September 2024

Columns

Additional outreach needed before expansion of FedWire, NSS hours

News / / / 2 minutes of reading

The Federal Reserve Board of Governors should conduct additional outreach on expanded operating hours for the FedWire Funds Service and National Settlement Service (NSS) before proceeding with a final rule.   America’s Credit Unions Director of Innovation and Technology Andrew Morris  shared these comments with the Fed Friday, in response to the Fed’s proposal to expand …

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economic charts

Jobs report shows ‘continued weakening in employment growth’

News / / / 1 minute of reading

Total nonfarm payroll employment increased by 142,000 in August, and the unemployment rate changed little at 4.2%, the U.S. Bureau of Labor Statistics (BLS) reported Friday. “The August jobs report showed continued weakening in employment growth, despite slight improvement for the month. Revised June and July numbers were reduced by 86,000, bringing the average job …

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Credit union assets, loans grow; delinquencies increase, net income down

News / / / 2 minutes of reading

Total assets in federally insured credit unions rose by $79 billion, or 3.5%, over the year ending in the second quarter of 2024 to $2.3 trillion, according to the latest financial performance data released by the NCUA. The delinquency rate at federally insured credit unions was 84 basis points in the second quarter of 2024, …

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Illinois interchange law could result in no more credit, debit payments

News / / / 1 minute of reading

An Illinois law will change the payment processing system as it currently exists if enacted, Northpoint Insight’s Glenn Grossman wrote in Crain’s Chicago Business. America’s Credit Unions, the Illinois Credit Union League, and banking groups filed a challenge against the Interchange Fee Prohibition Act — which was signed into law in June and would take …

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NCUA to host credit union accounting webinar Sept. 26

News / / 1 minute of reading

Credit unions with questions about accounting practices can get information from a Sept. 26 National Credit Union Association (NCUA) webinar: “Accounting Hotspots for Credit Unions.” Registration is now open. The webinar is scheduled to begin at 2 p.m. Eastern and run approximately one hour. It will include a live question-and-answer session. Sonya Pickens, an NCUA …

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$3.5M in CDRLF grants awarded by NCUA

News / / / 1 minute of reading

The NCUA awarded more than $3.5 million in Community Development Revolving Loan Fund (CDRLF) grants to 135 low-income-designated credit unions. Grants ranged from $1,100 to $100,000 and went to credit unions in 37 states. Thirty-nine grantees were minority depository institutions, which received a total of nearly $1.4 million. Eighteen grantee credit unions were first-time applicants. …

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Dr. Changelove: Or How I Learned to Stop Worrying and Love the Initial HELOC Terms

Compliance / / 3 minutes of reading

If your credit union is like most credit unions, it makes loans. Often something changes after the loan is made and the credit union would like to change certain terms. The question is, can they? Well for most open-end loans, contract permitting, you can flip open the Code of Federal Regulations to 12 CFR 1026.9 …

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The Capitol Dome at the U.S. Capitol Building

Hunt: Inaccurate credit union attacks help big banks and hurt consumers

News / / 2 minutes of reading

In a swift response to misinformation about credit unions shared by the Tax Foundation on CNBC this week, America’s Credit Unions pushed back.  “Continued inaccurate and misguided comments about the credit union industry helps for-profit banks at the expense of credit unions that put members first,” wrote Chief Advocacy Officer Carrie Hunt to Tax Foundation …

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