Watchdog Group Blasts CUNA for Contributions To ‘Sedition Caucus’

A government watchdog group is blasting the Credit Union National Association for continuing to support members of Congress who voted against certifying the Electoral College votes in the 2020 presidential election.

In a new report, Accountable.US said that during the first 11 months of 2021, CUNA contributed $188,500 to147 members of Congress who opposed certifying the election.

Justice Department to Review Bank Merger Rules

The Justice Department on Friday announced it is accepting public comment on whether federal policy governing bank mergers should be updated. Credit union mergers and credit union-bank mergers are not included in the request for information. However, the DoJ is asking whether regulators “give appropriate weight to credit unions and thrifts” in evaluating whether there is sufficient competition to allow a bank merger to go forward. The DoJ announcement follows an attempt by Consumer Financial Protection Bureau Director Rohit Chopra to convince the Federal Deposit Insurance Corporation board to solicit comments on merger rules. FDIC Chairwoman Jelena McWilliams, who controls

Republicans Trying to Stop SBA Direct Lending Plan

With the support of credit union and banking trade groups, Republicans on both sides of Capitol Hill are trying to prevent the Small Business Administration from making direct loans to businesses.

Sen. Tim Scott, (R-S.C.) this week introduced legislation that would prohibit the SBA from bypassing credit unions and banks and make loans directly. Senate Banking Committee ranking Republican Sen. Pat Toomey of Pennsylvania is a cosponsor of the bill.

Most Community Banks Won’t Sell to Credit Unions

A majority of community bankers say they would not sell their institutions to a credit union, even if the credit union offered the best price, according to a new survey conducted by the IntraFi Network. In the survey of leaders from 392 community banks, 53% said they would not sell to a credit union, while 47% said they would sell to whoever offered the best price, even if it is a credit union. Among community bank presidents, 66.7% said they would not sell to a credit union. When the same question was posed to CEOs, 55.68% said they would refuse

Banker–But No CU Official–to Testify at House Competition Hearing

A hearing on consolidation in the financial services industry will feature the perspective of the American Bankers Association, which has warned about the impact of credit unions purchasing banks.

The Sept. 29 hearing of the House Financial Services Committee’s Consumer Protection and Financial Institutions Subcommittee, will not feature a representative of the credit union industry.