Author name: America's Credit Unions

America’s Credit Unions requests court ‘set aside’ section 1071 rule

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The CFPB’s small business lending data collection rule should be set aside, America’s Credit Unions, Cornerstone League, Rally Credit Union, and other organizations wrote in a consolidated motion for summary judgement filed in the U.S. District Court for the Southern District of Texas. The CFPB finalized its rule requiring financial institutions to collect and report …

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America’s Credit Unions calls out inaccurate attack on industry

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America’s Credit Unions Chief Advocacy Officer Carrie Hunt wrote to National Taxpayers Union (NTU) President Pete Sepp to call out inaccuracies in a recent blog post. “While Mr. Bishop-Henchman and Mr. Putnam may be knowledgeable about tax policy, they clearly do not understand credit unions, the purpose they serve in the financial services industry, nor …

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Inflation report continues to be hotter than expected 

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The Bureau of Labor and Statistics (BLS) released February’s consumer price index report Tuesday, noting inflation currently sits at 3.2%.  “Inflation increased in February higher than expected, reversing the encouraging easing trend observed in the last quarter of the previous year,” said America’s Credit Unions Dawit Kebede. “Both headline and core prices showed a monthly …

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Credit union assets, delinquencies grow in Q4 2023

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Total assets at federally insured credit unions rose $88 billion, or 4.1%, to $2.26 trillion over the year ending in the fourth quarter of 2023, according to NCUA’s latest financial performance data. Insured shares and deposits grew $37 billion, or 2.2%, to $1.72 trillion. The delinquency rate at federally insured credit unions was 83 basis …

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Credit unions look to increase housing access, reduce ownership gaps

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Credit unions support legislative solutions to improve access to housing and reduce gaps in homeownership rates, America’s Credit Unions President/CEO Jim Nussle wrote to the Senate Banking Committee ahead of its hearing on housing affordability. Credit unions believe in supporting their members and their communities by creating products and services designed to suit member needs, …

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CFPB mischaracterizes home closing costs as ‘junk fees’ 

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The CFPB released a blog post Friday outlining their belief that home closing costs include some “junk fees,” under the bureau’s definition, and are too much of a burden for mortgage borrowers who are already taking on a huge financial undertaking.   The CFPB cites the “median amount paid by borrowers was nearly $6,000” in …

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Biden budget proposal requests $325M for CDFI Fund, $4M for CDRLF

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President Joe Biden’s budget request for fiscal year 2025 contains $325 million for the Treasury’s Community Development Financial Institutions (CDFI) Fund, an increase of $1 million from the 2023 level. Credit unions are 516 of the 1,460 certified CDFIs nationwide—the largest proportion by financial institution type. Certified CDFIs can apply for awards and grants through …

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