CCCA, NCUA third party vendor authority not in Senate NDAA Managers Amendment

Yesterday, lawmakers released the text of the bipartisan agreement on a Senate substitute amendment for the National Defense Authorization Act (NDAA), which could be considered by the Senate when Congress returns in November. The Credit Card Competition Act of 2022 and NCUA Third Party Vendor Authority were not among the amendments included in the substitute, marking a win for the credit union industry. An amendment offered by Sen. Dick Durbin, D-Ill., to study interchange costs to those in the military was also not included in the proposal.

NAFCU Reg Committee discusses rule proposals from regulators and more

NAFCU’s Regulatory Committee met Tuesday and discussed several proposals that are open for comment from federal financial regulators, including the NCUA, the Federal Housing Finance Agency (FHFA), the Treasury Department, and the Federal Trade Commission (FTC).

Survey: Share feedback on fraud 

Credit unions are encouraged to share insights and perspectives on issues related to fraud in this month's Economic & CU Monitor survey. Responses to the survey are due tomorrow; the survey can be filled out online.

Innovation Awards Winners Announced

Discover partner innovations driving CU success through technology advancements and more.

Consumer credit growth accelerated in August

Total consumer credit rose 8.3 percent, at a seasonally adjusted, annualized rate, in August and is up 8.1 percent compared to a year ago. Revolving credit - primarily credit cards - rose 18.1 percent this month and is up 15.3 percent compared to August 2021. Non-revolving credit – primarily auto loans and education loans – rose 5.1 percent this month and is up 5.9 percent from a year ago.