In response to the banking industry’s recent attack on credit unions, NAFCU Senior Vice President of Government Affairs Greg Mesack Wednesday sent a message to Congress educating lawmakers on accurate facts regarding the credit union industry. Mesack noted that while banks remain focused on earning profits, credit unions are focused on serving their 135 million members and Main Street small businesses.
The CFPB announced yesterday the appointment of new members to multiple advisory committees, including four new members to the Credit Union Advisory Council (CUAC). CUAC and the CFPB's other advisory councils meet throughout the year to provide feedback to the bureau on consumer financial issues and industry trends; members serve a staggered, two-year term.
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Sens. Krysten Sinema, I-Ariz., Bill Hagerty, R-Tenn., Alex Padilla, D-Calif., and Thom Tillis, R-N.C., Wednesday introduced a Senate version of the NAFCU-supported Credit Union Board Modernization Act (CUBMA), which would reduce the minimum number of monthly meetings credit union boards are required to hold from 12 to six.
Representative Alex Mooney, R-W.Va., Wednesday reintroduced, the Transparency in Consumer Financial Protection Bureau (CFPB) Cost-Benefit Analysis Act, which would require the CFPB to employ a more rigorous cost-benefit analysis to better weigh the costs of implementation and compliance with the benefits of a regulation.
On the latest episode of NAFCU’s Credit Union Policy Podcast (CUPP), host NAFCU Vice President of Regulatory Affairs Ann Petros talks with former President and CEO of Navy Federal Credit Union Cutler Dawson about challenges facing the credit union industry and opportunities for leaders to bolster their institutions.
As credit unions work to meet the needs of more than 135 million Americans, NAFCU's award-winning regulatory compliance team continues to keep credit unions informed with new posts on the Compliance Blog every Monday and Wednesday.
