Author name: America's Credit Unions

Nussle: CFPB overdraft proposal removes lifeline for many consumers

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The CFPB released a proposal Wednesday that would apply Truth in Lending Act provisions to overdraft services charged by financial institutions with more than $10 billion in assets. America’s Credit Unions strongly opposes efforts to limit the availability of overdraft services and previously wrote to the CFPB that overdraft fees are not junk fees, disclosures …

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Access Compliance Blog for need-to-know compliance updates 

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Credit unions can now access the America’s Credit Unions Compliance Blog where new posts are published every Tuesday and Thursday. The blog provides critical information on all things related to compliance: from a breakdown of complex or technical requirements to analysis of recent agency guidance or legal developments.  “America’s Credit Unions carries forward many of …

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Nussle to small biz committee: Back MBL changes 

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Ahead of the House Committee on Small Business’s hearing on access to capital, America’s Credit Unions President and CEO Jim Nussle urged committee members to support legislation that would empower credit unions to provide more support for Main Street businesses. The Member Business Loan Expansion Act, introduced by Reps. Vicente Gonzalez, D-Texas, and Brian Fitzpatrick, …

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STATEMENT on the CFPB’s overdraft rule proposal

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“The CFPB has deliberately exceeded its intended purpose at the expense of the hardworking Americans they claim to protect. Its latest overdraft fee proposal is another devastating blow to working class Americans as it takes away a lifeline many consumers in financial distress rely on to make ends meet. We have worked tirelessly to ensure …

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Senate, House bills would clarify CFPB supervision of insurance

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America’s Credit Unions wrote Senate Banking Committee Ranking Member Tim Scott, R-S.C., and Sen. Joe Manchin, D-W.Va., along with Rep. Bryan Steil, R-Wis., to offer support for their bipartisan Business of Insurance Regulatory Reform Act, which would help to ensure that the CFPB does not expand its authority under the Consumer Financial Protection Act. The …

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Legislators announce bipartisan tax framework with ERTC changes

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Senate Finance Committee Chair Ron Wyden, D-Ore., and House Ways and Means Committee Chairman Jason Smith, R-Mo., announced an agreement Tuesday on tax framework legislation, the Tax Relief for American Families and Workers Act of 2024.  They are looking for potential avenues to enact the legislation this month, though its path forward is uncertain. The …

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Stopgap funding bill looks to fund government to March

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The Senate has proposed an amendment that would extend government funding to March. Congressional leaders Sunday unveiled the bipartisan plan to extend 2023 funding levels as Congress continues to work on negotiations for 2024.  Agriculture, energy, water, and transportation funding (currently set to expire Jan. 19) would last until March 1, with the remaining spending …

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economic charts

Credit union loans increase in November

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Credit union loans outstanding increased 0.4% in November, compared to a 0.4% increase in October 2023 and a 1% increase in November 2022, according to the latest America’s Credit Unions Monthly Credit Union Estimates. The estimates are based on information from a monthly sample of credit unions. Other mortgage loans led loan growth during the …

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