June 8th, 20181107The United States' credit unions started 2018 on a high note, according to data from the National Credit Union Administration.
Total assets in federally insured credit unions rose by $79 billion, or 5.9 percent, over the year ending in the first quarter of 2018. That puts total assets at $1.42 trillion.
Below are other prevalent facts from NCUA's findings:
Total assets in federally insured credit unions rose by $79 billion, or 5.9 percent, over the year ending in the first quarter of 2018, to $1.42 trillion.
Total loans outstanding increased $87 billion, or 9.9 percent, over the year to $971.9 billion. The average...
June 7th, 20180174The Consumer Financial Protection Bureau fired the entirety of its 25- member Consumer Advisory Board during a conference call Wednesday, according to a Credit Union Journal article.
>>Related: Here are 5 things you need to know about the CFPB<<
Anthony Welcher, a political appointee and the CFPB's policy advisory for external affairs, told consumer advisory members during the brief call that the agency would be modifying the way the board operates
"We've decided we're going to start the advisory groups with new membership to bring in these new perspectives and new dialogue," Welcher reportedly said on the...
May 24th, 20180118Today, President Donald Trump signed into law a bill providing historic regulatory relief to credit unions and community banks.
The Credit Union National Association, the Georgia Credit Union Affiliates and other credit union leagues around the country have all championed the bill from early negotiations in the Senate. On Thursday, they celebrated Trump's signature on the act as a victory for the credit union movement.
"President Trump's signature on S. 2155 brings a successful end to one of the most comprehensive, historic advocacy efforts the credit union system has seen in quite some time," said CUNA President/CEO Jim Nussle. "From...
May 23rd, 2018096A regulatory relief bill marking a historic win for credit unions is set to cross the president's desk today.
President Donald Trump tweeted earlier that he plans to sign S.2155 into law.
S.2155, or the Economic Growth, Regulatory Relief and Consumer Protection Act, passed the House with a 258-159 vote Tuesday evening. The Senate passed the bipartisan bill in March.
CUNA, Georgia Credit Union Affiliates and other credit union leagues across the country have long supported the bill, which contains provisions that would “ease mortgage lending and free up capital for small businesses, two essential ways to grow an economy that has...
May 22nd, 2018084The House is poised to vote on a regulatory relief bill today that would benefit credit unions and their members, according to the Credit Union National Association. The House's vote would turn the bill to law.
S. 2155, also known as the Economic Growth, Regulatory Relief and Consumer Protect Act , contains provisions that would "ease mortgage lending and free up capital for small businesses, two essential ways to grow an economy that has suffered from both a financial crisis and the regulations put in place in response to it," according to an Op-Ed by Georgia Credit Union Affiliates CEO Mike Mercer. "This bill is a much-needed win for...
May 7th, 2018189Credit unions won a major victory in Iowa on Saturday.
The sate passed a tax bill without a provision it had been considering — a provision that would have increased taxes on the state's credit unions while lowering them for banks.
The Iowa Credit Union League and nearly 1,000 credit union leaders, including CUNA President and CEO Jim Nussle, rallied against the legislation at the Iowa state capitol in March.
"While we expect these fights to continue as bankers push false narratives about not-for-profit, member-owned financial institutions, this is a moment to congratulate the excellent leadership of Pat Jury and the Iowa Credit...
April 26th, 20180169Credit Union Magazine recently announced that Tom Williams, senior vice president of the Mississippi Credit Union Association, will be honored as the 2018 Credit Union Hero of the Year.
The Credit Union Hero of the Year award, sponsored by Trellance, recognizes those who serve as examples for the entire movement through their service, advocacy and commitment to credit union ideals. Credit Union Magazine readers selected McWilliams by voting at news.cuna.org.
"Tom McWilliams is the consummate lifelong learner," said Ann Hayes Peterson, CUNA's vice president of publishing and editor-in-chief. "His contributions have influenced the...
April 23rd, 20182118The National Credit Union Administration is considering an appeal to the U.S. District Court for the District of Columbia's ruling that vacated two provisions of the agency's fild-of-membership rule, according to a Credit Union National Association press release.
NCUA filed a notice with the court April 19, which set forth the agency's implementation plan to comply with the ruling. The notice indicates that while new communutiy charters will no longer be granted on the basis of the expanded definition o rural district and combined statistical areal, credit unions will not be required to de-list members that joined prior to April 4, 2018,...
April 17th, 20181116The National Federation of Community Development Credit Unions recently welcomed a new Southeastern Regional Director.
In her new role, Anna Foote will help oversee the On the Rise Financial Center, an initiative the Federation launched in 2017 to build financial access and capability in Atlanta's historic Westside community.
Foote is a 30-year veteran of Atlanta's credit union community who previously served as vice president of 1st Choice Credit Union and CEO of Bond Community Credit Union. Most recently, she spent 15 years as vice president of Operations for Coca-Cola Credit Union, where she served more than 14,000 members...
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