​WASHINGTON—The Consumer Financial Protection Bureau has reached an agreement with plaintiffs to settle a lawsuit over its rule on credit card late fees.

Last year, the CFPB finalized a rule that reduced the safe harbor limit for late fees to $8, removed the higher threshold for repeat violations, and eliminated the annual inflation adjustment originally established by the Federal Reserve in 2010. In response, the ABA, along with the U.S. Chamber of Commerce and other plaintiffs, filed a legal challenge in the U.S. District Court for the Northern District of Texas, arguing that the bureau had overstepped its statutory authority.

​WASHINGTON—Banking and credit union trade groups are speaking out against the CFPB’s final overdraft rule, which caps overdraft program fees at $5 and applies to financial institutions, including credit unions, above $10 billion in assets.

​Credit unions have built a legacy of putting their members first, fostering financial wellness, and making a tangible difference in America’s communities. Sustaining a high level of service is very similar to the game of golf. You must continuously work at it.

​“You’re gonna need a bigger boat!” This movie quote was made famous by the fictional character Chief Martin Brody (Roy Scheider) in the 1975 movie, “Jaws.” 

After seeing that the man-eating shark they are hunting is much larger than originally expected, Chief Brody unemotionally delivers this famous quote to the professional shark hunter “Quint” (Robert Shaw). It is also the first time the movie audience sees the enormous shark, which makes the quote’s delivery more effective.

​ALEXANDRIA, Va.– NCUA’s proposed 2025-26 budget is simply too high, according to the industry’s two largest trade groups, which offered input and feedback on where they want to see the agency take action on its expenses.

And the trade groups were not the only ones concerned during Friday’s budget hearing. NCUA Vice Chairman Kyle Hauptman outlined several issues he sees with the agency’s expenses, delivering some hard questions to staff.

The Defense Credit Union Council (DCUC) and America’s Credit Unions advised NCUA that now is the time to end the steady increases in the annual budget—which ACU said are leading to a lack of confidence among credit unions in the agency’s ability to produce a workable and fair budget.

WASHINGTON—The Defense Credit Union Council (DCUC) is encouraging French Hill (R-AR) to consider credit unions in his new community banking plan.

Hill, who has been positioning himself to lead Republicans on the House Financial Services Committee, has introduced a plan titled "Make Community Banking Great Again."

DCUC Chief Advocacy Officer Jason Stverak sent a letter to Hill that not only asks for credit union consideration in the legislation, but also outlines credit union priorities.

WASHINGTON—The Defense Credit Union Council (DCUC) has sent a letter to Senate Judiciary Committee Chairman Dick Durbin (D-IL) and Ranking Member Lindsey Graham (R-SC) stating the trade group’s opposition to legislative proposals targeting credit card interchange rates.

In the letter, DCUC highlights “significant risks” these measures pose to military service members, veterans, and their families as the committee prepares for the hearing titled, “America’s Big Ticket: Examining the Impact of the Visa-Mastercard Duopoly on Small Businesses and Consumers.

by Jason Stverak

As we approach Veterans Day, it’s a time to reflect and honor our Nation’s heroes—the generations of men and women who have selflessly served in our armed forces. A tribute to these communities is not only offered by words of deep appreciation or gratitude, but through action.

For decades, DCUC has seen the level of commitment and service credit unions offer military, veterans, and underserved communities; one that has historically and statistically distinguished credit unions as strong advocates for military and veteran populations. This is why DCUC coins this part of the industry as “defense credit unions,” encompassing both credit unions that began decades ago on or near military installations and newly established ones committed to building strong connections with local military and veteran communities. Defense credit unions are united in their dedication to helping our Nation’s service members, veterans, and their families achieve financial success.