Although the chances of enactment this year are iffy—at best—Sen. Alex Padilla, D-Calif., on Monday introduced legislation that would allow all credit unions to expand their fields of membership into underserved areas. The [...]
An anti-credit union Super Political Action Committee is urging bankers to financially support one House Republican, one GOP Senate candidate and Sen. Ron Johnson, R-Wis., in the upcoming mid-term elections. Friends of Traditional Banking (FOTB) [...]
In a sign of how furious lobbying on the issue has become, 1,688 companies and 231 trade associations this week sent a letter to every member of Congress pushing for passage of Senate legislation [...]
CECL. It’s a four-letter word that fills credit union officials with dread. It’s an accounting standard that few people understand that was issued by an accounting board nobody ever heard of. And like [...]
The NCUA does a good job of nurturing Minority Depository Institutions (MDIs) but fails to ensure that those institutions continue to meet MDI requirements, the agency’s Inspector General said, in a report released Monday. “[...]
Additional money will not solve the problems with the CDFI program, NAFCU said in an issue brief, released late last week. “NAFCU would like to stress that additional funding alone cannot and will not solve [...]
As a result of interest rate and economic changes, the NCUA announced last week that it would provide more flexibility in its interest rate risk (IRR) assessments of credit unions. The change follows a letter [...]
The NCUA on Thursday announced that 90 low-income credit unions have been awarded more than $1.5 million in Community Development Revolving Loan Fund grants for the FY22 award cycle. The grants ranged from $1,[...]
Credit union trade groups have long argued that financial institutions should receive some feedback about how Suspicious Activity Reports (SARs) filed under anti-money laundering laws are used. Now, the Government Accountability Office (GAO) agrees. But [...]
Beleaguered New York City taxi drivers may finally be getting some debt relief from huge taxi medallion loans they took out from financial institutions, including two defunct credit unions. City officials on Tuesday announced a [...]
CDFIs have submitted applications requesting $32.1 million from the CDFI Small Dollar Loan Program—almost three times the amount of funding available, the Treasury Department announced Friday. Up to $11.1 million is available [...]
Success at credit unions is often defined as achieving 10% asset growth and 1% return on assets, while maintaining an 8% net worth. But I firmly believe those figures do not truly define success. All [...]
With members of Congress back home, financial trade groups—including CUNA and NAFCU—are mobilizing credit unions and banks to tell lawmakers to oppose Senate legislation designed to expand the credit card processing industry. S.[...]
The CFPB does not have the authority to define and regulate “relationship banking” at financial institutions, credit union and banking trade groups told the agency this week. “Nowhere in the [request for information] does the [...]
A long-awaited Defense Department (DoD) report that concludes servicemembers do not lack access to banking services on military installations is being hailed as a victory for credit unions in their ongoing battle with banks over [...]
