NAFCU provides Mnuchin with insights into CU-bank mergers
NAFCU President and CEO Dan Berger, in a letter to Treasury Secretary Steven Mnuchin, provided additional insights into recent credit union-bank mergers. Lawmakers raised the issue to Mnuchin while he testified before Congress last week; however, Mnuchin noted that these mergers are small scale and not currently a concern for the Treasury.

This week: NCUA to vote on RBC delay; Lawmakers work on spending bills
It's a busy week in Washington with Congress in session working to finish various bills before the end of the year, including the fiscal year 2020 National Defense Authorization Act (NDAA) and a dozen spending bills before current government funding expires Dec. 20. In addition, the NCUA Board and Federal Open Market Committee (FOMC) hold their last meetings of the year.

NAFCU supports modern FOM rules
NAFCU Regulatory Affairs Counsel Mahlet Makonnen offered the association's general support of the NCUA's proposed changes to its field of membership (FOM) rule, as they would streamline the agency's chartering procedures.

Save $300 with code HOLIDAY
Register for all your 2020 conferences and online training subscriptions with code HOLIDAY to save $300 on each!

CU membership nears 120M
Membership at federally insured credit unions reached 119.6 million – representing 3.6 percent growth over the year – according to the NCUA's third quarter call report data. In addition, assets rose $98 billion over the year, ending the quarter at $1.54 trillion.

November sees 'better-than-expected jobs gains'
NAFCU Chief Economist and Vice President of Research Curt Long said the November jobs report – with 266,000 jobs added – "surprised to the upside, with better-than-expected job gains, a drop in the unemployment rate, and continued acceleration in wage growth for nonsupervisors." Long attributed some of the gains to the return of striking General Motor workers.