Senate CU MBL Bill Gets CFA Backing

The Small Business Lending Enhancement Act (S. 968) would "expand access to affordable credit for small businesses and help strengthen local marketplaces that serve consumers well," the Consumer Federation of America said in a letter to Sen. Mark Udall (D-Colo.). More

CUs' European Network, EU Policymakers Talk Basel, FACTA, Inclusion

Representatives from the European Network of Credit Unions and World Council of Credit Unions met with European Union policymakers in Brussels on May 14-15 to advocate for several issues affecting European credit unions. More

Study: CUs, Community Banks Overpay For Core Services

Credit unions and community banks aren't doing themselves any favors in negotiating information technology (IT) service provider contracts, according to a survey of executives about their top business concerns and management priorities. More

Bankrate: Two-thirds Of Prepaid Debit Cards Have No Monthly Fees

A study of 24 widely issued prepaid debit cards indicates all charge fees of some kind. However, two-thirds either have no monthly fee or offer a fee waiver. More

Calif. DFI Warns CUs About Ads' FOM Language

The California Department of Financial Institutions issued a warning about credit unions using certain language about their fields of membership in their advertising. More

Wall Street Journal: CUs Step Up, Offer Student Loans

U.S. credit unions are helping consumers who are struggling with the high costs of college education by offering more private student loans, according to an article in The Wall Street Journal Friday, for which CUNA provided information. More

This Week: Housing, Small Biz Issues Hit Hearing Spotlight

A host of hearings on housing issues, Too Big To Fail banks, small businesses and general tax issues highlight what should be another busy week for U.S. House and Senate financial services committees. More

Taxreform.gov Gives CUs New Tax Advocacy Opportunity

Credit unions now have another avenue to advocate for the credit union tax status: They can post comments to a new U.S. Congress hosted website, taxreform.gov. More

Coordinated Attack Hits N.Y. City ATMs With $45M Breach

An alleged international gang of cybercriminals stole $45 million by hacking their way into a database of prepaid debit cards and then draining ATMs worldwide, federal prosecutors said Thursday. More

Comments Due May 25 On CFPB Credit Insurance Rule Delay

Parties interested in commenting on a proposed delay of the June 1 effective date relating to a prohibition on financing certain credit insurance charges must have their opinions to the Consumer Financial Protection Bureau by May 25. More

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. More

Websites Defaced, But No Action So Far Vs. U.S. CUs

While some websites overseas experienced defacements by hacktivists Tuesday, the 133 U.S. credit unions and banks on an OpUSA list of targets were unaffected--as of early Wednesday afternoon--by distributed denial of service attacks that groups had threatened to unleash "on or about" Tuesday. More

Sen. Finance Chair Backs CU Tax Status In MCUN Remarks "Credit unions' tax exempt status is not going away, not on my watch," Senate Finance Committee Chairman Max Baucus (D-Mont.) said in a recent message to Montana credit unions. More

Consumers--And Members--Borrowed Slightly More In March

Borrowing by consumers and credit union members increased in March, but the increase is smaller than projected, and revolving credit--credit card use--actually decreased, said the Federal Reserve's Consumer Credit report, released Tuesday afternoon. More

N.Y. Daily News: Fee-weary Consumers Wake Up To CUs

Credit unions' growth continues as "fee-weary consumers" look for alternatives to high bank fees, said the New York Daily News, in an article Monday, More

Tuesday's DDoS Fears Allayed, FBI Extends Alert

A dozen large credit unions on a hackers' hit list targeted for possible distributed denial of service attacks Tuesday got through most of the day without incident as of press time. An alert distributed by the Federal Bureau of Investigation Tuesday morning, however, indicated potential attacks could still exist until Thursday. More

NCUA Sets Ethics Standard For Its Employees
The National Credit Union Administration has enhanced its employee ethics standards, adding new rules that would prevent its workers, including examiners, from taking on additional credit union employment to avoid potential conflicts of interest. More

CUNA's H&FF Radio Marks 300th Broadcast Sunday
This Sunday will mark the 300th broadcast of Home & Family Finance Radio, the weekly personal finance radio show that CUNA launched to help foster financial literacy and build the credit union brand. More

Hiring Increases Reflect CU Confidence, Says CUNA

The total number of credit union employees increased by 2.8% in 2012, the largest credit union employment increase reported since the Great Recession began in 2007. This uptick in staffing numbers "means that credit union leadership is more positive about the future of the economy and their credit unions," CUNA Chief Economist Bill Hampel said. More

CBS This Morning Features CU Difference Via Our Family Social CU

Our Family Social CU in Omaha, Neb., which serves only direct descendants of a family line, was featured Sunday on news show CBS This Morning, in a story that illustrated the credit union difference. More

CFPB Issues Rule Implementing ATM Disclosure Law

The Consumer Financial Protection Bureau has issued a rule to implement a 2012 law that revised Regulation E to require that ATM fee disclosures only need to be presented on an ATM's screen. More

Financial Literacy Month an Opportunity For CUs to Shine

As Financial Literacy Month, April will present an opportunity for credit unions to rededicate themselves to their core operating principles of education and social responsibility, says Lois Kitsch, National Credit Union Foundation national program director. More

CRL Report Blasts Big Banks On Payday Loans

A report by the Center for Responsible Lending condemned some big banks' payday lending practices, and suggested changes to the payday loan industry that would move lenders toward the higher standards and practices already followed by credit unions. More

Bill Proposes Federal Student Loan Rate Cap

Rep. Karen Bass (D-Calif.) introduced a bill on Friday that would cap federal student loan interest rates at 3.4%, and also allow some borrowers to refinance their student loan debt to improve their rate. More

House Hearing Looks At Bank Failures: CUs To Have Reg Burden Hearing

The House Financial Services subcommittee on financial institutions and consumer credit Wednesday conducted a "state of the community banking industry" hearing that looked into the causes of the 414 bank failures that occurred from 2008 through 2011. Congress has not required any similar study of credit union performance during the financial crisis. However, a committee spokesman told News Now that the panel does intend to hold a hearing to study the regulatory burden of credit unions. More

CFPB To Study Regulatory Compliance Costs

The Consumer Financial Protection Bureau is planning to reach out to financial institutions to study the extent and nature of compliance costs, and, ultimately, to increase public understanding of those costs. More

CUNA: Overdraft Bill Addresses Problems That Don't Exist At CUs

A bill introduced this week that would cap overdraft fees is "legislation that seems to address a problem that doesn't exist in the credit union system," according to CUNA. More

NCUA Encourages CU Member Outreach Ahead Of Fin Lit Month

National Financial Literacy Month in April provides an excellent opportunity for credit unions to talk with their members about saving, building wealth and making smarter financial decisions, the National Credit Union Administration noted in a Wednesday release. More

Free Checking? It's CUs Hands Down--More Media Coverage

More media outlets are reporting on the Bankrate.com survey released earlier this week. The survey indicated credit unions are consumers' best chance--hands down--of finding a free checking account. More

Military Publications Make The Case For CUs

More consumers are looking to credit unions during tough economic times because of better interest rates on checking and saving accounts and more consumer-friendly products, according to an article that appeared in several military publications. More

Exam Criteria Addressed By NCUA Fair Lending Letter

In a new letter to federal credit unions (13-FCU-02), the National Credit Union Administration said it will select a number of federal credit unions to undergo a fair lending examination this year, and outlined the factors that agency examiners will use to determine whether a federal credit union should be subject to further fair lending reviews. More

Bankrate: Five Doors To CU Membership

While credit unions have membership requirements, most consumers qualify for membership at a credit union. A Bankrate.com article outlined the different "flavors" of credit unions that serve consumers' interests. More

Cordray Nomination To Move Forward In Senate

Richard Cordray's nomination to continue as the head of the Consumer Financial Protection Bureau now moves on for a full U.S. Senate vote, after the Senate Banking Committee Tuesday approved the nomination in a 12 to 10 vote. More

CNN Money: CU Is 'Best Bet' For Free Checking

Consumers' "best bet" for finding a free checking account is to go to a credit union, CNNMoney said in a Monday article. More

CUs Are Not Mentioned In New Tax Proposals

As expected, the credit union tax status is not mentioned nor targeted in a U.S. House Republican budget released on Tuesday. Other items of interest to credit unions, however, including Fannie Mae and Freddie Mac and financial regulations, are addressed. More

Cordray Says CFPB Should Protect CUs During Nomination Hearing

Credit unions and community banks did not engage in practices that caused the financial crisis, and the Consumer Financial Protection Bureau's regulatory actions "should take account of that fact and protect and preserve their traditional model of lending which is a very responsible model and good for many communities across this country," CFPB Director Richard Cordray said on Tuesday. More

CUNA's Hampel to CNN Money: GDP contraction not a recession

A fourth-quarter contraction in the U.S. economy is not a harbinger of recession, a CUNA economist told CNN Money Wednesday. [Full story]