McLean Submits Comment Letter on New Hampshire’s Proposed Homeowner Assistance Fund Plan

September 13, 2021

On behalf of New Hampshire credit unions, Cooperative Credit Union Association President/CEO Ron McLean submitted a comment letter yesterday in response to New Hampshire Housing Finance Authority’s (“New Hampshire Housing”) request for comments on its proposed Homeowner Assistance Fund (“HAF”) Plan prior to its submission to the U.S. Department of Treasury.

Reduction of NH Examination Fees Announced; CCUA advocated for change

September 08, 2021

New Hampshire Commissioner of Banks Gerald H. Little recently released a memorandum to state-chartered credit unions and other regulated entities regarding the examination per diem fee change. “We appreciate the Department taking our concerns into consideration and reducing the per diem fee,” stated Ron McLean, Association President/CEO.

ACTION ALERT! Tell Congress to Oppose New IRS Reporting Provisions

September 08, 2021

Educate and activate your members to tell Congress to reject this new IRS reporting provision with these customizable tools

Action Alert:  IRS Tax Reporting Provisions

September 07, 2021

In an effort to increase taxpayer compliance, the IRS is proposing a requirement for credit unions and other financial institutions to report additional account holder information in an enhanced annual IRS Form 1099-INT. CUNA has issued an Action Alert for credit unions to urge legislators to reject the inclusion of these new IRS reporting provisions in the upcoming infrastructure reconciliation bill.

CCUA Testifies on Eviction and Foreclosure Moratoria During MA Public Hearing

August 16, 2021

The Cooperative Credit Union Association represented state and federally-chartered credit unions yesterday in a lengthy virtual public hearing on bills relative to eviction and foreclosure moratoria pending before the Joint Committee on Housing (“Committee”). The Committee is led by Senate Chair John Keenan (Quincy) and House Chair James Arciero (Westford).

McLean Submits Comment Letter on Federal Reserve Board Debit Interchange Proposal

August 11, 2021

Cooperative Credit Union Association President/CEO Ron McLean has submitted a timely comment letter to the Board of Governors of the Federal Reserve System (“Board”) relative to its proposed rule on Debit Card Interchange Fees and Routing (“proposal”). Member views and comments received in response to the Association’s advance survey provided the basis for the letter.

New Hampshire Governor Chris Sununu Signs Multiple Bills Into Law

August 10, 2021

New Hampshire Governor Chris Sununu signed 30 bills into law yesterday, including priority legislation of interest to credit unions relating to certain costs of examinations, the transmission of consumer complaints, and remote notarization.

CCUA Testifies Before MA Joint Committee on the Judiciary - Addresses Nine Key Issues

August 03, 2021

The Cooperative Credit Union Association represented state and federally-chartered credit unions yesterday in a nearly 5-hour long virtual public hearing on foreclosure related bills pending before the Joint Committee on the Judiciary (“Committee”) with oral and written testimony.

CCUA Testifies at Mass. Public Hearings

July 30, 2021

The Cooperative Credit Union Association submitted oral and written testimony last week at the Massachusetts State House before two Committees on legislation which modernizes and standardizes state robbery statutes, penalty systems, and jurisdictional issues, and on legislation relative to municipal foreclosures and mediation.

Regulation II Proposed Changes Could Lead to Decreased Debit Interchange

July 29, 2021

The Fed is proposing to revise Regulation II to expand the requirement for debit cards to be able to be processed by at least two unaffiliated networks to apply to card-not-present debit card transactions, such as online purchases and mobile payments. It remains the goal of the Association to submit a robust comment letter to the Fed on behalf of members.

McLean Sends Comment Letter on Policy to Set NCUSIF Normal Operating Level to NCUA

July 27, 2021

Cooperative Credit Union Association President/CEO Ron McLean submitted a comment letter yesterday to the National Credit Union Administration Board (“NCUA”) on its notice and request for comments concerning its Policy for Setting the Normal Operating Level (“NOL”) of the National Credit Union Share Insurance Fund (“NCUSIF”).

NCUA Board Meeting Summary- July 22, 2021

July 22, 2021

The NCUA Board held a regularly scheduled meeting today. The following summary provides highlights of the discussion.

CCUA Survey on  NCUA Normal Operating Level Policy

July 15, 2021

The NCUA is presently seeking public comments on its policy that guides the determination of the insurance fund’s Normal Operating Level (“NOL”). Under the law, NCUA may set the NOL at anywhere between 1.2% to 1.5%. If the equity level is greater than the NOL, then the NCUA Board may vote to make a distribution back to credit unions of the equity in the fund above the NOL. The Association maintains a continuous effort to represent the interests of members before the NCUA, and seeks to further this effort by way of a survey seeking your views on the proposed NOL policy.

CCUA, CUNA and State Leagues Collaborate on Credit Card Interchange Survey

July 13, 2021

The Cooperative Credit Union Association, CUNA and other state leagues are working together to obtain data to support advocacy efforts to prevent the extension of interchange regulation to credit card programs. The Association is well aware of the value of non-interest income to member credit unions, and more specifically, interchange income. To remain vigilant on this issue, the Association continues to monitor federal scrutiny while recognizing that economic recovery is at a fragile stage.

CCUA Federal Reserve Board Regulation II Survey EXTENDED Through July 30

July 06, 2021

In the Association’s continuing effort to represent the interests of member credit unions before the Federal Reserve Board (“Fed”), a survey to develop a comment letter on a pending proposal is now available.

House Members Introduce Overdraft Fee Legislation

July 05, 2021

As U.S. banks face criticism regarding overdraft fees, members of the House have introduced the Overdraft Protection Act, which seeks to “establish fair and transparent practices related to the marketing and provision of overdraft coverage programs at financial institutions.”

The Benefits of CDFI Certification - The time to apply is NOW

July 02, 2021

President Joe Biden’s budget request for FY22 includes $330 million for the CDFI Fund. Learn why Blanche Jackson, Stepping Stones Community FCU; John Bissell, Greylock CU; and Timothy Smith, Workers CU, made sure their credit unions are eligible for a piece of the pie.

McLean Urges MA General Court on Electronic Remote Notarization

June 30, 2021

Cooperative Credit Union Association President/CEO Ron McLean continues to urge the Massachusetts General Court to move forward to permanently update the notarization laws to permit full electronic remote online notarization (“RON”). House 493, An Act to Continue Providing for Virtual Notarization to Address Challenges Related to COVID-19, was the subject of a public hearing yesterday before the Joint Committee on Covid-19 and Emergency Preparedness and Management.

RI Senate Committee on Finance Holds Hearing on Peer-to-Peer Car Sharing

June 24, 2021

The Senate Committee on Finance (“Committee”) hosted a public hearing yesterday on Senate 955, An Act Relating to Insurance--Peer-to-Peer Car Sharing Program. The Association submitted written testimony in support the bill which incorporates mandatory disclosures relative to lienholders in Peer-to-Peer Car Sharing Programs.

NCUA Board Meeting Summary- June 24, 2021

June 24, 2021

The NCUA Board voted to reaffirm the current maximum loan rate of 18% (28% for PALs) through March 10, 2023, adopted a final rule to facilitate the transition of credit unions to the CECL methodology required under GAAP, and adopted a final rule to remove the prohibition on the capitalization of interest in connection with loan workouts and modifications at the June 24, 2021 meeting. 

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