As Congress prepares final action on the fiscal year 2023 National Defense Authorization Act (NDAA), NAFCU joined with the Defense Credit Union Council (DCUC) to call on both chambers to pass a “clean” NDAA and reject amendments that stand to place new burdens and hardships on credit unions.
The Department of Justice (DOJ) Thursday, in coordination with the Department of Education (DOE), issued a new process for individuals trying to discharge their federal student loans in bankruptcy. NAFCU is closely monitoring how this will impact bankruptcy filings, including whether more file to eliminate their student loans and subsequently end up discharging more credit card and auto debt.
In a new blog post, the CFPB highlighted how the cost of automobiles has risen substantially since the beginning of the COVID-19 pandemic and that auto loans are on track to outpace student loans in the first half of 2023.
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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.
Congressional Republicans this week began preparing for the 118th Congress – set to start Jan. 3, 2023 – with votes on some leadership positions and proposed conference rules. For House Democrats, current Speaker Nancy Pelosi, D-Calif., Majority Leader Steny Hoyer, D-Md., and Majority Whip Jim Clyburn, D-S.C., announced Wednesday that they would step down from leadership next session.
The NCUA held its November board meeting yesterday where members were briefed on the Share Insurance Fund (SIF) Quarterly Report for the third quarter. The SIF had a total income of $73.7 million with a net income of $26.2 million, representing an increase of $5.2 million in net income from the second quarter. The NCUA increased the SIF’s insurance loss reserves from $169.1 million at the end of the second quarter to $183.2 million as of September 30.
