Recession signals are raising concerns about the employment outlook and the prospect for an end to a long stretch of exceptional credit performance for the nation's big banks. Read more

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Today, the National Credit Union Administration released its Office of Minority and Women Inclusion (OMWI) annual report, which provides an overview of the NCUA’s diversity and inclusion programs and initiatives in 2021. The report also highlights the agency’s efforts to ensure fair and inclusive business practices as well as assess the diversity policies and practices of the entities it regulates.

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The Consumer Financial Protection Bureau (Bureau) held a joint meeting of its Community Bank Advisory Council and Credit Union Advisory Council last week. "Restoring relationship banking in the age of digitization is a key priority for the CFPB," Chopra said. "How can we preserve the benefits of local knowledge and direct customer relationships in a world where scale and automation feel like a business imperative to remain viable? How do we make sure that technology can be a vehicle to create more competitive intensity, rather than reinforce the power of dominant incumbents?" Learn more

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A growing number of states and municipalities have introduced medical and recreational laws for marijuana use, with some jurisdictions now regulating an employer’s ability to test for marijuana while providing protections for users. With these laws evolving across the country, credit unions operating across multiple jurisdictions may be neglecting the need to review existing drug testing and substance abuse policies. This is particularly relevant for credit unions that employ “safety-sensitive” positions.

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The CFPB has published at 87 FR 20771 in a recent Federal Register a proposed rule amending Regulation V that would implement amendments to the Fair Credit Reporting Act that assist consumers who are victims of trafficking. Learn more

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Dolly Parton, Overdraft Programs and the Credit Union Mission! In her latest blog post, League President/CEO Carrie Hunt discusses the lessons we can learn from Dolly in staying on brand -- in particular, the importance of staying on brand in the face of growing attacks on overdraft protection programs and fee income, in general. Lawmakers and regulators intitially targeted big banks and their well-documented abuses. Unfortunately, we're being unfairly tarred with the same brush ...

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CUNA Chief Economist Mike Schenk describes financial well-being metrics recently gathered and summarized via CUNA research in this month’s Economic Update video. “Survey results confirm that the nation's not-for-profit, member-owned credit unions are not only consumers’ best financial partner, but they also advance the communities they serve,” Schenk said.

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Your League has filed a letter for the record with the House Financial Services Subcommittee on Consumer Protection and Financial Institutions, following a hearing last week on overdraft protection programs.

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CUNA’s latest “Monthly Credit Union Estimates” showed first mortgages continue to be the strongest gainer in portfolios despite the national drop in originations. In part, that’s because refinance activity can cancel out on the balance sheet, and in part because credit unions have been selling fewer first mortgages on the secondary market.

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UVA Community Credit Union is pleased to announce Thomas McGloon as Regional Mortgage Director of Member Options, LLC, the mortgage division of UVA Community Credit Union.

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