The House and Senate are both in Washington, D.C., this week, and America’s Credit Unions will be engaged on multiple credit union priorities. CFPB Director Rohit Chopra is scheduled to make his semi-annual testimony before the Senate Banking Committee Wednesday and the House Financial Services Committee Thursday. Both hearings will be streamed live on the …
This week: CFPB director to testify, primaries in 4 states Read More »
Fannie Mae and Freddie Mac’s definitions and policies regarding first-generation homebuyers are concerning, America’s Credit Unions joined the Housing Policy Council and other trades in writing to the Federal Housing Finance Agency (FHFA) Friday. Comments were sent in response to FHFA’s request for input on Fannie and Freddie’s Housing Finance Plans. Concerns include: The organizations …
‘First-generation homebuyer’ policies need changes to improve effectiveness Read More »
Total nonfarm payroll employment increased by 272,000 in May, and the unemployment rate changed little at 4%, the U.S. Bureau of Labor Statistics reported Friday. Employment continued to trend up in several industries, led by health care; government; leisure and hospitality; and professional, scientific, and technical services. “Employers added 272,000 jobs in May, surpassing consensus …
May jobs report ‘surpasses consensus expectation’ Read More »
The NCUA’s Office of Financial Technology and Access announced office hours where credit union representatives, financial technology companies, and credit union associations can schedule time to speak about financial technology with representatives from the agency’s fintech and credit union programs. The NCUA notes that potential topic areas of discussion may include, but are not limited …
NCUA Office of Financial Technology and Access establishes office hours Read More »
Low-income-designated credit unions have until July 1 to apply for 2024 Community Development Revolving Loan Fund (CDRLF) grants. The NCUA will administer more than $3.4 million in CDRLF grants to the most-qualified applicants, subject to the availability of funds. Eligibility and award categories information is available here, and credit unions with questions about the grants …
Reminder: 2024 CDRLF grant round application period ends July 1 Read More »
Total assets in federally insured credit unions rose by $96 billion, or 4.4%, over the year ending in the first quarter of 2024 to $2.31 trillion, according to the latest financial performance data released by the NCUA. Total loans outstanding increased $71 billion, or 4.6%, to $1.60 trillion during the same period. Insured shares and …
NCUA releases 1Q credit union system performance data Read More »
The CFPB finalized a rule Wednesday outlining the process by which a standard setting organization (SSO) gains recognition from the bureau. The rule supplements an October 2023 Personal Financial Data Rights proposal by describing in greater detail how an SSO will apply to the CFPB for recognition and issue consensus standards when the full section …
CFPB outlines process for standard setter recognition under section 1033 Read More »
All 17 credit union-supported candidates won in primary elections Tuesday in Iowa, Montana, New Jersey, New Mexico, and South Dakota. Each candidate was supported by America’s Credit Unions PAC and the League from their state or district. Two credit-union backed candidates won primaries for an open seat. Rep. Andy Kim, D-N.J., won his primary in New …
Credit union-backed candidates sweep primaries in 5 states Read More »
House appropriators released Financial Services and General Government (FSGG) and State, Foreign Operations, and Related Programs (SFOPS) legislation for FY25 Tuesday with several items of interest for credit unions. Financial Services and General Government The FSGG bill has $276 million for the Treasury’s Community Development Financial Institutions (CDFI) Fund ($49 million less than President Joe …
House appropriations bills address credit union funds, priorities Read More »
