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Latest News Posts
- Live from the GAC: Updates from Our Regulators
March 1, 2023This week thousands of credit union staff, board members, leagues, vendors and more converged on Washington, DC for the annual CUNA Governmental Affairs Conference. It's a great opportunity to engage with our regulators and lawmakers and get a sense of what issues are of high priority for them. On the main stage on Monday, CFPB Director Rohit Chopra had a dialogue with CUNA's CEO Jim Nussle, followed by remarks from NCUA Chairman Todd Harper.
- Letter to Federal Credit Unions (23-FCU-02) Permissible Loan Interest Rate Ceiling Extended
March 1, 2023On Jan. 26, 2023, the NCUA Board voted to continue the temporary 18-percent interest rate ceiling for loans made by federal credit unions, based on the authorities established by the Federal Credit Union Act.
- CUs, League 'Hiking The Hill' in Support of Legislative Agenda
March 1, 2023Virginia credit union advocates are meeting with our congressional delegation today on Capitol Hill, including Sen. Tim Kaine and freshman lawmaker Rep. Jennifer Kiggans.
- Loan Participation Proposal is Helpful Update, Further Clarification Needed
March 1, 2023CUNA generally supports NCUA’s proposed rule on loan participations, it wrote to the agency Tuesday, but believes NCUA could do more to clarify the rules. NCUA’s proposal would amend rules regarding the purchase of loan participations and the purchase, sale, and pledge of eligible obligations and other loans.
- Bipartisan Senate Bill Would Exempt Veteran Business Loans from Cap
March 1, 2023Sens. Mazie Hirono, D-Hawaii, and Dan Sullivan, R-Alaska, introduced legislation Tuesday to exempt credit union loans made to veteran-owned businesses from the member business lending cap. Credit unions are restricted in business lending by current law to 12.25% of their total assets. This bill would amend the Federal Credit Union Act to exclude extensions of credit made to veterans from the MBL definition.
- Senators Introduce Bipartisan Bill to Extend CLF Flexibility
March 1, 2023Sens. Alex Padilla, D-Calif., and Kevin Cramer, R-N.D., introduced legislation Tuesday that would allow credit unions to purchase central liquidity facility (CLF) capital stock for specific members for the next three years. CUNA, the California Credit Union League, and Dakota Credit Union Association coordinated with policymakers on the bill. CLF flexibility enacted via the CARES Act in 2020 expired at the end of 2022.
- Ryan Bell Leads Freedom First Team at First Lynchburg Location
February 28, 2023Freedom First Credit Union is excited to welcome Ryan Bell as Branch Manager of the Langhorne Branch to their Lynchburg team.
- SCOTUS Will Hear Challenge to CFPB Funding Mechanism
February 28, 2023The Supreme Court announced Monday it will hear a lawsuit challenging the funding mechanism of the CFPB. CUNA has long supported placing the CFPB under the traditional appropriations process.
- House Passes Remote Online Notary Bill
February 28, 2023The House passed the CU-supported Securing and Enabling Commerce Using Remote and Electronic (SECURE) Notarization Act by voice vote Monday. The bill would authorize the use of remote online notarization and create national standards and protections for its use. In Virginia, notarizing a document “remotely” is already permissible, but a national standard and broader acceptance of such services will make it easier for Virginia-based credit unions to utilize this option.
- CUs, League Meet with Rep. Griffith; Thank Him for Support of Recent CU Legislation
February 28, 2023Credit union advocates from ValleyStar Credit Union, InFirst Federal Credit Union, Eastman Credit Union and Truliant Federal Credit Union met with Rep. Morgan Griffith (R-09) today.