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VICE PRESIDENT COMMUNICATIONS
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ANGELA BARNETT
COMMUNICATIONS COORDINATOR
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CUNA in the News


Most Recent

IRS Backs Down on UBIT; Memo Hailed As 'Significant Win'04/09/2014The Internal Revenue Service has backed down in its dispute with the credit union community over unrelated business income tax and cleared almost all CU products at stake in related litigation.

IRS Concedes on UBIT04/09/2014After a 15-year effort, and two cases lost in federal court, the IRS has apparently conceded defeat in its battle with credit unions over the Unrelated Business Income Tax. CUNA announced Wednesday that the IRS issued a memo late last month that frees products that include card interchange fees, ATM per-transaction fees and interest on credit card loans, among other items, from being subject to the UBIT.

Lawmakers Prep for Big Race on Sunday04/03/2014The Credit Union Cherry Blossom Ten Mile Run is one part of the larger Credit Union Miracle Day, which is sponsored by credit unions nationwide to benefit children's hospitals in their own area. The money raised through the Washington race - $487,000 this year - will be donated to hospitals in the nation's capital and Maryland.

Trustwave Hit with Lawsuit Tied to Target Breach03/26/2014The investigation into the breach revealed that Target's systems were compromised from Nov. 27 to Dec. 15. The data breach, which also included the theft of information such as email and mailing addresses for millions of Target customers, was one of the biggest such incidents in recent history. In February, the Consumer Bankers Association (CBA) and the Credit Union National Association (CUNA) reported that costs associated with the breach exceed $200 million. Much of that figure - $172 million - comes from the cost of replacing cards for CBA members, while CUNA reported that the cost to credit unions had reached $30.6 million.

ABA Crashes Credit Unions’ Party03/23/2014With thousands of credit-union leaders in town to mingle with lawmakers and discuss policy, the (advertising) campaign was intended to "make their conversations more difficult," Frank Keating, the ABA's CEO, said in a memo to his association's board. Trade groups have been bickering about credit unions' tax status for years. But for now, the ABA's dream of getting Congress to remove the exemption remains just that. The chairman of the House Ways and Means Committee, Dave Camp, R-Mich., said in late February that a draft tax-reform bill would not address the exemption issue.

Showing Them the Money (Management)03/20/2014"It is inspiring to see the effort and passion these kids have for this exercise," said John Cassidy, CEO of Sierra Central Credit Union, which sponsored the event. Cassidy said the event is important because it teaches students life lessons while helping them understand financial literacy. "We aren't thinking about what we will be thrown into when we go to college," Smith said. Now, "we will be a little wiser." Students walked around the gymnasium visiting and making purchases at all of the Mad City merchants.

4 Ways to Avoid ATM Withdrawl Fees03/20/2014Don't forget partnered ATM networks. Many financial institutions are partnered with other institutions and ATM networks to provide expanded access to ATMs without surcharges. For instance, some credit unions are partnered with the CO-OP ATM network, which allows surcharge-free access to the ATMs of all the partnered credit unions.

5 Ways to Spring Clean Your Finances03/20/2014Avoid late fees by using online bill pay, suggests Susan Tiffany, director of personal finance information for adults at the Credit Union National Association. "Set up a low balance alert [for your bank account] so you never get caught having to pay an overdraft," she adds. If you're employed with a steady paycheck, you can also automate savings by setting up automatic contributions to a retirement or regular savings account each pay cycle. Even with automatic payments, it's still a good idea to review your statements manually to make sure you don't get overbilled or charged for subscriptions you thought you canceled. So-called "grey charges" cost U.S. credit and debit cardholders more than $14 billion in 2012, according to BillGuard, a Web and smartphone app designed to flag these charges.

Credit Unions' 36% Auto Share Is 'Significant'03/19/2014Credit unions' share of total auto loans outstanding reached 36.2 percent last year. That's due in part to better relationships with auto dealers and growing membership ranks, said Mike Schenk, vice president economics and statistics for the Credit Union National Association in Madison, Wis.

How to Secure the Best Possible Mortgage Terms03/19/2014"If a lender is offering a low rate, they may be making it up on fees," warns Pat Keefe, senior vice president of The Credit Union National Association. "Ask questions about all the fees because it can impact your payments."

Housing Starts March Expectations; Can They Build on That?03/18/2014Manufacturing output passed its pre-recession peaks months ago, and is moving forward smartly, as Monday's better-than-expected industrial production numbers verify. Car sales are likely to get back about 16 million a year this year after a winter dip, according to the Credit Union National Association, whose members are laser-focused on making car loans.

Credit Unions Could Get More Access to FHLB Funding03/14/2014The Credit Union National Association supports the measure because it would put the country's privately insured credit unions on the same footing as their federally insured counterparts where it come to membership in the Federal Home Loan Bank system.

Financial Services Groups Urge Support for Cyber Security Bill01/15/2014The letter was signed by NAFCU, the American Bankers Association, Clearing House, Consumer Bankers Association, Credit Union National Association, Electronic Funds Transfer Association, Financial Services, Financial Services Roundtable, Independent Community Bankers Association, Investment Company Institute, NACHA-The Electronic Payments Association; and the Securities Industry and Financial Markets Association.

Lenders Fear Squeeze From Mortgage Rules01/14/2014The Credit Union National Association (CUNA) on Monday suggested that Congress take a closer look at any legal liabilities that could arise as financial institutions put the new rules into practice. Many credit unions have indicated they would not be able to comply with the regulations on time.

The Benefits of Joining a Credit Union01/13/2014According to the Credit Union National Association, more than 96 million Americans belong to a credit union. How do you know whether your should jump ship from your bank to join a credit union? It depends on a wide variety of factors, like convenience, technology, and your banking needs.

Youngest Adults Are Not the Top Users of Mobile Payments01/08/2014CUNA's mobile payment's survey shown on the the Money section front page of USA TODAY.

QM Rollout Brings No Risk, No Reward Mortgage Environment01/06/2014However, she added, "credit unions choosing to make non-QMs will need to take into account the potential new market and legal risks." NCUA examiners will be watching for credit risk, liquidity metrics and concentration when it comes to loans. The Credit Union National Association even urged NCUA examiners not to discourage non-QM loans when the mortgages meet applicable regulatory standards.

Credit Unions Fight Back Against Mandatory Stress Tests01/02/2014In October, the National Credit Union Administration, which charters and supervises federal credit unions, proposed a rule requiring federally insured credit unions with assets exceeding $10 billion to develop and maintain capital plans, and undergo annual stress tests. On New Year's Eve, the deadline for comments, the Credit Union National Association challenged the need for these requirements.

Credit Unions Oppose Stress Test Rule12/31/2013Instead, the Credit Union National Association (CUNA) thinks that credit unions already have all the incentive they need to make sure the financial institutions have sound plans. In a comment letter submitted to the National Credit Union Administration (NCUA) on Tuesday, the trade group wrote that regulators should issue advice in the form of guidance, not mandatory regulations. The agency could then review results of stress tests credit unions conduct.

CUNA to Tally Target Breach Costs to Credit Unions12/27/2013CUNA said Friday it plans to open a data collection website next week that will allow credit unions to report their costs incurred to replace credit and debit cards compromised in the data breach that involved 40 million payment cards used at Target stores from Nov. 27 to Dec. 15.In the meantime, CUNA is asking credit unions to maintain a tally of those fraud costs so they can record the information when the website opens.