NCUA Approves Field of Membership Rule
The National Credit Union Administration on Thursday unanimously approved—with changes—a final rule expanding field of membership requirements for multiple common bond federal credit unions.
Browsing: Credit unions
Tennessee Court Issues Temporary Injunction Blocking Bank Sale to Credit Union
A Tennessee court today issued a temporary injunction blocking the sale of Memphis-based Financial Federal Bank, a subsidiary of FedCorp, to Orion Federal Credit Union.
Banking, Consumer Groups Call for Oversight of NCUA
In a joint letter with the Independent Community Bankers of America and the National Community Reinvestment Coalition today, the American Bankers Association urged lawmakers to schedule an oversight hearing for the National Credit Union Administration, in light of several recent NCUA rulemakings that the groups said “would undermine important statutory guardrails designed to protect low-income consumers.”
National Study: Credit Unions Trail Banks in Customer Satisfaction
Credit unions fell behind banks in terms of customer satisfaction, according to the 2021 American Consumer Satisfaction Index released this week.
Former ABA Chair Calls for Equal Tax Treatment of Bank-Like Credit Unions
Former American Bankers Association Chair Laurie Stewart today called for policymakers to revisit the credit union tax exemption, which is estimated by Treasury to total nearly $25 billion in lost revenue by 2031.
Interview: Anderson Tackles Tough Topics as ABA’s New Chair
In a wide-ranging interview with American Banker, ABA Chair Scott Anderson discussed his objectives for the year ahead and touched on a number of key industry issues.
NCUA Approves Dramatic Expansion of CUSO Lending Authority
In a two-to-one vote today, a deeply divided National Credit Union Administration board approved an ABA-opposed proposal that would expand the range of permissible lending activity for credit union service organizations, or CUSOs.
New ABA Chair Addresses Key Advocacy Topics
In his first public address as ABA’s new chair, Scott Anderson outlined two big-ticket priorities as he takes the board’s helm: ensuring racial and financial equality and credit union reform.
ABA Opposes Legislation to Expand Credit Union Business Lending
In a letter to Rep. Vicente Gonzalez (D-Texas) and Rep. Brian Fitzpatrick (R-Pa.) today, the American Bankers Association said that it opposes H.R. 5189, the Member Business Loan Expansion Act, legislation that would broaden the credit union industry’s business lending authority.
Tax Foundation: Eliminating Credit Union Tax Exemption Would Do Minimal Economic Harm
Eliminating the credit union tax exemption would support sound tax policy, a new report from the Tax Foundation found. The think tank used the credit union tax exemption as a case study for how corporate loopholes could be reformed.