America’s Credit Unions Comment Letter to Federal Reserve on Expansion of Fedwire Funds Service and NSS Operating Hours
Read Letter
September 2024
Senate committee to hold tax hearing next week
The Senate Finance Committee next week is set to hold a hearing on the 2025 tax debate and tax avoidance strategies. Looking ahead into the next Congress, the Tax Cuts and Jobs Act (TCJA) sunsets at the end of 2025. America’s Credit Unions, in partnership with Leagues and credit unions, is laying the groundwork now to protect …
Credit union assets, loans grow; delinquencies increase, net income down
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, …
Credit union assets, loans grow; delinquencies increase, net income down Read More »
Illinois interchange law could result in no more credit, debit payments
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 …
Illinois interchange law could result in no more credit, debit payments Read More »
NCUA to host credit union accounting webinar Sept. 26
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 …
NCUA to host credit union accounting webinar Sept. 26 Read More »
$3.5M in CDRLF grants awarded by NCUA
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. …
Dr. Changelove: Or How I Learned to Stop Worrying and Love the Initial HELOC Terms
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 …
Dr. Changelove: Or How I Learned to Stop Worrying and Love the Initial HELOC Terms Read More »
Hunt: Inaccurate credit union attacks help big banks and hurt consumers
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 …
Hunt: Inaccurate credit union attacks help big banks and hurt consumers Read More »
Leagues, credit unions host policymakers, candidates as recess winds down
Leagues and credit unions are staying busy meeting with policymakers, even as the summer recess winds down. Last week brought credit union leaders together with elected officials and candidates in South Carolina, North Dakota, Delaware and New Jersey. The Carolinas Credit Union League (CCUL) met with Rep. William Timmons, R-S.C. in a joint meeting that …
Leagues, credit unions host policymakers, candidates as recess winds down Read More »
Clean sweep for credit union-supported candidates in Massachusetts primaries
Candidates supported by America’s Credit Unions PAC and the Cooperative Credit Union Association went six for six in Tuesday’s Massachusetts primary. This marks 313 wins by credit union-supported candidates out of 316 races so far this cycle. The final set of primaries for this election cycle takes place Sept. 10 in Delaware, New Hampshire, and …
Clean sweep for credit union-supported candidates in Massachusetts primaries Read More »