Calls to Consumers
August 19, 2022The FCC should avoid imposing excessive restrictions on “non-conversational traffic,” CUNA and other organizations wrote in response to a proposal involving methods to target and eliminate unlawful robocalls.