NAFCU President and CEO Dan Berger wrote to Senate Majority Leader Chuck Schumer, D-N.Y., and Senate Minority Leader Mitch McConnell, R-Ky., to reiterate NAFCU’s strong opposition to an amendment that would attach the Credit Card Competition Act (CCCA) to the Military Construction, Veterans Affairs, and Related Agencies Appropriations Act. Sen. Roger Marshall, R-Kan., has filed the CCCA as an amendment to the appropriations package and indicated he may hold up consideration of the appropriations measure to try to force a vote on the amendment.
CUNA President and CEO Jim Nussle, who will lead America’s Credit Unions should members approve the proposed merger, provided an update on NAFCU and CUNA staff who will spearhead key transformation teams during the process.
The CFPB Thursday issued updates to its FAQs regarding compliance with its section 1071 rulemaking, related to small business lending data collection. NAFCU and lawmakers have called on the bureau to delay the rule’s implementation amid legal concerns and differing implementation dates for covered institutions.
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The NCUA Board meets next week and is set to issue a final rule related to financial innovation. The agency’s proposal would amend the agency’s loan participation and eligible obligation regulations by offering flexibility for federally-insured credit unions to engage in indirect lending arrangements with fintechs and other third parties.
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.
NAFCU and several other financial services trade groups meet with staff from Federal Communications Commission (FCC) Commissioner Brendan Carr’s office Thursday to discuss issues related to the Telephone Consumer Protection Act (TCPA) and the commission’s efforts to combat illegal robocalls.
The CFPB released a report Thursday revealing that students face risk when college tuition payment plans can be confusing, carry expensive fees, and lead them further into debt. The report examined payment plans offered by nearly 450 institutions and found many plans had inconsistent disclosures and the potential for missed payments, late fees, and accumulating debt. Many institutions were also found to withhold transcripts from students as a debt collection tool, a potential illegal practice.
Total retail sales increased 0.6 percent in August, building on gains in June and July. NAFCU Economist Noah Yosif analyzed the report in a new NAFCU Macro Data Flash report.
