The NCUA board will consider the 2022 Normal Operating Level and the agency’s 2022-23 budget at its Dec. 16 meeting. It will also vote on final rules related to mortgage servicing assets, complex credit union leverage ratio, and subordinated debt.

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Credit unions are eager to support underserved communities, but archaic field-of-membership restrictions prevent them from expanding more broadly to those most in need. CUNA wrote to the Select Committee on Economic Disparity and Fairness in Growth Thursday in support of the Expanding Financial Access for Underserved Communities Act.

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Total auto loans at U.S. credit unions increased for the sixth consecutive quarter and delinquencies continued dropping.

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League President/CEO Carrie Hunt testified yesterday during the NCUA Board's public hearing on its proposed budget for 2022-2023. "Credit unions exist to provide provident credit and everything the agency does has a direct impact on that mission. Every dollar NCUA requires of credit unions is money credit unions cannot deploy for the benefit of their members and communities."

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In a win for credit unions, the latest House-passed version of the NDAAdid not include language to allow banks to expand their presence on military bases, whereas credit unions are allowed to maintain a presence nearly rent-free on many bases owing to their not-for-profit status. Unfortunately, the latest version dropped Safe Banking Act provisions, which would allow credit unions to serve cannabis-related businesses in states that have legalized cannabis,  and remote online notary provisions. We continue to engage with lawmakers on the bill.

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The auto industry is changing. It is predicted that by 2035, autonomous vehicles (AVs) will make private car ownership a thing of the past. If AVs are proven to be safe and reliable there may be a shift from private car ownership to ride sharing or cars-as-a-service model. If ride sharing becomes the choice option for consumers it will impact credit unions’ auto loan portfolios.

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The NCUA’s Self-Assessment reflects guidance for advancing workforce and supplier diversity and identifies best practices for demonstrating a commitment to diversity and inclusion. When made a priority, diversity and inclusion can help your credit union grow and better serve your membership. Learn more

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The nation's credit unions hit significant milestones as at the end of the 3Q2021. Total assets in federally insured credit unions rose by $231 billion to $2.02 trillion. Federally insured credit unions added 4.9 million members over the year, and credit union membership in these institutions reached 128.6 million in the third quarter of 2021.

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The Consumer Financial Protection Bureau (CFPB) today finalized a rule facilitating the transition away from the LIBOR interest rate index for consumer financial products. The rule establishes requirements for how creditors must select replacement indices for existing LIBOR-linked consumer loans after April 1, 2022.

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The state Department of Labor and Industry has replied to a League letter asking that costs associated with COVID testing under the federal Occupational Safety and Health Administration's (OSHA) Emergency Temporary Standard not be borne by those state's employers that would fall under the ETS.

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