August 26, 2022

5 things to know this week

cap 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 top need-to-know updates and resources.

FHFA to establish a new Federal Advisory Committee

The Federal Housing Finance Agency (FHFA) on Tuesday announced their intent to establish the Affordable, Equitable, and Sustainable Housing Committee. The committee will provide input and advice regarding any policy or regulations that may be necessary or beneficial regarding affordable, equitable, and sustainable housing. The committee will focus on FHFA’s regulated entities: Fannie Mae, Freddie Mac, and the Federal Home Loan Banks. FHFA will solicit applications and nominations for membership in a subsequent notice in the Federal Register.

4 credit unions secure spot on Forbes top employers list

Forbes released its list of the top employers by state, which notably included four credit unions. Navy Federal Credit Union and their 13,500 employees ranked 42nd in Virginia and 7th in Florida. Golden 1 Credit Union was ranked 21st in California with 2,000 employees. America First Credit Union was listed as the 22nd largest employer in Utah, employing 2,862. BECU was ranked 18th in Washington with 2,485 employees.

POTUS announces student loan relief for low- to middle- income borrowers

President Joe Biden Wednesday announced a three-part plan to address student debt, which includes the cancellation of $10,000 in student debt for low- to middle-income borrowers. The plan, according to the White House, is to “provide more breathing room to America’s working families as they continue to recover from the strains associated with the COVID-19 pandemic.”

Of note, the President announced that the plan includes an extension of the pause on federal student loan repayment through December 31, cutting monthly payments in half for undergraduate loans, and working on reducing the coast of college for students by holding schools accountable when hiking up tuition prices.

Credit union auto loan market share jumps in Q1 of 2022

According to Experian’s “State of the Automotive Finance Market Report: Q1 2022,” mentioned in a recent Credit Union Times article, credit unions experienced their highest total market share in five years – reaching 22.06% in Q1 2022, up from 18.55% in Q1 2021. This represents a significant growth for credit unions, considering their market share has been declining over the last few years.

Second-Ranking Democrat on HFSC loses primary fight

The delayed New York primary elections took place this week, where primaries for the November elections and special elections were held to fill vancant House seats for the 19th and 23rd Congressional Districts of New York. Of note, in the special elections, Democratic candidate Pat Ryan is the frontrunner for District 19, and Republican candidate Joseph Sempolinski leads in District 23. Both would join the House this year after certification. In addition, in the newly formed 12th Congressional District, Representative Carolyn Maloney, D-N.Y., who was the second most senior Democrat on the House Financial Services Committee, along with being the Chairwoman of the House Oversight and Reform Committee, lost the primary election to fellow Representative Jerry Nadler, D-N.Y. who serves as Chairman of the House Judiciary Committee. The elections were delayed due to the courts redistricting the New York map. See updates on the election.