Celebrating credit unions around the world

Credit unions around the world celebrated International Credit Union Day and its theme—Empower Your Financial Future with a Credit Union—on Thursday.

Leagues, credit unions and members flooded social media by sharing their stories, highlighting the credit union difference, and even performing random acts of kindness.?

This year’s theme fits especially well with our push for financial well-being for all, as credit unions play an important role in helping our members chase their dreams.

The World Council of Credit Unions estimates 1.4 billion people around the world are unbanked, and credit unions can play an important role in providing those communities with safe and affordable financial services.

Thanks to all the Leagues, credit unions, and partners who took time to celebrate the power of not-for-profit financial cooperatives, and thanks to Zogo Finance for its sponsorship.

Read about International Credit Union Day

CUNA, Va. League present at NCUA budget briefing

CUNA Deputy Chief Advocacy Officer Jason Stverak and Virginia Credit Union League President/CEO Carrie Hunt presented Wednesday at the NCUA’s briefing on its draft 2023-24 budget. The 2023 proposed budget is 8.1% higher than the 2022 amount, and we emphasized the need for NCUA to reduce its footprint and become a more nimble, stronger regulator. We’ll also be submitting written comments on the budget before the Oct. 28 deadline.

Read about the briefing here

Registration still open for NCUA DEI summit

Registration is open for NCUA’s DEI and ACCESS Summit 2022, a hybrid event from Nov. 2 to 4. Many CUNA-League leaders will be participating in panel discussions, including CUNA’s Samira Salem, Credit Union Association of New Mexico’s Juan Fernandez, Minnesota Credit Union Network’s Ben Hering, GTE Financial CU’s Brian Best, Local Government FCU’s Maurice Smith, Inclusiv Network's Pablo DeFilippi, Credit Union House’s Sue McCue, Strategic Advisory’s?Brandi Stankovic, Coopera Consulting’s Jennifer Esperanza, and more.

Learn about the summit here

Foundation offers financial well-being grants

I encourage credit unions to apply for two grants offered by the National Credit Union Foundation. The Financial Empowerment Through Coaching grant will pay for up to 10 credit unions to receive the Pathways to Financial Empowerment service. The second opportunity will provide credit unions with up to $10,000 to enhance or establish a sustainable financial well-being program focused on the issue of hunger. Both are targeted at helping credit unions improve the well-being of their members, and applications are due by 5 p.m. ET Nov. 11.

Read more here

Cornerstone League hosts CFPB director

Shout out to the Cornerstone League and the more than 50 credit union leaders who met with Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra. Chopra thanked credit unions for their efforts to help members and provided some insight on CFPB activities, including payments, and its overdraft rulemaking.

Read more here

More from 360-degree advocacy

• An appeals court found the CFPB’s funding mechanism is unconstitutional, which aligns with our long-standing position that the CFPB belongs under the appropriations process.
• The NCUA board heard briefings on the Central Liquidity Facility and cybersecurity at its Thursday meeting.
• We reiterated our call to the CFPB that more information on its proposed collection of credit card agreements is needed.
• Credit union loans outstanding increased 1.9% in August, compared to a 1% increase in August of 2021, according to CUNA's latest Monthly Credit Union Estimates.