Author name: America's Credit Unions

Credit union candidates across 5 states win on Super Tuesday

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Credit unions were involved with 87 primaries in five states on Super Tuesday in Alabama, Arkansas, California, North Carolina and Texas. All but one candidate was victorious, with the primary of credit union-backed Rep. David Valadao, R-Calif., yet to be called. Candidates were supported by the America’s Credit Unions PAC and Leagues. Credit union-supported Rep. …

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Debit interchange proposal would cause economic harm

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It’s critical the Senate Banking Committee understand the immense pressure credit unions are under in terms of compliance and operational challenges, America’s Credit Unions President/CEO Jim Nussle wrote to the Senate Banking Committee in advance of Federal Reserve Chair Jerome Powell’s Thursday testimony. Nussle highlighted credit unions’ strong opposition to the Federal Reserve’s debit interchange …

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How credit unions can embed DEI into strategy

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Organizations can’t treat diversity, equity, and inclusion (DEI) as a side project and achieve meaningful change. Successful initiatives require commitment and support from senior leadership, an understanding of the business need and required investment, and clear DEI strategy and aspirations.  So say Jackie Wong, associate partner and senior DEI expert at McKinsey, and Jonathan Njus, …

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America’s Credit Unions board member to testify before House subcommittee

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Karen Harbin, president/CEO of Commonwealth Credit Union—and secretary of America’s Credit Unions Transition Board—will testify before a House Financial Services subcommittee Thursday on behalf of America’s Credit Unions. During the hearing, Harbin will share how increasing regulatory burdens are hampering credit unions’ ability to serve members, including the CFPB’s recently finalized rule on credit card …

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Bill introduced to require stop, study of Fed interchange proposal

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Rep. Blaine Luetkemeyer, R-Mo., introduced the Secure Payments Act (H.R. 7531), which would stop finalization of the Federal Reserve’s proposed debit interchange proposal. Credit unions strongly oppose the Fed’s proposal, and the introduction comes as nearly 6,000 credit union advocates are in Washington, D.C., for the 2024 Governmental Affairs Conference. The Fed’s proposal would make …

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Nussle: Final credit card late fee rule dismantles protections, limits access

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The CFPB released its final rule on credit card late fees Tuesday, reducing the “typical” fee to $8.  The rule applies to card issuers with more than one million open accounts and will be effective 60 days after publication in the Federal Register. “The CFPB’s misguided final rule on credit card late fees clearly demonstrates …

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Reps. Hill, Kim pledge to support credit unions against overreach

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Reps. French Hill, R-Ark., and Young Kim, R-Calif., addressed the 2024 Governmental Affairs Conference (GAC) Tuesday, expressing their support for the work credit unions do, and pledging to push back against government overreach. Hill, vice chairman of the House Financial Services Committee and chair of the Subcommittee on Digital Assets, Financial Technology and Inclusion, said …

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NCUA’s Otsuka, DOJ’s Clarke share goals, approach at GAC

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NCUA Board Member Tanya Otsuka, and U.S. Assistant Attorney General for Civil Rights Kristen Clarke addressed the 2024 Governmental Affairs Conference (GAC) Tuesday, where they outlined their priorities for their respective offices. “My work at NCUA will be guided by a commitment to a safe and sound financial system of cooperative credit that ensures members …

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Theresa May, policymakers lead Tuesday; Shaun White, Hill visits Wednesday

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Governmental Affairs Conference (GAC) attendees heard from members of Congress, policymakers, and a former U.K. Prime Minister Tuesday in Washington, D.C. America’s Credit Unions President/CEO Jim Nussle conducted a fireside chat with the Rt. Hon. Theresa May, where the former Prime Minister and current member of Parliament shared how service has shaped her career and …

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‘Junk’ fees, regulatory challenges, covered in GAC breakouts Tuesday

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Regulators’ focus on eliminating so-called “junk fees” could deprive consumers of much-needed financial services, including access to affordable credit, according to a Tuesday panel discussion. The CFPB’s focus on fees is almost entirely political, panelists said. Participating in the discussion were Jim Hunsanger, chief risk officer at Michigan State University Federal Credit Union; Leah Dempsey, …

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