CUs see growth in Q1

Federally-insured credit unions (FICUs) saw growth in total assets, insured shares and deposits, outstanding loans, and membership during the first quarter of 2023, according to NCUA call report data. NCUA Chairman Todd Harper acknowledged the “good news,” but cautioned credit unions to stay alert of potential economic challenges.

Appeals court sides with FI in FCRA dispute

The U.S. Court of Appeals for the Eleventh Circuit sided with Chase Bank in a Fair Credit Reporting Act (FCRA) lawsuit, determining the bank upheld its requirements under the law to conduct a “reasonable” investigation into the plaintiff’s dispute of inaccurate information furnished to the credit reporting agencies (CRAs). NAFCU and several other organizations filed an amicus brief in support of Chase.

5 things to know this week

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.

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FCC proposes robotext, robocall rule

The Federal Communications Commission (FCC) held its June meeting yesterday. During the meeting, the FCC proposed new rules regarding consumers’ right to revoke consent to receive robocalls and robotexts.  

NCUA issues joint proposal on reconsiderations of value

The NCUA, CFPB, Federal Reserve, FDIC, and Office of the Comptroller of the Currency Thursday requested comment on joint proposed guidance related to reconsiderations of value (ROV) for residential real estate transactions.

Consumer credit accelerated in April

Total consumer credit grew 5.7 percent in April at a seasonally-adjusted, annualized rate and is up 6.8 percent compared to a year ago. Revolving credit – primarily credit cards – rose 13.1 percent. Non-revolving credit – primarily auto and education loans – rose 3.2 percent on the month and is up 4.8 percent from a year ago.

How is fraud impacting CUs?

NAFCU has extended the deadline for this month’s Economic & CU Monitor survey – credit unions now have until Wednesday to share insights into fraud trends facing the industry. The survey can be completed online and its responses help inform the association’s advocacy efforts with lawmakers and regulators, as well as its resources to help credit unions prevent and address fraud.