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NAFCU delivers up-to-the minute information on key legislative, regulatory and compliance issues facing credit unions. Browse and filter the news below to stay in the know.

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  • NAFCU advocacy keeps CU tax exemption safe (Friday, December 15, 2017)
    The credit union tax exemption - thanks to consistent advocacy by NAFCU and numerous meetings held among key legislators, NAFCU and its members - remains untouched in the reconciled tax reform legislation released today by House-Senate conference leaders.
  • NAFCU urges CFPB to reconsider debt collection rulemakings (Friday, December 15, 2017)
    NAFCU Regulatory Affairs Counsel Ann Kossachev urged the CFPB in a letter Thursday to reevaluate its rulemakings related to first- and third-party debt collection. Kossachev wrote that the CFPB has failed to recognize the unique structure of credit unions, which should be exempted from these rules.
  • Retail sales beat expectations with 0.8% growth in November (Friday, December 15, 2017)
    Total retail sales rose 0.8 percent in November, beating expectations as the holiday shopping season picked up, according to NAFCU Research Assistant Yun Cohen. Cohen also noted widespread gains in the major retail sectors; vehicle dealers were the only segment to post a decline.
  • NCUA Board finalizes emergency merger rule (Friday, December 15, 2017)
    The NCUA Board Thursday finalized emergency-merger rule changes, amending the definition of "in danger of insolvency" in the chartering and field-of-membership manual. While it supports the modifications overall, NAFCU had hoped the rule would provide more transparency and a more streamlined process for smaller credit unions.
  • CUs: Save $300 on NAFCU training through Jan. 5 (Friday, December 15, 2017)
    NAFCU members are encouraged to take advantage of $300 savings off any 2018 conference and online training subscriptions with the code HOLIDAY through Jan. 5.
  • NAFCU-sought bill on underserved areas introduced (Friday, December 15, 2017)
    Reps. Gwen Moore, D-Wis., and Paul Cook, R-Calif., on Thursday introduced a NAFCU-sought bill that would allow credit unions of all charter types to add underserved areas to their fields of membership.
  • Emmer introduces bill to delay HMDA regs (Friday, December 15, 2017)
    Rep. Tom Emmer, R-Minn., yesterday introduced legislation that would delay the collection and reporting of new data points under the CFPB's Home Mortgage Disclosure Act (HMDA) final rule. The rule is currently set to take effect in just weeks; NAFCU has recommended that the bureau delay mandatory compliance to Jan. 1, 2019, but permit a voluntary compliance period.
  • NAFCU-sought underserved areas bill introduced (Thursday, December 14, 2017)
    Reps. Gwen Moore, D-Wis., and Paul Cook, R-Calif., today introduced a NAFCU-sought bill that would allow credit unions of all charter types to add underserved areas to their fields of membership.
  • Q3 CU shares rise 6.8%, membership hits 110M (Thursday, December 14, 2017)
    Federally-insured credit unions saw share growth of 6.8 percent, year over year, through the third quarter of 2017 as membership also grew to 110.5 million, according to call report data released Wednesday by the NCUA.
  • NCUA to take action on emergency merger rule today (Thursday, December 14, 2017)
    The NCUA Board, during its final open meeting of the year today, will seek to finalize the agency’s emergency merger proposal. NAFCU continues to urge the board to increase transparency and reduce burdens in the emergency merger process.
  • House panel advances NAFCU-backed RBC repeal (Thursday, December 14, 2017)
    The House Financial Services Committee on Wednesday approved, by a vote of 33-25, NAFCU-backed legislation to repeal the NCUA's risk-based capital (RBC) rule, which is set to go into effect Jan. 1, 2019. The bill, sponsored by Rep. Bill Posey, R-Fla., now awaits action by the full House.
  • Energy price gains lead November's 0.4% CPI growth (Thursday, December 14, 2017)
    Overall consumer prices increased 0.4 percent in November. That included a 3.9 percent increase in energy prices, which "accounted for about three-fourths of the headline gains," said NAFCU Chief Economist and Vice President of Research Curt Long.
  • NAFCU at Treasury today for financial literacy meeting (Thursday, December 14, 2017)
    NAFCU Senior Regulatory Affairs Counsel Michael Emancipator and Legislative and Regulatory Assistant Matt Schwartz today will be at the Treasury Department for a public meeting of the Financial Literacy and Education Commission (FLEC), which will include a preview of the FLEC's plan for 2018.
  • Fed increases rates 25 bps (Thursday, December 14, 2017)
    The Federal Open Market Committee (FOMC), at the close of its two-day policy-setting meeting Wednesday, said it will raise the federal funds target rate by a quarter-point to a range of 1.25 to 1.5 percent.
  • DoD heeds NAFCU concerns in amended MLA interpretive rule (Thursday, December 14, 2017)
    The Department of Defense (DoD) today published a revised interpretive rule for its Military Lending Act (MLA) amendments that were finalized in July 2015. NAFCU has actively worked with the DoD to address uncertainties stemming from the MLA changes, some of which are addressed in the amended interpretations.
  • NAFCU advocacy wins, issue priorities highlighted in year-end member call (Thursday, December 14, 2017)
    NAFCU President and CEO Dan Berger and other senior staff briefed member credit unions on tax reform, regulatory relief legislation and other developments affecting the industry during the association's year-end member call-in Wednesday.
  • Fed raises rates 25 bps (Wednesday, December 13, 2017)
    The Federal Open Market Committee (FOMC), at the close of its two-day policy-setting meeting today, said it will raise the federal funds target rate by a quarter-point to a range of 1.25 to 1.5 percent.
  • House panel clears NAFCU-backed RBC repeal (Wednesday, December 13, 2017)
    The House Financial Services Committee today approved of NAFCU-backed legislation to repeal the NCUA's risk-based capital (RBC) rule, which is set to go into effect Jan. 1, 2019. The bill, sponsored by Rep. Bill Posey, R-Fla., now awaits action by the full House.
  • Q3 CU shares up 6.8%, membership hits 110M (Wednesday, December 13, 2017)
    Federally-insured credit unions saw share growth of 6.8 percent, year over year, through the third quarter of 2017 as membership also grew to 110.5 million, according to call report data released today by the NCUA.
  • Amex to stop requiring signature for purchases (Wednesday, December 13, 2017)
    American Express announced Monday that it will stop requiring a signature for purchases of any amount in April. While other credit card providers have also moved away from requiring signatures, American Express is the first to stop the practice worldwide.
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