Newsroom

NAFCU's widely-read NAFCU Today is credit union leaders' go-to source for the latest on issues impacting the credit union industry. For those short on time, here's a roundup of this week's need-to-know news bits:

1.    Movement on NDAA

• The conference committee established to reconcile differences between the House and Senate versions of the 2020 National Defense Authorization Act held its first meeting Thursday after the Senate and the House named their conferees.
• See what congressional leadership had to say.

2.    Big banks in the hot seat…Again

• The CFPB is investigating Bank of America over phony accounts, and three JP Morgan associates were charged with pricing manipulation.
• Once again, big banks are in the spotlight for foul play. Read up on what NAFCU has been doing to defend credit unions from banker attacks.
• NAFCU encourages credit unions to keep telling their stories to the world. Whether on social media or in your local news, or through NAFCU's advocacy efforts on Capitol Hill, your stories make a difference.

3.    What’s up (or down) with the Fed?

• All eyes are on the Federal Reserve following its decision this week to cut interest rates for the second time this year. Now that rates are in a range of 1.75-2 percent, the question financial institutions should be asking themselves is, how will this impact deposits and loans? Find out in this WSJ story.

4.    Historic vote on marijuana banking pending

• Supporters of a marijuana banking bill have been whipping votes this week in an attempt to pass it in the House. With enough support, the vote could happen next week, but pushback from some advocates remains. Members of the Senate Banking Committee are also interested in advancing legislation. More in this story from POLITICO.
• See the latest from NAFCU’s 2019 Congressional Caucus panel on marijuana banking and where NAFCU stands.

5.    Average FICO scores at record high; Equifax to sell more data

• FICO is reporting that the average score is at a record high of 706 and says key drivers are “U.S. economic expansion ... and an increase in consumer education about protecting and improving scores.” See HousingWire’s report here.
• Equifax has announced that they will soon offer consumers the ability to let potential lenders see more utility records, like phone and electric bills. How might this impact consumer lending? Read more via WSJ.

Have news or insights other credit union leaders should know about? Let us know and we might feature it in next week's roundup!