Debt deal passes House, moves to Senate

The House last night passed the debt ceiling deal 314-117, which would suspend the ceiling through the end of 2024, address work requirements for certain government assistance programs, revise energy project permitting, claw back some COVID relief funds and IRS funding, place spending caps, and restart student loan repayments. It now heads to the Senate for approval.

Berger highlights CU involvement in communities, charities on leadership podcast

On a new episode of the SEE YOU LEAD podcast, NAFCU President and CEO Dan Berger joined host Glynn Frechette to talk fintechs, credit union involvement in communities and charities, supporting servicemembers and more.

Watch: NAFCU’s Mesack provides need-to-know insights from May

In May, NAFCU fought banker attacks on the credit union tax exemption with an op-ed from the association’s President and CEO Dan Berger, a letter to Congress from Senior Vice President of Government Affairs Greg Mesack, and more. 

Get the new 2023 Credit Union Compliance Roadmap for your ENTIRE CU! 

The 2023 Credit Union Compliance Roadmap simplifies complex CU regulations into easy-to-understand language. Updates include NCUA supervisory priorities for 2023, revised regulatory thresholds, the CUGMA proposed rule, and more. Get this best-selling electronic manual for everyone at your CU with just one purchase. NAFCU members save $100.00!

Fed’s Beige Book reveals little change in economic activity

The Federal Reserve released its Beige Book yesterday, revealing economic activity had little change overall in April and early May. In addition, consumer expenditures were steady or higher in most districts.

Insight post provides info on amendments to Florida’s ‘mini-TCPA’

In a new post on NAFCU’s Compliance, Risk, & BSA Network, Regulatory Affairs Counsel Dale Baker details new amendments to the Florida Telephone Solicitation Act (FTSA) that materially narrow the FTSA’s scope, leaving room for an increase in the variety, volume, and frequency of robocalls and robotexts.

CFPB orders installment lender to pay $20M

The CFPB Wednesday ordered OneMain Financial, an installment lender, to pay $20 million in redress and penalties related to deceptive sales practices. The bureau said the lender “expected its employees to upsell borrowers on every loan. Employees were incentivized to push more products, and company training materials directed them to upsell them even when consumers had already declined the products on previous loans.”

NCUA issues 1 prohibition notice in May

The NCUA issued one prohibition notice in May, prohibiting the individual previously associated with credit unions from any future participation in the affairs of a federally-insured depository institution.