Continuing to listen, learn and take action

Yet another stark reminder…

I am deeply troubled by yet another police shooting of a Black man; this time it happened in CUNA’s backyard. Jacob Blake was shot last weekend in Kenosha, Wisconsin. Our thoughts are with Jacob and his family who are struggling to understand why this happened to their son. The shooting has touched off a new round of civil unrest.

As I have said before, the credit union movement needs to have honest, meaningful conversations about racism, discrimination, and socio-economic disparities in our communities if we are to live up to our mission. This is yet another stark reminder of the ongoing work that we must continue to do. 

Let’s continue to listen, learn, take action and be there for each other. 

FHFA delays GSE refinance fee to Dec. 1

The FHFA decided this week to delay implementation of its GSE refinance fee to December 1 and to exempt loans under $125,000. This decision came hours after CUNA, AACUL and all 35 State Leagues wrote to FHFA detailing how the September 1 date was disrupting pending transactions and would have forced many credit unions to simply absorb the fee, as borrowers’ rates were locked in.

Delaying the implementation of the fee until December will protect these locked-in loans from this fee and exempting loans under $125,000 will help protect low- and moderate-income borrowers looking to refinance their mortgages from bearing added costs at this challenging time.

Thanks to all the Leagues and credit union leaders that engaged the FHFA on this topic, as this delay would not have been possible without engagement with both the FHFA and elected officials who heard firsthand how this would have a negative impact on consumers. 

Less than 70 days until the November Election

Less than 70 days remain before the general election, and with the pandemic still a part of all of our lives, it’s more important than ever to get credit unions’ members to vote and vote safely. We’ve called on credit unions to directly engage their members through our latest MAP Campaign: Credit Unions Vote. Just download, customize, and distribute one of the templates (short and long form available) to send your members to CreditUnionsVote.com for all the information they’ll need to cast a ballot in their state, including making sure they’re registered, finding their polling place and any early voting information. We’re updating the site regularly to correspond with any state and local changes as they arise, and now we need you to do your part. 

360-degree advocacy in action

We wrote to NCUA to comment on their annual review of one-third of their regulations. We appreciate NCUA’s willingness to accept input on its regulations and support continuous review of regulations to determine whether they should be updated, clarified, simplified, or eliminated. We called on the agency to promulgate new rules, or expand existing ones, only if they are clearly warranted based on a compelling need. 

Postal banking isn’t the answer

We continue to address lawmakers’ varied proposals on postal banking. Whether the goal is to create a not-for-profit public option or to have a turnkey banking solution serving folks in the communities they live and work in, it’s clear that credit unions are an established community-based option with a century-long track record of putting consumers first. CUNA’s Chief Advocacy Officer Ryan Donovan stopped by BankShot Podcast and wrote an op-ed to share why postal banking isn’t the solution to increase financial inclusion across the country.

Southeastern credit unions make a difference

Data collected and shared by the League of Southeastern Credit Unions shows the tremendous impact credit unions in Alabama, Florida, and Georgia are providing to members, businesses, and communities. Thanks to these credit unions for continuously stepping up to help members deal with unexpected issues stemming from the pandemic. Credit unions in those three states have provided more than $511 million in mortgage relief, $1.4 billion in consumer loan payment extension and issued nearly $200 million in PPP loans!

CUNA Compliance & Risk Council White paper

The newest CUNA Council, CUNA Compliance & Risk Council, announced its first white paper this past week. The white paper, Changing the Risk Conversation, features credit union case studies that have successfully developed an ERM approach. If you’re not already one of 7,300+ CUNA Councils members gaining access to the many membership benefits including white papers, consider joining today. 

Hurricane Laura strikes Louisiana, Texas

Hurricane Laura has destroyed communities in Louisiana and Texas. Credit unions in those areas can find information on assistance from NCUA’s Hurricane and Disaster Information page. Our thoughts are with everyone affected by the hurricane, and we’ll continue to provide updates as they’re available via CUNA News and Twitter.