Community Banks, Credit Unions Sound Similar Themes, But Not for Long
After the failure of both Silicon Valley and Signature banks, community banks and credit unions have been seemingly united under a common enemy and are pointing the finger at larger banks. Though their interests won’t intersect for long, David Baumann warns.
What Do This Weekend’s Bank Failures Mean for Credit Unions?
Chip Filson recaps the recent failures of two mid-sized banks, the threat to the financial system, and what it means for credit unions in the near future.
In the Wake of Silicon Valley Bank Collapse, NCUA Chairman Harper Issues Statement
Following the events of the weekend, during which two mid-sized banks collapsed, NCUA Chairman Todd Harper issued a statement on the safety and soundness of the credit union system, reports CUSO Magazine’s Esteban Camargo.
Democrats Call on NCUA, Financial Regulators to Focus on Zelle
Financial regulators, including the NCUA, must do more to protect members and customers who fall victim to scams and fraud when using the Zelle payment network, five Democratic senators told the regulators last week, reports David Baumann of CUCollaborate.
Supreme Court Agrees to Review Ruling Declaring CFPB Structure Unconstitutional
In light of the Supreme Court’s decision to review the ruling declaring the Consumer Financial Protection Bureau unconstitutional, Emily Claus reports on the history of the CFPB and its controversial structure, funding, and Payday Rule.
Four Industry Leaders Awarded the Herb Wegner Memorial Award
On February 23rd, the NCUF will award four industry champions with the Herb Wegner Memorial Award. Alycia Meyers reports on this year’s winners and the long list of achievements that earned them this lifetime award.
NCUA Board Approves Proposal to Streamline FOM Applications
David Baumann of CUCollaborate shares the NCUA’s new ruling on field of membership applications as well as the organization’s calls for third-party vendor authority—a move the NCUA has been repeatedly campaigning for.
Overdraft Fee Income Down, Other Checking Account Fees Steady, Reports CFPB
In a report issued by the Consumer Financial Protection Bureau (CFPB) last week, the agency announced that banks’ reported overdraft fee income “was 43% lower in the third quarter of 2022 than in the third quarter of 2019 before the COVID-19 pandemic onset – suggesting $5.1 billion less in fees on an annualized basis,” reports CUSO Magazine’s Esteban Camargo.
Reaction to CFPB Credit Card Fee Plan Wildly Divided
Following the CFPB’s proposed rule limiting credit card late fees to a maximum of $8, reactions from the financial sector have been largely opposed, reports David Baumann of CUCollaborate.
House Passes Credit Union Board Modernization Bill
The House has passed the CUNA-supported Credit Union Board Modernization Act, which would alter the current board meeting requirements from monthly meetings to a minimum of six meetings per year. Emily Claus reports.
