CUNA in the News

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Matz offers apology, fuller clarification of statement made during testimony07/24/2015CUNA president/CEO Jim Nussle appreciates NCUA Chairman Matz for reaching out to him regarding her statements made at yesterday’s congressional hearing. Nussle shared her statement, by stating “[her] comments have been construed by some as a lack of faith in credit union leadership, which is not at all what I intended, nor what I believe, and for that I apologize.”

Five-year anniversary of Dodd-Frank Act a good time for reflection on the CFPB07/23/2015CUNA staff are featured in the CFPB Dodd-Frank Anniversary Report. CUNA chief advocacy officer Ryan Donovan, deputy chief advocacy officer & senior counsel Elizabeth Eurgubian and chief compliance officer Jared Ihrig explain the significance and impact the Dodd-Frank Act has had on the financial industry and what the future holds in terms of regulation. 

Matz comments on Capitol Hill spark furor07/23/2015Debbie Matz sparks controversy while testifying about NCUA’s budget approval process. Matz stated her belief that credit unions aren’t representing their members when they ask the NCUA to cut the budget. Jim Nussle respond by stating, “It’s outrageous that Chair Matz would tell Congress she does not believe credit unions represent their members under the respectful questioning of Representatives Scott and Mulvaney.”

Credit unions don’t represent their members: Matz07/23/2015In her first Congressional hearing, NCUA Chair Debbie Matz, testified before Congress regarding their budget process. During the hearing, Matz expressed her belief that credit unions don’t represent their members and “don’t really care” about the NCUA budget. CUNA president/CEO Jim Nussle responded by stating, “I certainly hope that [Matz] misspoke at the hearing. I can’t believe I need to remind her that the nation’s credit unions are member-owned.”

G-fee cuts significantly delayed by controversial Senate transportation bill07/22/2015The DRIVE Act, currently under consideration in the US Senate, proposes to provide guaranteed funding for the highway trust fund. If passed, this would also substantially delay cuts to the fees Fannie Mae and Freddie Mac charge lenders to assure loans. CUNA joined with other trade associations in opposition to using g-fees to fund federal spending. 

‘Influencers’ poll gives grades to lobby groups07/22/2015CUNA’s named the top bipartisanship association in the APCO Worldwide “Influencers” survey. We earned points for being able to work well with both Republicans and Democrats, a rare and prestigious feat among trade associations in today’s political environment.

3 ways to strengthen your weak or nonexistent credit07/17/2015New to credit? Or need to improve your credit score? Than consider taking out a credit builder loan! By borrowing small amounts of money and making consistent payments, “you create a record of good credit,” explains Michelle Dosher, CUNA managing editor for consumer education.

10 bad money habits that lead to debt disaster07/17/2015Breaking down 10 bad money habits, Michelle Dosher, CUNA managing editor for consumer education, highlights the importance of an emergency fund. “Even if you can only afford to set aside a minimum amount, it can really come in handy in an emergency,” she states. 

Lenders fight mortgage reporting in highway proposal07/16/2015A new highway proposal would set more regulatory requirements for outstanding mortgages. In an attempt to raise funds for transportation, this proposal “would add to an already staggering level of regulatory requirements while providing absolutely no benefit to the credit unions members,” explained CUNA president/CEO Jim Nussle. Nussle, alongside Independent Community Bankers of America (ICBA) president/CEO Cam Fine, wrote a letter to the House Ways and Means Committee on July 15 urging them to reject this proposal. Please note, this article is protected behind a paywall.

Looking for a credit card? Take a look at a credit union07/15/2015Looking for a credit card? You might be better off with a card from a credit union than a bank, advises SelfLender. According to CUNA, the average interest rate on a credit card from a credit union was 11.8% compared to 15.77% from a bank. About 60% of credit unions offer credit cards to their members.

One-day sales aim to reignite retail07/14/2015Economists like CUNA’s Perc Pineda are optimistic that consumers will start to spend as the year progresses and kids head back to school. He predicted that retail sales should grow 2% to 3% in the latter half of this year. Californians should be relatively unshackled and ready for shopping in the coming months, he said: The average delinquency rate on loans currently is only 0.5% statewide, compared with the national average of 1.6%. “People have the disposable income, but they are cautious about where they spend their money,” Pineda said. 

ACUC: Let’s raise credit union awareness this week and every week07/13/2015Jim Nussle hopes you join him in raising credit union awareness not only this week, but every week. Nussle shares information on consumer awareness strategies conducted during the 2015 ACUC/WOCCU conference in Denver, CO. Outreach efforts included distribution of People Helping People cards at the airport and around the city, t branded t-shirts for attendees and hotel staff, and a meet-and-greet lunch giveaway in Denver’s Civic Center Park.

Don't forget what makes credit unions special07/13/2015CUNA president/CEO Jim Nussle urges credit unions to keep talking about the benefits of credit unions and to highlight the key elements that set them apart from other financial institutions. He encourages credit unions to strengthen relationships with their league and CUNA, participate in councils and conferences, and to take advantage of the other innumerable resources available through membership. Cooperation is the key component in order to be successful in our mission.

Credit unions a natural fit for millennials07/10/2015Credit unions resonate with millennials most when it comes to financial institutions, explains Jim Nussle. As the largest generation today, millennials are a very powerful and influential money-spending group. “Between 2013 and 2014, nearly two million millennials became members of credit unions, which reflect a 2% increase” says Nussle.

The appeal of credit union mortgages07/10/2015Credit unions gain appeal thanks to low-cost mortgages and programs, aimed at first-time home buyers. During the 2008 financial crisis credit unions - unlike banks - increased business in the housing market. According to Bill Hampel, chief economist and chief policy officer for CUNA, "credit unions grew their share of the mortgage market to 8.3% from 1.9%."

8 signs you're never too far from Wisconsin07/08/2015You're never too far from Wisconsin if you're a credit union member. Headquartered in Madison, WI, CUNA is the leader in providing financial services to credit unions and millions of members. If you bank with a credit union, you're indirectly doing business with CUNA.

Mortgage, housing trades urge CFPB to extend TRID deadline, again07/08/2015CUNA asks the CFPB to push back the TRID deadline again, this time to the end of the year. The CFPB delayed the 'Know Before You Owe' mortgage disclosure rule from its original Aug. 1 effective date to Oct. 3 due to an administrative error by the Bureau.  

Teach kids money-management, not just abstract math07/08/2015The importance and significance of being financial literate is essential to avoid another financial crisis. Leading up to the 2008 financial crisis, Americans were spending more than they were earning and not putting away enough money into savings. CUNA senior economist, Perc Pineda explains, "Citizens who are financially literate will have better coping mechanisms when faced with an economic slowdown."

What to know about personal lines of credit07/07/2015The advantages of a personal line of credit can be a great tool, for a "temporary, stopgap substitute for emergency funds" explains Susan Tiffany, former CUNA director of consumer education. It's suggested to apply for a line of credit when your finances are stable and healthy, in order to get approved and start taking advantage of it right away.

CUNA tells CFPB to postpone TRID implementation until January07/07/2015CUNA continues to urge the CFPB to delay its TILA-RESPA rule until the end of the year. The intention of the delay is to allow "adequate time for [credit unions] to correct the inconsistency between the test of Regulation Z and the September 2014 Small Entity Compliance Guide and the supplementary information" explained Andrew Price, CUNA senior director of advocacy & counsel.