The Federal Reserve and CFPB Monday announced the inflation-adjusted Regulation CC dollar thresholds that will take effect July 2025. Regulation CC governs the availability of funds from customer deposits and the collection and return of checks. “These changes in Regulation CC include the minimum amount of deposited funds that banks must make available for withdrawal …
America’s Credit Unions PAC has launched its Credit Union Elections Hub , a resource to track election results from the primaries through the general election. As of May 13, 133 out of 134 credit union-supported candidates have won their primaries across 10 states. America’s Credit Unions and its PAC will spend over $7 million supporting …
Elections hub launches to track credit union champions throughout 2024 election Read More »
Credit union loans outstanding decreased 0.02% in March – compared to a 0.06% decrease in February – according to America’s Credit Unions’ latest Monthly Credit Union Estimates. For reference, March 2023 saw a 0.7% increase in loans outstanding. The estimates are based on information from a monthly sample of credit unions and are revised whenever …
A Texas district court Friday issued a preliminary injunction to stop the CFPB’s credit card late fees rule from taking effect this week. The CFPB finalized the rule in March, capping credit card late fees at $8 and eliminating the automatic annual inflation adjustment for the threshold. The rule applies to issuers with more than …
The Federal Reserve’s debit interchange proposal would bring real-world harm to consumers and card issuers of all sizes and should be withdrawn, America’s Credit Unions wrote the Fed in comments filed Friday. The proposal would adjust all three components of Regulation II’s interchange fee cap and calculate it using information weighted towards the cost experience …
Debit interchange proposal will negatively impact consumers, should be withdrawn Read More »
This week, America’s Credit Unions will be engaged as Congress works on several bills that could impact the credit union industry. Of note, the House Financial Services Committee is expected to hold a markup Thursday that will likely include a credit union-supported bill to improve Community Development Financial Institution (CDFI) Fund transparency. America’s Credit Unions …
This week: Congress preps bills with credit union impact Read More »
Recent regulatory actions have credit unions facing a “tidal wave” of burdens and restrictions, Afena Federal Credit Union President/CEO Karen Madry told the Senate Banking Committee in testimony Thursday. Madry testified on behalf of America’s Credit Unions for a hearing on financial services fees. “The onslaught of new regulations and attacks on income sources is …
Madry to Congress: Stop regulatory overreach ‘before it is too late’ Read More »
Credit card rewards are among the many services credit unions offer to meet members’ needs, Apple Federal Credit Union President/CEO Andy Grimm highlighted during a joint CFPB/Department of Transportation hearing Thursday. Grimm said Apple Federal Credit Union is dedicated to advancing financial education and he considers his credit union “to have something for everyone” when …
Credit unions look to offer ‘something for everyone’ despite challenges Read More »
Credit union leaders are testifying on behalf of America’s Credit Unions at two hearings today: a Senate Banking Committee hearing on fees and a CFPB/Department of Transportation (DOT) hearing on airline and credit card rewards programs. Afena Federal Credit Union President/CEO Karen Madry—chair of America’s Unions Small Credit Union Committee—testifies before the Senate Banking Committee’s …
Credit union witnesses testify today at Senate, CFPB hearings Read More »
The Senate Wednesday rejected by a vote of 85-12 an effort by Sen. Roger Marshall, R-Kan., to consider unrelated amendments, including the Big Box Bailout bill, to the Federal Aviation Administration (FAA) reauthorization. America’s Credit Unions has led efforts to oppose the Credit Card Competition Act, arguing the legislation to extend interchange routing requirements to …
Senate rejects bid to consider Big Box Bailout with FAA bill Read More »
