NAFCU President and CEO Dan Berger Thursday met with NCUA Chairman Todd Harper to discuss how credit unions can get involved with the Greenhouse Gas Reduction (GHGR) Fund to support projects that reduce greenhouse gas emissions and air pollution in low-income and disadvantaged communities.
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.
The CFPB Thursday released a report on the financial profiles of consumers who use Buy Now, Pay Later (BNPL) programs. The bureau found that these borrowers often exhibit higher measures of financial distress compared to non-borrowers. NAFCU has flagged concerns with these unregulated programs, calling on the bureau to ensure companies that offer them have adequate oversight and consumer protection practices.
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In February, the CFPB proposed a rule to limit the safe harbor on credit card late fees. NAFCU has consistently fought against this idea as it will unfairly and negatively impact credit unions and their members. Credit unions are encouraged to complete a NAFCU survey on credit card late fees to help the association gather information on industry practices to better educate the bureau on this issue.
Total vehicle sales declined in February, falling from 16.4 million annualized units in January to 15.3 million units and monthly sales levels rising 11.8 percent year-over-year. NAFCU Economist Noah Yosif analyzes the data in a new Macro Data Flash report.
The NCUA issued two prohibition orders in February, prohibiting individuals previously associated with credit unions from any future participation in the affairs of a federally-insured depository institution.
This week was America Saves Week – this year’s theme, “A Financially Confident You,” explored ways to support consumers through various financial milestones. NAFCU celebrated credit unions’ efforts to help Americans’ save successfully by highlighting member stories that exemplified the daily themes throughout the week.
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