Senate Relief Bill Would Help CUs
Sens. Jon Tester (D-Mont.) and Jerry Moran (R-Kan.), both members of the Senate Banking Committee, are preparing to introduce a bill that would provide some regulatory relief for both community banks and credit unions.

The House bill was introduced this Spring by Rep. Blaine Luekemeyer (R-Mo.).

The Senate CLEAR Act would provide regulatory relief to credit unions and community banks, though focuses on banks. The Senate bill includes four key provisions, two of which would benefit credit unions. Read More
Cheney To Obama: Include MBLs In Econ Aid Packages
Credit Union National Association President/CEO Bill Cheney has encouraged President Barack Obama to "include authority for credit unions to provide more credit to small businesses, which will create at least 140,000 jobs in the first year in communities across the country without the expenditure of a single tax dollar" in any legislative jobs package his administration develops.  Read More
U.S. District Court Dispenses With Debit Cap
U.S. District Court Judge Richard Leon has invalidated the Federal Reserve's cap on debit interchange for debit issuers with over $10 billion in assets and ordered the regulator recalculate it.

The Fed established the debit cap in accord with regulation it put into place to enforce an amendment to the Dodd Frank financial reform law that was named for its chief sponsor, Sen. Richard Durbin (D-Ill.)  Read More
 
Supplemental Capital Bill Hinges on Elusive Bank-CU Collaboration: Onsite Coverage
Credit unions and banks work together in their communities, and if they could elevate that spirit of collaboration to the federal level, it could result in capital reforms for both types of financial institutions, said Linda Armyn, senior vice president of corporate strategy for the $5.3 billion Bethpage FCU.

Armyn made the remark while moderating a legislative briefing Thursday on Capitol Hill in support of H.R. 719, the Expanding Consumer Access to Affordable Financial Services Act, which would give credit unions access to supplemental capital. The bill currently has 38 co-sponsors: 28 are Democrats, and 10 are Republicans.  Read More
 
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Obamacare: Will New Deadline Cause More Employers to Drop Insurance?
While some businesses with more than 50 employees were relieved to have another year to comply with the Patient Protection and Affordable Care Act, the new deadline could have an unintended effect.

Credit Union Exchange Blueprint, a Birmingham, Ala.-based private exchange for credit unions and members that provides online access to insurance carriers, said it believes the decision to extend the compliance deadline for providing health insurance coverage to employees will cause more companies to drop their group coverage and send staffers to the individual market. Read More

 
Rep. Miller Unveils Reg Relief Bill
Rep. Gary Miller (R-Calif.) introduced the Regulatory Relief for Credit Unions Act Friday, a bill that would establish a risk-based capital system for credit unions.

“This bill represents a way forward on risk-based capital that we believe can get Congressional support,” said incoming NAFCU President/CEO Dan Berger.  Read More
Hampel: Corker-Warner Bill Addresses Most CU Housing Finance Reform Concerns
CUNA Chief Economist Bill Hampel said upon the first few reads, a housing finance reform bill introduced Tuesday by Sens. Bob Corker (R-Tenn.) and Mark Warner (D-Va.) appears to address most credit union issues, and overall, CUNA has “very positive inclinations” toward it.  Read More

Tax Reform

6/19/2013

 
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Don't Tax My CU Advocacy Contacts Top 80,000
Credit unions and their members continue to make their voices heard, making more than 80,000 congressional contacts to tell their legislators "Don't Tax My Credit Union!"--raising the number of contacts by 50,000 in just the last week.

The Credit Union National Association and state credit union leagues have developed a groundbreaking large-scale, nationwide grassroots-mobilization campaign to encourage the more than 96 million credit union members nationwide to present a unified message to members of congress: Don't Tax My Credit Union!  Read More

Tax Reform Group Backs CU Tax Status
Americans for Tax Reform (ATR) President Grover Norquist has asked members of his group to take immediate action to urge lawmakers to "protect credit unions and all the good work they do" by opposing any punitive attempt to eliminate the credit union federal income tax exemption.  Read More

CU Tax Included for Senate Consideration
The Senate Finance Committee’s Tax Reform Options Paper, which focuses on tax-exempt organizations that could be targeted for reform, included credit unions. The paper did not make specific recommendations regarding which tax exemptions should be eliminated in new legislation. However, it sourced a 2012 Tax Foundation study that did offer specifics, which included the credit union exemption. Read More

Credit Union News

6/11/2013

 
CFPB Overdraft Report Out: Study Will Continue
Consumer Financial Protection Bureau Director Richard Cordray states clearly in the bureau's report on financial institutions' overdraft programs, released at midnight, that the bureau does not intend to impede the offering of this service. CUNA was among stakeholders included in an early briefing on Monday afternoon and CUNA President/CEO Bill Cheney had a personal call from Cordray.  Read More
NCUA Breaks Down Strong 1Q Results By State
First quarter 2013 credit union financial results, which represented the strongest quarter membership growth in credit union history, are broken down state-by-state in a new National Credit Union Administration Quarterly U.S. Map Review.   Read More
Myth Of Uneven Playing Field Debunked In Report
All major claims made by critics of credit unions about an uneven playing field are unsubstantiated, according to an economic analysis released Friday. The study also found there is "no evidence that state and federal tax policies give credit unions unfair competitive advantages over banks."  Read More
FFIEC Forms Cybersecurity Working Group
The Federal Financial Institutions Examination Council said it has formed a working group to further promote coordination across the federal and state banking regulatory agencies on critical infrastructure and cyber security issues.  Read More
Credit Unions Well Positioned as Trusted Advisers as Obamacare Arrives
Regardless of whether credit union leaders have supported or criticized the Affordable Care Act, there is one thing none of us can deny: the legislation will create a huge market for health care insurance.  

Why should credit unions care?  Read More
 
CU, Bank Reg Relief Bill Could Come Soon
Comprehensive regulatory relief legislation could be considered by the House Financial Services Committee in the coming weeks. The Credit Union National Association is urging legislators to include greater supplemental capital and member business lending authority to this package, Ryan Donovan, CUNA senior vice president of legislative affairs, said Monday.  Read More
CUNA Urges FASB To Drop Credit Impairment Plan
A Financial Accounting Standards Board (FASB) proposal that would change the methodology for recognizing credit impairment would be detrimental to the credit union system and could have serious, unintended consequences for borrowers and the economy, the Credit Union National Association warned last Wednesday, urging the accounting board to abandon the plan. Read More
CFPB Issues Exemptions To Ability-to-Repay Rule
The Consumer Financial Protection Bureau (CFPB) Wednesday finalized changes to rules issued in January that require lenders to determine a borrower's ability to repay before writing a mortgage loan. The changes are designed to make it easier for some credit unions and other small creditors to make mortgage credit available to their communities by exempting them from some provisions of the rule. Read More
CU Loan, Membership Growth Strong In First Quarter
The National Credit Union Administration released figures Thursday that claim the fastest first-quarter loan growth for federally insured credit unions in five years, as well as dramatic membership growth of more than 800,000 new members. Read More

See quarterly growth in AZ, CO & WY
 
NCUA: 2012 A 'Transformative Year' for CUs
The credit union system in 2012 "transitioned from uncertainty caused by a severe recession and benefited from a recovering economy," making last year "a transformative year" for credit unions, the National Credit Union Administration said in its 2012 Annual Report. Read More
Media Comparisons Of CUs, Banks Tilt In CUs' Favor
In the 11th of a 12-part "Head to Head" series of articles, Business Insider Tuesday pitted credit unions versus big banks and asked: "Where Should You Put Your Money?" The verdict?  Credit unions.

The publication isn't alone in pointing out the value of credit unions. King5.com, Seattle's CBS affiliate, also focused on the cooperative difference in a segment Monday entitled "Credit Unions Vs. Traditional Banks."  Read More
CUNA Will Closely Review NCUA Derivatives Proposal
A proposed rule that would allow eligible credit unions to engage in interest rate swaps and to purchase interest rate caps was released for public comment by the National Credit Union Administration on Thursday.  Read More

More Stories from CUNA News Now
Mobile Uptake Continues Despite Fraud Threat
More than one in four mobile and tablet users report being victims of online or mobile fraud, a national survey says, but that isn’t stopping them from using those channels.  Read More

DDoS Attack Fizzles After Elaborate Threats
A U.S. Department of Homeland Security memo that said the May 7 distributed denial of service attacks threatened by the so-called “hacktivist” collective Anonymous against government and financial websites would be more bark than bite prove to be true.   Read More

Tax Reform

5/15/2013

 
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Possible Tax Reform-Debt Ceiling Link Heightens Need For CU Vigilance
Reports that a key lawmaker cleared a path yesterday for tax code reform debate--by publicly backing the idea of linking an overhaul of the tax code to an increase in the debt limit--truly highlights the need for credit unions to be vigilant in defense of their tax status right now, said CUNA Executive Vice President of Government Affairs John Magill.   Read More

Congressional Tax Reform Leaders Launch Comment Website
After just 12 hours, a new website launched by House Ways and Means Chairman Dave Camp (R-Mich.) and Senate Finance Chairman Max Baucus (D-Mont.) to gather tax reform input from the public has received more than 1,000 submissions, according to the duo’s Twitter account.

“No need to travel to Washington. Through the use of social media, we want all Americans to participate directly,” Camp and Baucus said on the site, www.taxreform.gov.  Read More
Tax Report a Mixed Bag for CU Exemption
The long-awaited working group report to the House Ways and Means Committee on tax reform, released Monday, is a mixed bag for credit unions.

On the one hand, the report from the Working Group on Charitable/Exempt Organizations summarized the input it received to be overall in favor of retaining the credit union tax exemption. Read More
 
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Risk Expert: No May 7 DDoS Activity Could Be Calculated Gamesmanship
Just because no apparent DDoS attacks hit credit unions Wednesday doesn’t mean hackers didn’t progress toward their goal of crippling U.S. financial services targets, said Brian McGinley, CEO of data risk management firm IDT911 Consulting. Read More

Experts Urge IT Due Diligence Despite No May 7 Attacks
NCUA Public Affairs Specialist John Fairbanks said Wednesday that the agency had not received any reports of credit unions being hit with the threatened May 7 attacks.  Read More