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.
Senators Concerned CDFI Fund May Be Circumventing Regulatory Process
The leaders of the Senate Community Development Finance Caucus are questioning whether CDFI Fund officials are short-circuiting the regulatory process as they consider major changes to the program, reports David Baumann of CUCollaborate.
New Chairman of Subcommittee on Financial Institutions Supports Cannabis Banking
Representative Andy Barr, a Republican from Kentucky’s 6th district, was chosen to lead the Subcommittee on Financial Institutions and Monetary Policy, which was previously known as the Subcommittee on Consumer Protection and Financial Institutions, reports Esteban Camargo.
Top 10 CUSO Magazine Articles of 2022
As we move into 2023, the CUSO Magazine team took a moment to reflect on 2022 by sharing the most widely read articles of the year.
Cannabis Banking Bills Face Slow Progress and Disappointment
Despite broad bipartisan support and a desperate need for clarity on the issue, cannabis banking bills are making little headway in the Senate. NCUA board member Rodney Hood has doubts they will make any significant progress soon, Emily Claus reports.
The Credit Card Competition Act is Drawing Criticism from Credit Union Trade Groups
A new bill from Senator Richard Durbin (D-IL) introduced in late July, the Credit Card Competition Act, is drawing the attention of the credit union industry, and not in a good way reports Esteban Camargo.
Prize-Linked Savings Allowed in Bill Passed by Pennsylvania House of Representatives
The Pennsylvania House of Representatives passed House Bill 331 sponsored by Representative Rosemary Brown (R-Monroe/Pike) allowing incentive-based savings programs and protecting financial institutions from offering cannabis-related business services, reports Esteban Camargo.
Bill Expanding Credit Union Fields of Membership Passed by House
On Wednesday, June 15, the House passed the Expanding Financial Access for Underserved Communities Act which will give federal credit unions the ability to expand their fields of membership to include underserved communities, reports CUSO Magazine’s Esteban Camargo.
New Bill Aims to Prevent the SBA From Becoming a Direct Lender
Republicans have introduced a new bill to congress that aims to scale back the Small Business Association’s lending abilities, leaving a gap for credit unions to fill in the lending sphere. Emily Claus details the contents of the bill as well as CUNA’s endorsement of it.
Is Data Privacy Legislation Coming to Your State?
The privacy of data is becoming increasingly important by the day, and credit unions could find themselves paying a pretty penny for failing to meet regulations. Patrick Sickels reviews data privacy legislation currently on the table and discusses the potential for more.
