After failing to scuttle the landmark legislation in Congress, critics of the Dodd-Frank Act overhauling financial regulations are trying to chisel away at it in the courts — with some initial success.
Twice, federal regulators have lost in court trying to defend the rules, which were put in place after the 2008 financial crisis. On Friday, they were back in court again, fighting for yet another regulation they say is linked to Dodd-Frank. Read More
Small Biz Lending is Good, More is Better ~cuna.org
The U.S. Treasury Department last week reported that banks receiving tax-payer-funded Small Business Lending Fund (SBLF) support increased their lending to small business in the second quarter of 2012 by $6.7 billion--or 27.4%--above the baseline average. Lending by SBLF participants increased by $1.5 billion between the first and second quarters of 2012, the Treasury added.
However, Credit Union National Association (CUNA) research shows that over the same period, small business lending by the almost 6,500 community banks that did not accept the SBLF funding was essentially flat. In sharp contrast, credit unions, which are not eligible for SBLF funding, increased their small business lending by 13.5% during the two years ending in June 2012. Read More
Urgent Message on CUs and the Election ~cuna.org
We are just 33 days from the November 6th General Election, and CUNA is actively engaged on behalf of credit union friendly candidates.
Please take a moment to view this short video to learn how you can help us help elect more pro-credit union candidates to the U.S. Congress. To support our political programs at this critical juncture, please visit www.cuna.org/PAF and www.cuna.org/culacopen.
With only 33 days left until the election, every dollar counts.
Bluebird Not Existential Threat to Credit Unions or Banks, Researcher Says ~cutimes.com
Bluebird, the new prepaid card product being rolled out by Wal-Mart and American Express, will provide banks and credit unions with more competition in transaction accounts and technology, but will not likely prove to be an existential threat to either, according to a noted credit union researcher.
Meanwhile, leaders at a credit union specializing in the unbanked and a national consumer’s organization both expressed concern about the new offering. Read More