Author name: America's Credit Unions

America’s Credit Unions will monitor several relevant hearings this week, including Treasury Secretary Janet Yellen’s appearances before the House Financial Services Committee and Senate Banking Committee.   During the hearings, Yellen will provide an annual report to Congress on the Financial Stability Oversight Council (FSOC). The House Financial Services Committee hearing will take place Tuesday at …

This week: Treasury’s Yellen to testify before House, Senate committees Read More »

The Bureau of Labor and Statistics (BLS) released January’s jobs report Friday, noting 353,000 jobs were added and the unemployment rate remained at 3.7%. Jobs gains were mostly seen in professional and business services, health care, retail trade, and social assistance. January losses were seen in mining, quarrying, and oil and gas extraction industries.   “The …

January jobs report exceeds expectations  Read More »

America’s Credit Unions keeps credit unions informed with new posts on the Compliance Blog, published every Tuesday and Thursday.  Here’s a look at what’s new on the blog:  CFPB Proposes Rule to Prohibit NSF Fees for Instantaneous Transactions: Patricia O’Connell details the CFPB’s proposed rule to “prohibit covered financial institutions from charging nonsufficient funds (NSF) …

New Compliance Blog posts tackle firearms merchant code, proposed NSF fee rule Read More »

America’s Credit Unions President/CEO Jim Nussle highlighted the credit union industry’s investment in payment technologies and the role of interchange in fraud prevention in a letter to the Senate Banking Committee (SBC) Wednesday ahead of its hearing to examine scam and fraud trends.   “Credit unions invest significantly in both security and compliance management systems …

Nussle pens letter on fraud, scams ahead of SBC hearing  Read More »

The House Wednesday passed the Tax Relief for American Families and Workers Act on a 357-70 vote. The bipartisan tax bill makes no changes to the credit union tax status. The bill would expand the Child Tax Credit and restore several business tax breaks. It now heads to the Senate for consideration. America’s Credit Unions will …

House passes bipartisan tax bill Read More »

The Federal Open Market Committee (FOMC) agreed to maintain the current target range for the federal funds rate between 5.25 to 5.5% during its two-day meeting that ended Wednesday.   The committee’s statement concluded it “does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is …

FOMC holds on target range for rates  Read More »

Rep. Juan Ciscomani, R-Ariz., thanked credit unions for the work they do on the House floor Wednesday, adding that a credit union account was the first account he ever opened. He thanked credit unions for “filling a unique role in the financial services marketplace,” especially for the more than two million members in Arizona. “As …

Rep. Ciscomani thanks credit unions for filling ‘unique role’ Read More »